April 12, 2013 — Sales through the TorontoMLS system covering the Greater Toronto Area were down 17 percent year-over-year in March with 7,765 transactions compared to 9,385 in March 2012. It is important to note Nevertheless, that unlike last year, this March included a statutory holiday.
March also signaled the end of the first quarter.
Sales activity was marginally stronger in the areas surrounding the City of Toronto, with 4,874 transactions reported in the ‘905’ / ‘705’ regions within the TREB market area, representing a year-over-year reduce of just about Sixteen per cent. There were 17,678 sales reported in the first quarter of the year down 14 percent compared to last year.
As has been the case over the better part of the year, the amount of active listings at the end of the month have been up compared to the previous year. Buyers have benefitted from more choice, which helps explain why the average number of days a home remained on the market before selling has edged up. In March, the average days on market was 24 days versus Twenty-one days a year ago. With this related, active listings continue to trend below levels experienced in the pre-recession period.
On a year-over-year basis, the average price of a GTA home sold through TorontoMLS increased by just about 4 % in March to $519,879. The City of Toronto’s average price of $564,793 represented an increase of just about three percent compared with March 2012. Gains were slightly better in the City’s surrounding area with average cost climbing by over four % to $493,238.
The average TorontoMLS home price was up 3 percent yearly matched against the first quarter of 2012.
Townhouse prices in the City of Toronto saw the most important year-over-year price gains in March, climbing by virtually eight per cent. Semi-detached homes in the City of Toronto followed, growing by nearly seven per cent. Detached homes in the City’s surrounding area also showed healthy price gains, increasing by 5 percent compared against a year gone.
One key factor that can prompt buyers to go into the market as we move further into spring is the affordability that five-year fixed rate mortgages offer, at approximately three per cent. Less promising though , was the March unemployment rate in Toronto, which remained stalled last month at 8.4 percent, matching to that of the previous month. Lately, 3 GTA municipalities Newmarket, Oakville and Burlington ranked within the leading ten of MoneySense magazine’s annual "Best Places to Live in Canada" report, which inspects factors that contribute to quality of life including work, incomes, housing cost, weather, rates of crime and access to medical treatment.
The long term picture for our City’s housing market Nevertheless, stays positive, supported by the Greater Toronto Area’s good reputation. In fact, 8 GTA municipalities, including the City of Toronto, ranked in the top 30 on the report’s list of Two hundred towns.