GTA REALTORS(R) Release Mid-Month Resale Housing Figures

Marketwired

TORONTO, ONTARIO--(Marketwire - Mar 18, 2013) - Greater Toronto Area REALTORS® reported 3,594 transactions through the TorontoMLS system during the first 14 days of March 2013 - down 11.5 per cent compared to the same period last year. The number of new listings was up by less than two per cent.

"With sales down and listings up slightly, the GTA market was better supplied in the first half of March compared to last year. This fact notwithstanding, there has been enough competition between buyers to promote moderate to strong upward pressure on average selling prices for most home types on an annual basis," said Toronto Real Estate Board President Ann Hannah.

"The average price for condominium apartments in the City of Toronto was up over last year. If this price growth continues, it may indicate that conditions are tightening slightly in this segment," added Ms. Hannah.

The average selling price for the first two weeks of March was up by almost six per cent year-over-year to $532,102. Average prices were up for all major home type categories.

"Due to tight supply, the average annual rate of price growth for singles, semis and towns continues to far outpace the rate of inflation. The condo apartment segment has been a mitigating factor, which is why our forecast for price growth in 2013 remains at approximately 3.5 per cent or $515,000 for all home types combined," said Jason Mercer, TREB''s Senior Manager of Market Analysis.

Summary of TorontoMLS Sales and Average Price March 1 - 14
  2013     2012    
  Sales   Average Price   New Listings   Sales   Average Price   New Listings  
City of Toronto ("416") 1,384 $ 586,655   2,618   1,596 $ 554,788   2,741  
Rest of GTA ("905") 2,210 $ 497,938   4,416   2,466 $ 469,154   4,178  
GTA 3,594 $ 532,102   7,034   4,062 $ 502,800   6,919  
TorontoMLS Sales & Average Price By Home Type March 1 - 14, 2013
  Sales   Average Price  
  416   905   Total   416   905   Total  
Detached 470   1,264   1,734   909,910   603,797   686,769  
  Yr./Yr. % Change -13.8 % -11.5 % -12.2 % 7.2 % 7.7 % 7.2 %
Semi-Detached 140   246   386   622,044   398,328   479,469  
  Yr./Yr. % Change -20.0 % -7.5 % -12.5 % 12.2 % 2.9 % 5.7 %
Townhouse 144   393   537   447,460   375,420   394,738  
  Yr./Yr. % Change -10.0 % -9.9 % -9.9 % 8.2 % 6.8 % 7.2 %
Condo Apartment 619   255   874   368,715   274,080   341,104  
  Yr./Yr. % Change -10.7 % -7.9 % -9.9 % 1.9 % 0.2 % 1.3 %

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.

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Contact:
Media Inquiries:
Toronto Real Estate Board
Mary Gallagher
Senior Manager Public Affairs
(416) 443-8158
maryg@trebnet.com
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