March Madness in Toronto
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
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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