According to the Toronto Real Estate Board (TREB), there were 7,765 sales through the Multiple Listing Service (MLS) in March. This is a 17 per cent decrease from March 2012.
March saw an average selling price of $519,879 - which is up by 3.8 per cent from the average selling price of $501,614 reported in March 2012.
"Home ownership remains affordable for a household earning the average income in the Greater Toronto Area. 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," said Toronto Real Estate Board President Ann Hannah.
The median price in March 2013 was $437,000.
The median price in March 2012 was $420,693.
"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. TREB's average price forecast for 2013 remains at $515,000, representing a 3.5 per cent annual rate of growth," said Jason Mercer, TREB's Senior Manager of Market Analysis.
*Market analysis based on numbers provided monthly by the Toronto Real Estate Board (TREB).