Home Sales Decrease In March 2013, But Beware Statutory Holidays

According to the latest home sales statistics from the Toronto Real Estate Board, Greater Toronto Area home sales through the Toronto MLS listings were down 17 per cent compared to March of last year with 7,765 transactions. However, the Easter holiday weekend was in March this year instead of in April like it was last year, which could account for a large portion of the decline.

“Home ownership remains affordable for a household earning the average income in the Greater Toronto Areas,” said the president of the Toronto Real Estate Board, Ann Hannah, in a press release. “There are many willing buyers in the marketplace today. While some households have put their decision to purchase on hold as a result of stricter lending guidelines or the additional Land Transfer Tax in the City of Toronto, other households simply haven’t been able to find the right house due to a shortage of listings in some market segments.”

The average home selling price increased by 3.8 per cent year over year to $519,879.

“The average selling price and the MLS Home Price Index Composite Benchmark was up on a year-over-year basis across most home types, especially in the low-rise market segments where supply remains an issue,” said the senior manager of market analysis for the Toronto Real Estate Board, Jason Mercer. “TREB’s average price forecast for 2013 remains at $515,000, representing a 3.5 per cent annual rate of growth.”

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