GTA Mid-Month March 2012 Resale Housing Market Figures

Yesterday the Toronto Real Estate Board released the mid-month resale housing report for March 2012.  The reports shows that prices are up across the GTA, coming in at roughly 9% higher compared to the same period in 2011, and that the number of new listings is down by 2% year-over-year.  Check out the full report below or by clicking here.

TORONTO, March 19, 2012 – During the first 14 days of March, Greater Toronto REALTORS® reported 4,215 transactions through the TorontoMLS system, representing a seven per cent increase compared to the same period in 2011. The number of new listings was down by two per cent year-over-year to 6,970.

“Home buyers continue to benefit from the affordable housing situation in the GTA. Immigration to Toronto and surrounding areas adds to the pool of home buyers every year. The economic and ethnic diversity found in the GTA consistently attracts newcomers and foreign investment,” said Toronto Real Estate Board (TREB) President Richard Silver.

The average selling price for transactions between March 1 and 14 was $502,155 – up by more than nine per cent compared to the first 14 days of March 2011. On average, homes sold for 100 per cent of the asking price within three weeks.

“Strong competition between home buyers in many parts of the GTA has resulted in sellers realizing their asking price in a short period of time. The fact that homes are selling for 100 per cent of the asking price, on average, suggests that sellers are very much in tune with the current market situation and know the fair market value of their home,” said Jason Mercer, TREB’s Senior Manager of Market Analysis.

 

Summary of TorontoMLS Sales and Average Price  
March 1 – 14  
2012 2011  
Sales Average Price Sales Average Price  
City of Toronto (“416”) 1,645 $553,536 1,556 $512,798  
Rest of GTA (“905”) 2,570 $469,267 2,371 $424,696  
GTA 4,215 $502,155 3,927 $459,605  
TorontoMLS Sales & Average Price  By Home Type
March 1 – 14, 2012
Sales Average Price
416 905 Total 416 905 Total
Detached 567 1,490 2,057 841,235 559,954 637,487
Yr./Yr. % Change 11% 14% 13% 10% 10% 10%
Semi-Detached 180 284 464 552,728 386,243 450,828
Yr./Yr. % Change 8% -1% 2% 9% 8% 9%
Townhouse 164 450 614 418,268 352,764 370,261
Yr./Yr. % Change -7% 2% -1% -4% 8% 4%
Condo Apartment 710 284 994 360,900 275,140 336,397
Yr./Yr. % Change 4% 5% 4% 3% 8% 4%

 

 

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