TORONTO, Apr 3, 2013 -- Greater Toronto Area REALTORS reported 7,765 transactions through the TorontoMLS system in March 2013 down Seventeen percent matched against 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's also important to note the Good Fri. vacation was in March this year vs April in 2012. Generally speaking, there are fewer sales reported on approved holidays and weekends.
"Home ownership remains affordable for a household earning the average revenue in the Greater Toronto Area.
In the first quarter of 2013, sales amounted to 17,678 down by Fourteen per cent compared against First-quarter 2012. There are several prepared purchasers in the marketplace today. While some households have put their call to purchase on hold due to stricter lending rules or the additional Land Transfer Tax in the Town of Toronto, other homes simply haven't managed to find the correct house because of a shortage of lists 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 matched against March 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, particularly in the low-rise market segments where supply remains an issue. The average price in First-quarter 2013 was $508,066 up by 3.2 percent compared to Q1 of 2012. TREB's typical price forecast for 2013 remains at $515,000, representing a 3.5 per cent yearly rate of growth," expounded Jason Mercer, TREB's Senior Manager of Market Analysis.
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