Following the February trend, GTA home sales have dropped in March when compared to the same period in 2012. However, GTA homes – yes, even condos – are still seeing slight price increases.
According to new numbers just released by the Toronto Real Estate Board (TREB), there were 7,765 transactions through the MLS system in March 2013 – down 17 per cent from 9,385 in March 2012. For the first quarter of 2013, sales totaled 17,678, for a drop of 14 per cent compared to the same period the year before.
The average selling price for a GTA home in March 2013 was $519,879, a 3.8 per cent increase compared to 2012. The average price in Q1 2013 was $508,066 – up by 3.2 per cent compared to the first quarter of 2012.
Overall, townhouses saw the biggest jump in price, increasing by about 5 per cent while condos grew by 1.7 per cent. Condos in the Toronto-proper area fared better than in Peel region. In the 416, prices were up 2 per cent compare to March 2012, while in the 905, they saw a 1.3 per cent increase.
“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,” said TREB President Ann Hannah in the news release.
However, Tahani Aburaneh, author of Real Estate Riches, told Canadian Real Estate Magazine that pocket listings have contributed to the sales slowdown demonstrated by MLS stats.
“For multifamily investment properties, investors will have to look at pocket listings and other private sites to get those listings. A lot of realtors are now keeping them off of the MLS, because they are demand is high and they sell easily,” she said.
In terms of the rest of 2013, TREB is predicting an overall average price of $515,000, representing a 3.5 per cent annual rate of growth.
Check out the table below for more details…