March 2012 GTA MLS Sales

 Toronto, April 4, 2012 – The Toronto Real Estate Board reported 9,690 TorontoMLS Sales for March 2012, up by nearly 8% compared to 8,986 deals reported in March 2011.

As a consequence of the continuing shortage of inventory the average selling price for the GTA was up 10.5% $504,117 in March year over year.

There was a modest increase in the number of new listings but not enough to keep up with the number of buyers. The Bank of Canada and the Fed Reserve in the States have both indicated a continuation of the current low interest rate regime so until Adam Smith’s unseen hand intervenes to redress the imbalance between supply and demand it is steady as she goes.

 

Summary of TorontoMLS Sales and Average Price
March 1 - 31
2012				2011
Sales		Average Price		Sales		Average Price
City of Toronto ("416")	3,682		$548,354		3,610		$498,050
Rest of GTA ("905")	6,008		$477,006		5,376		$428,155
GTA	9,690		$504,117		8,986		$456,234

 

March 2011 - Greater Toronto Area

The Toronto Real Estate Board reported 9,262 transactions  through the TorontoMLS® system in March 2011, the second best March result on

record, 11 per cent lower than the record set last March.

The average selling price for March 2011 was up five per cent year-over-year to $456,147. The strongest average annual price growth was reported for condominium apartments and semi-detached houses, at approximately seven per cent for both home types.

Median transaction price was $385,000, up from the $370,000 recorded March of last year.

 

 

Dwelling Type             Sales          %               Median

Detached               4,294          99             $487,000

Semi-Detached            1,057         100             $385,000

Condo Townhouse            745          99             $292,000

Condo Apt              2,271          98             $295,000

Link                     161         100              $415,000

Att/Row/Twnhouse           702          99              $362,450

Co-op Apt                30          98              $196,500

Det Condo                 2          98               $349,445

Mar. 2010 Mar. 2011 %Change

Housing Market Indicators

 

                              March 2010              March 2011

Sales                           10,430               9,262 (-11%)

New Listings                      18,914              15,315 (-19%)

Active Listings*                      18,684              16,616 (-11%)

Days on Market                         20                  23 (15%)

* All figures for single-family dwellings.

 

The GTA market remains strong with positive economic growth, low  interest rtes and increasing employment.