Toronto Home Sales Decrease In Mid-March 2013

According to the latest from the Toronto Real Estate Board, Toronto home sales have decreased by 11.5 per cent in the first two weeks of March 2013 compared to the same time period last year. New listings increased, but only slightly at a two per cent increase.

“With sales down and listings up slightly, the GTA market was better supplied in the first half of March compared to last year,” said the president of the Toronto Real Estate Board, Ann Hannah. “this fact notwithstanding, there has been enough competition between buyers to promote moderate to strong upward pressure on average selling prices for most home types on an annual basis.”

She continued, “The average price for condominium apartments in the City of Toronto was up over last year. If this price growth continues, it may indicate that conditions are tightening slightly in this segment.”

The average price increased by six per cent to an average of $532, 102.

Jason Mercer, the senior manager of market analysis for the Toronto Real Estate Board, had this to say: “Due to tight supply, the average annual rate of price growth for singles, semis and towns continues to far outpace the rate of inflation. The condo apartment segment has been a mitigating factor, which is why our forecast for price growth in 2013 remains at approximately 3.5 per cent or $515,000 for all home types combined.”

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