GTA REALTORS(R) Release Monthly Resale Housing Figures

Marketwired

TORONTO, ONTARIO--(Marketwired - Apr 3, 2013) - 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
TorontoMLS Sales & Average Price By Home Type March 1 - 31, 2013
Sales Average Price
416 905 Total 416 905 Total
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.

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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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