Greater Toronto Real­tors reported 9,690 sales through the Toronto MLS Sys­tem in March 2012. This result was up by almost 8% in com­par­i­son to the 8,986 deals reported dur­ing the same period in 2011.

Com­ment: It is still amaz­ing that sales can be up when list­ings are not – or even down. Every month that sales rise and list­ings don’t just means that there are even fewer homes for buy­ers to choose from.

“The GTA resale mar­ket has not suf­fered from a lack of will­ing buy­ers this year. Buy­ers have been spurred on by the pos­i­tive afford­abil­ity pic­ture brought about by low mort­gage rates,” said Toronto Real Estate Board Pres­i­dent Richard Sil­ver. “The chal­lenge has been a lack of inven­tory. Many list­ings have attracted mul­ti­ple inter­ested buy­ers. Strong com­pe­ti­tion has led to annual rates of price growth well above the long-term average.”

Com­ment: When 1/2 of houses in the $600–900,000 range sell for over ask­ing… yikes.

The aver­age sell­ing price in the GTA was $504,117 in March – up by 10.5% in com­par­i­son to March 2011.

Com­ment: Wow! I think Jan­u­ary was up 8%, then Feb­ru­ary was up 9% and now March is up 10%. This is nuts. And all from a severe lack of inventory.

“The num­ber of new list­ings was up last month in com­par­i­son to March 2011. How­ever, based on the his­toric rela­tion­ship between price and list­ings, the GTA resale mar­ket should be bet­ter sup­plied. If com­pe­ti­tion between buy­ers remains as strong as it is right now, we will almost cer­tainly see an aver­age sell­ing price above $500,000 for 2012 as a whole,” said Jason Mer­cer, TREB’s Senior Man­ager of Mar­ket Analysis.

City of Toronto (“416″)
2012 Sales: 3,682 | Aver­age Price: $548,354
2011 Sales: 3,610 | Aver­age Price: $498,050

Rest of GTA (“905″)
2012 Sales: 6,008 | Aver­age Price: $477,006
2011 Sales: 5,376 | Aver­age Price: $428,155

All of the GTA
2012 Sales: 9,690 | Aver­age Price: $504,117
2011 Sales: 8,986 | Aver­age Price: $456,234

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Con­tact the Jef­frey Team for more infor­ma­tion – 416−388−1960

Lau­rin & Natalie Jef­frey are Toronto Real­tors with Cen­tury 21 Regal Realty.
They did not write these arti­cles, they just repro­duce them here for peo­ple
who are inter­ested in Toronto real estate. They do not work for any builders.
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