March 18, 2013 — Greater Toronto Area REALTORS reported 3,594 transactions through the TorontoMLS system during the first Fourteen days of March 2013 down 11.5 per cent compared to the same period last year. The number of new listings was up by less than two %. This fact in spite of, there has been enough competition between purchasers to promote moderate to strong upward stress on average selling prices for most home types on a yearly basis," said Toronto Real Estate Board President Ann Hannah.
"With sales down and listings up slightly, the GTA market was better supplied in the first half of March compared against last year.
"The average pricetag for condo apartments in the City of Toronto was up over last year. If this price growth continues, it can point to that conditions are tightening a touch in this segment," added Ms.
The average selling price for the 1st two weeks of March was up by almost 6 % year-over-year to $532,102. Average prices were up for all of the main home type classes.
"Due to tight supply, the average annual rate of price growth for singles, semis and towns continues to far beat the rate of inflation. The apartment apartment segment has been an offsetting factor, which explains why our outlook for price expansion in 2013 stays at approximately 3.5 percent or $515,000 for all home types combined," announced Jason Mercer, TREB’s Senior Manager of ManagerResearch.