The average house price for the quarter was $519,879, up 3.2 per cent from the first quarter of 2012, said Toronto Real Estate Board

Home sales continued their downward slide across the GTA in March — down 17 per cent over the same period a year ago — but prices continue to climb, according to figures released by the Toronto Real Estate Board, Wednesday.

But the drop in sales has yet to impact prices: The average house price for the quarter was $519,879, up 3.2 per cent from the first quarter of 2012, said TREB.

Despite an upswing in new listings in March, heading into the peak spring market, there remains a shortage of enough houses for sale in some Toronto neighbourhoods close to the core and to transit which continues to fuel bidding wars that are pushing up prices.

Once again, condos saw the biggest slump in sales, with 18.4 fewer resale units trading hands last month over March, 2012, declines that were felt with equal force in both the City of Toronto and the 905 regions.

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Wally Buczkowski

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