Monthly Sales Comparison
Another month has passed and the Greater Toronto REALTORS® have released their newest housing market figures. According to the report, there were 9,690 sales through the TorontoMLS System in March 2012. This represents an almost 8 per cent increase compared to March 2011, when there were only 8,986 home sales reported.
Low mortgage rates created a positive affordability picture that motivated buyers in the GTA to invest in new homes more than they did last year. This resulted in higher demand and willingness of buyers. Toronto Real Estate Board President Richard Silver pointed out, “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 recorded a 10 per cent year-over-year increase, reaching $501,614 in March 2012.
Even though the number of new listings grew in comparison to March 2011, the increasing demand and average selling price indicate that the GTA resale market should be better supplied. Jason Mercer, TREB’s Senior Manager of Market Analysis, suggests that “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.“