Toronto home sales and prices were up year-over-year in March according to Greater Toronto REALTORS®.

REALTORS® reported 9,690 sales through the Toronto MLS system in March, up almost 8 per cent when compared to the 8,986 sales during the same period in 2011.

The average selling price in the GTA was $504,117 in March, up 10.5 per cent in comparison with March 2011 figures.

“The GTA resale market has not suffered from a lack of willing buyers this year. Buyers have been spurred on by the positive affordability picture brought about by low mortgage rates,” Toronto Real Estate Board President Richard Silver said in a statement that accompanied the report.

“The challenge has been a lack of inventory. Many listings have attracted multiple interested buyers. Strong competition has led to annual rates of price growth well above the long-term average.”

So far, so strong in the GTA housing market in 2012!

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