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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.
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"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.
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"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 |
TorontoMLS Sales & Average Price By Home Type March 1 - 31, 2013 | ||||||
| Sales | Average Price | ||||
| 416 | 905 | Total | 416 | 905 | Total |
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Detached | 975 | 2,794 | 3,769 | 846,828 | 592,265 | 658,118 |
Yr./Yr. % Change | -21.6% | -16.4% | -17.8% | 2.8% | 5.4% | 4.0% |
Semi-Detached | 314 | 573 | 887 | 607,334 | 403,031 | 475,355 |
Yr./Yr. % Change | -15.1% | -14.0% | -14.4% | 6.9% | 3.1% | 4.6% |
Townhouse | 300 | 884 | 1,184 | 450,104 | 369,590 | 389,990 |
Yr./Yr. % Change | -18.5% | -13.5% | -14.8% | 7.5% | 4.2% | 5.0% |
Condo Apartment | 1,266 | 505 | 1,771 | 367,595 | 278,984 | 342,327 |
Yr./Yr. % Change | -18.7% | -17.8% | -18.4% | 2.0% | 1.3% | 1.7% |
Greater Toronto REALTORS® are passionate about their work. They are governed by a strict Code of Ethics and share a state-of-the-art Multiple Listing Service. Over 36,000 TREB Members serve consumers in the Greater Toronto Area. The Toronto Real Estate Board is Canada’s largest real estate board.
Media Inquiries:
Mary Gallagher,
Senior Manager Public Affairs
(416) 443-8158
maryg@trebnet.com
Full Report
Source: Toronto Real Estate Board (TREB)
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