According to the Toronto Real Estate Board (TREB), there were 9,690 sales through the Multiple Listing Service (MLS) in March. This is almost an 8 per cent increase from March 2011.
March saw an average selling price of $501,614 - which is a ten per cent increase from the average selling price of $456,234 reported in March 2011.
According to TREB president Richard Silver, many listings have attracted multiple interested buyers, this has been spurred on by the positive affordability picture brought about by low mortgage rates. The GTA resale market remains competitive and has not suffered economically and the annnual price growth rate is well above the projected long-term average.
The median price in March 2012 was $420,693.
The median price in march 2011 was $385,000.
"If competition between buyers remains as strong as it is right now, we will almost certainly see an average selling price above $500,000 for 2012 as a whole" said Toronto Real Estate Board (TREB) Senior Manager of Market Analysis Jason Mercer.
*Market analysis based on numbers provided monthly by the Toronto Real Estate Board (TREB).