As seen in Market Watch March 2012
Tight Market Drives Double Digit Price Growth
April 4 2012- Greater Toronto REALTORS reported 9690 sales through the Toronto MLS systems in March 2012.
This result was up by almost 8% in comparison to the 8986 deals reported during the same period in 2011.
"The GTA resale market has not suffered from a lack of willing buyers this year. Buyer have been spurred on by the positive affordability picture brought about by low mortgage rates," said Toronto Real Estate Board Presiden Richard Silver. "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 was $501,614 in March - up by 10% in comparison to March 2011.
"The number of new listings was up last month in comparison to March 2011. However, based on the historic
relationship between price and listings, the GTA resale market sdhould be better supplied. 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," said Jason Mercer, TREB's Senior Manager on Market Analysis.
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