The Greater Toronto REALTORS reported 7,765 transaction through the TorontoMLS system in March 2013, says the monthly findings from the Toronto Real Estate Board. The numbers are down 17 per cent compared to the numbers a year ago. The year-over-year dip last month sales were the same that started mid-way into last year. Key fact to note is the Good Friday holiday was in March instead of April 2012. Most of the time, we see fewer sales reported on holidays and weekends.
The first quarter of 2013 saw sales amounted to 17,678. That’s down by 14 per cent compared to the first quarter of 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,” noted Toronto Real Estate Board President Ann Hannah.
The average asking price in March was %590,879 was up by 3.8 per cent compared to last year this time. The average price in the first quarter this year was $308,066 – up by 3.2 per cent from 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,” hinted Jason Mercer, TREB’s Senior Manager of Market Analysis.