Here is the monthly real estate statistical update for March 2010…
The average price of homes in the GTA was up by just 0.7% from the month before, which is some 20% up from the lows of a year ago. But the real story this past month has been the increase in properties being listed for sale. We have been in a strong sellers market since late 2009. Now, the strong real estate market has caused more people to put their homes up for sale. As this trend continues, we will see the market transition from a seller’s market to a more balanced market.
However, a further surge from home buyers is anticipated as the mortgage rates are rising slightly from their incredibly low low rates. Even with a rise of 1% to 2% rates remain very affordable from the long term perspective.
So here is what The Toronto Real Estate Board has to say…
April 6, 2010 — Greater Toronto REALTORS® reported 10,430 sales through the Multiple Listing Service® (MLS®) in March, pushing total first quarter 2010 sales to 22,418 – the best result on record under the current Toronto Real Estate Board (TREB) boundaries. The average price for March transactions was $434,696. The average price for the first quarter was $427,948.
“The strong rebound in the existing home market was one of the initial drivers of economic recovery,” said TREB President Tom Lebour. “While we don’t expect to see the same rates growth moving forward, GTA households will remain confident in ownership housing as a quality long-term investment, especially as economic recovery expands across all industries.”
The annual rate of growth for new listings continued to accelerate in March. The number of new listings grew by 42 per cent compared to March of 2008.
“The average home price in the GTA will continue to grow this year, but the pace will slow as we move through the spring,” said Jason Mercer, TREB’s Senior Manager of Market Analysis. “As growth in new listings starts to outstrip growth in sales, buyers will experience more choice, resulting in more sustainable single digit rates of average price growth.”
In March, the median price was $370,000, from the $317,500 recorded during March of 2009.
These charts provide a complete view of the real estate market. If you’d like a more detailed explaination of these charts or just to get a pdf version, let me know. Click on the chart to get an expanded view of it.
Contact me for all your real estate needs…
Ralph Evans, Sales Representative
RE/MAX Professionals Inc., Brokerage
Phone 416 236-1241
Humbertown Plaza – 270 The Kingsway, Suite 200, Toronto ON