TORONTO, Apr 3, 2013 — Larger Toronto Area REALTORS reported 7,765 transactions through the TorontoMLS system in March 2013 down 17 percent compared to 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 vital to note the Good Fri. holiday was in March this year vs April in 2012. In general, there are less sales reported on approved holidays and weekends.

In quarter one of 2013, sales amounted to 17,678 down by 14 % matched against First-quarter 2012.

"Home ownership remains cheap for a household earning the average revenue in the Bigger Toronto Area. While some households have put their call to buy on hold on account of stricter lending suggestions or the extra Land Transfer Tax in the Town of Toronto, other homes simply haven’t managed to find the best house due to a shortage of listings in some market segments," announced Toronto Real estate Board President Ann Hannah. There are many prepared buyers in the marketplace today.

The average selling price in March was $519,879 up by 3.8 % compared to March 2012. The average price in Q1 2013 was $508,066 up by 3.2 per cent compared to 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, particularly in the low-rise market segments where supply remains a problem. TREB’s average price prediction for 2013 remains at $515,000, representing a 3.5 % yearly rate of growth," related Jason Mercer, TREB’s Senior Manager of Market Analysis.