GTA REALTORS(R) Report Monthly Resale Housing Market Figures

TORONTO, ONTARIO--(Marketwire - April 4, 2012) - Greater Toronto REALTORS® reported 9,690 sales through the TorontoMLS System in March 2012. This result was up by almost eight per cent in comparison to the 8,986 deals reported during the same period in 2011.

"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."

The average selling price in the GTA was $504,117 in March - up by 10.5 per cent in comparison to March 2011.

"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.

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

TorontoMLS Sales & Average Price By Home Type
							Sales									Average Price
			416				905			Total			416			905			Total
	Detached		1,287				3,477			4,764			816,169			563,157			631,509
		Yr./Yr. % Change	12		%		16	%		15	%		13	%		10	%		11	%
	Semi-Detached		388				688			1,076			569,319			391,143			455,392
		Yr./Yr. % Change	-3		%		10	%		5	%		6	%		9	%		7	%
	Townhouse		375				1,053			1,428			420,208			378,614			389,537
		Yr./Yr. % Change	-7		%		6	%		2	%		-1	%		17	%		10	%
	Condo Apartment		1,584				631			2,215			361,800			275,826			337,309
		Yr./Yr. % Change	-2		%		3	%		0	%		2	%		8	%		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 34,000 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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