TREB: March 2013 Resale Housing Figures Report

The Toronto Real Estate Board (TREB) released their Monthly Resale Housing Figures report today for March 2013.  Overall the report shows that transactions are down and prices up for the entire GTA.  Moral of the story; with spring officially here, and the start of  what is normally a busy real estate season, if you’re thinking about selling your property –  now may be the time! (Don’t forget about our 2013 Winter Commission Sale!) Why wait for everyone else to list? Prices are up and there is less competition than in previous years.

In particular, the report shows a decline in the number of transactions (down 17% overall)  and an increase in the average selling price (up 3.8% overall).  Here’s how it breaks down by segment:

It also notes that the first quarter of 2013 has seen a decline of 14% in the number of transactions with an increase of 3.2% in the average selling price compared to Q1 2012.

Check out the March 2013 Resale Housing Figures Report below and for more information please feel free to contact me.

GTA REALTORS® RELEASE MONTHLY RESALE HOUSING FIGURES

 TORONTO, April 3, 2013 — Greater Toronto Area REALTORS® reported 7,765 transactions through the TorontoMLS system in March 2013 – down 17 per cent compared to 9,385 transactions in March 2012. While the year-over-year dip in March sales followed the trend that has unfolded since mid-way through 2012, it is also important to note that the Good Friday holiday was in March this year versus April in 2012. Generally speaking, there are fewer sales reported on statutory holidays and weekends.

In the first quarter of 2013, sales amounted to 17,678 – down by 14 per cent compared to Q1 2012.

“Home ownership remains affordable for a household earning the average income in the Greater Toronto Area.  There are many willing buyers in the marketplace today.  While some households have put their decision to purchase on hold as a result of stricter lending guidelines or the additional Land Transfer Tax in the City of Toronto, other households simply haven’t been able to find the right house due to a shortage of listings in some market segments,” said Toronto Real Estate Board President Ann Hannah.

The average selling price in March was $519,879 – up by 3.8 per cent compared to March 2012. The average price in Q1 2013 was $508,066 – up by 3.2 per cent compared to the first quarter of 2012.

“The average selling price and the MLS® Home Price Index Composite Benchmark was up on a year-over-year basis across most home types, especially in the low-rise market segments where supply remains an issue.  TREB’s average price forecast for 2013 remains at $515,000, representing a 3.5 per cent annual rate of growth,” said Jason Mercer, TREB’s Senior Manager of Market Analysis.