March 1st to 14th, 2011

Toronto Real Estate Board Mid March Resale Market Numbers

TORONTO, March 16, 2011 -- TREB reported 4,138 sales for the first two weeks of March 2011 –5% decrease over the same period of 2010.New Listings were also doen by a hefty 15% leading to a tightening of the market. More multiple offers and fast sales. If you are thinking of selling – now is the time.

Despite troubles in the rest of the world the GTA economy is looking robust and with the high dollar mitigating against an early rise in interest rates mortgage money remains very cheap.

Average transaction price for the first half of March was $460,196,  a 4.6 % increase over 2010.

I see no reason to change my forecast of a just under 5% price increase for this year.

 

                             Summary Of March Sales And Average Price

 

                                                              

                                                                       March 1st to 14th, 2011

 

                                                           2011                                       2010

                                               Sales              Average Price     Sales            Average Price 

 

City of Toronto ("416")           1,618                 $512,179         1,726            $491,680

 

Rest of GTA ("905")               2,520                 $426,820         2,627            $406,298

 

GTA                                       4,138                 $460,196         4,353             $440,153

 

Source: Toronto Real Estate Board

 

Sales & Average Price By Home Type 

  March 1st to 14th, 2011

                                                      Sales                                  Average Price

                                              416          905     Total        416                 905         Total  

   Detached                           537         1,399    1,936    758,409          512,864     580,972

     Yr./Yr. % Change          -12%         -6%      -8%         6%                  7%              6%

 

  Semi-Detached                   176          305        481       502,455          356,812     410,104

     Yr./Yr. % Change         -15%            3%      -5%        2%                  6%               2%

 

  Townhouse                        184           474         658       433,119           324,465    354,849

  Yr./Yr. % Change             -2%           -1%       -1%      14%                  2%                6%

 

  Condo Apartment              703           278        981        352,057         254,529      324,419

  Yr./Yr. % Change               1%          -6%        -1%       8%                    2%               7%

 

Source: Toronto Real Estate Board