TREB Market Watch – March 2012

Jason Mercer – Senior Manager, Market Analysis, discusses the Market Watch Report for March 2012. Hosted by Shannon Kelly – Social Media Manager.

GTA REALTORSĀ® Release Resale Monthly Market Figures

TORONTO, March 5, 2012Ā —Ā Greater Toronto REALTORSĀ® reported 7,032 sales in February 2012 ā€“ up 16 per cent compared to February 2011. New listings were also up over the same period, but by a lesser 11 per cent to 12,684. It is important to note that 2012 is a leap year, with one more day in February. Over the first 28 days of February, sales and new listings were up by ten per cent and six per cent respectively.

ā€œWith slightly more than two months of inventory in the Toronto Real Estate Board (TREB) market area, on average, it is not surprising that competition between buyers has exerted very strong upward pressure on the average selling price. Price growth will continue to be very strong until the market becomes better supplied,ā€ said Toronto Real Estate Board President Richard Silver.

ā€œIt is important to note that both buyers and sellers are aware of current market conditions. This is evidenced by the fact that homes sold, on average, for 99 per cent of the asking price in February,ā€ continued Silver.

The average selling price in the TREB market area was $502,508 in February ā€“ up 11 per cent compared to February 2011. The Composite MLSĀ® Home Price Index for TREB, which provides a less volatile measure of price growth compared to the average price, was up by 7.3 per cent compared February 2011.

ā€œIf tight market conditions continue to result in higher than expected price growth as we move into the spring, expectations for 2012 as a whole will have to be revised upwards,ā€ said Jason Mercer, TREBā€™s Senior Manager of Market Analysis. ā€œWhile price growth remains strong, the average selling price remains affordable from a mortgage lending perspective for a household earning the average income in the GTA.ā€

Ā Original Article: Found Here

GTA REALTORSĀ® Report March 2012 Mid-Month Resale Housing Market Figures

TORONTO, March 19, 2012Ā ā€“Ā During the first 14 days of March, Greater Toronto REALTORSĀ® reported 4,215 transactions through the TorontoMLS system, representing a seven per cent increase compared to the same period in 2011. The number of new listings was down by two per cent year-over-year to 6,970.

ā€œHome buyers continue to benefit from the affordable housing situation in the GTA. Immigration to Toronto and surrounding areas adds to the pool of home buyers every year. The economic and ethnic diversity found in the GTA consistently attracts newcomers and foreign investment,ā€ said Toronto Real Estate Board (TREB) President Richard Silver.

The average selling price for transactions between March 1 and 14 was $502,155 ā€“ up by more than nine per cent compared to the first 14 days of March 2011. On average, homes sold for 100 per cent of the asking price within three weeks.

ā€œStrong competition between home buyers in many parts of the GTA has resulted in sellers realizing their asking price in a short period of time. The fact that homes are selling for 100 per cent of the asking price, on average, suggests that sellers are very much in tune with the current market situation and know the fair market value of their home,ā€ said Jason Mercer, TREBā€™s Senior Manager of Market Analysis.