Toronto Real Estate Board

Toronto Real Estate Board

April 04, 2012 10:01 ET

GTA REALTORS® 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.

Get the latest real estate news and Market Watch information including market watch summary video.

http://twitter.com/TREBhome

www.facebook.com/TorontoRealEstateBoard

www.youtube.com/TREBChannel

Contact Information

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