Toronto real estate agents reporting March mid-month housing statistics

Greater Toronto Realtors reported 4,353 sales through the Multiple Listing Service (MLS) during the first two weeks of March.

This represented a 70% increase compared to the 2,562 sales recorded during the same period in 2009 when resale transactions had dipped markedly due to the recession. The mid-month sales total was also 16% higher than the previous March mid-month high reached in 2006.

“The spring-like weather in the first half of March brought the first green sprouts of the recurring spring market. Every year, monthly sales climb steadily through May,” said Toronto Real Estate Board President Tom Lebour. “People are buying homes because they are confident in the current economic recovery and mortgage payments on the average priced home remain affordable.”

The average price for March mid-month transactions was $440,153 – a 20% increase over 2009. New listings within the Toronto Real Estate Board boundaries were up 34% to 8,540.

“Look for double-digit annual price increases to cease later in 2010, as new listings rebound from the low levels experienced in 2009,” said Jason Mercer, the Toronto Real Estate Board’s Senior Manager of Market Analysis. “Increased listings will give buyers more choice, resulting in less upward pressure on home prices.”

Summary Of March Sales And Average Price

City of Toronto (sales +74.9% | price +22.8%)
2010 Sales: 1,726 | Average Price: $491,680
2009 Sales:   987 | Average Price: $400,454

Rest of GTA (sales +66.8% | price +18.2%)
2010 Sales: 2,627 | Average Price: $406,298
2009 Sales: 1,575 | Average Price: $343,594

All of the GTA (sales +70.0% | price +20.4%)
2010 Sales: 4,353 | Average Price: $440,153
2009 Sales: 2,562 | Average Price: $365,499

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