By Ilan Joseph, Broker, ABR®, e-PRO®, AMP® | TopTorontoAgent.ca
February 5, 2012 | © All rights reserved
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March 2013 housing statistics for the Toronto Real Estate Board
Greater Toronto Area REALTORS® reported 7,765 transactions through the TorontoMLS system in March 2013 – down 17 per cent compared to 9,385 transactions in March 2012. While the year-over-year dip in March sales followed the trend that has unfolded since mid-way through 2012, it is also important to note that the Good Friday holiday was in March this year versus April in 2012. Generally speaking, there are fewer sales reported on statutory holidays and weekends.
In the first quarter of 2013, sales amounted to 17,678 – down by 14 per cent compared to Q1 2012.
"Home ownership remains affordable for a household earning the average income in the Greater Toronto Area. There are many willing buyers in the marketplace today. While some households have put their decision to purchase on hold as a result of stricter lending guidelines or the additional Land Transfer Tax in the City of Toronto, other households simply haven’t been able to find the right house due to a shortage of listings in some market segments," said Toronto Real Estate Board President Ann Hannah.
The average selling price in March was $519,879 – up by 3.8 per cent compared to March 2012. The average price in Q1 2013 was $508,066 – up by 3.2 per cent compared to the first quarter of 2012.
"The average selling price and the MLS® Home Price Index Composite Benchmark was up on a year-over-year basis across most home types, especially in the low-rise market segments where supply remains an issue. TREB's average price forecast for 2013 remains at $515,000, representing a 3.5 per cent annual rate of growth," said Jason Mercer, TREB's Senior Manager of Market Analysis.
| Summary of TorontoMLS Sales and Average Price March 1 - 31 | |||||||||||||
| 2013 | 2012 | ||||||||||||
| Sales | Average Price | New Listings | Sales | Average Price | New Listings | ||||||||
|
City of Toronto ("416") |
2,891 | $564,793 | 5,513 | 3,585 | $548,391 | 6,322 | |||||||
|
Rest of GTA ("905") |
4,874 | $493,238 | 9,215 | 5,800 | $471,505 | 9,869 | |||||||
|
GTA |
7,765 | $519,879 | 14,728 | 9,385 | $500,875 | 16,191 | |||||||
If you have any questions about the real estate market in Toronto, Vaughan and the GTA, feel free to contact me.
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Ilan Joseph is a Real Estate Broker with Sutton Group and is co-founder of a 10-person award-winning Toronto real estate team. You can find him on Twitter, YouTube and Google+. For over 10 years, Ilan has provided more than 1400 buyers and sellers valued advice and service, enabling them to reach their real estate goals. He’s kind of like the Bruce Willis of real estate.
