The weather in March went out like a Lamb, Real Estate on the contrary, went out like a Lion. A trend we are all getting used to by now – with that being said, I’d like to present my Market Update for March 2012…
The average price for homes in the GTA remained fairly consistent with the February average slightly above $500,000, up 10.5 percent from March 2011. Once again, there is no lack of buyers in the market. Buyers are further encouraged to jump in the market (despite the high prices) because of continued low mortgage rates. Some of the major banks brought back their promotional rate of 2.99% for a 5-year fixed mortgage.
9,690 (resale) homes exchanged hands in March 2012, up 7.8 percent (8,986 homes) from March 2011 and up 38% percent from last month (seasonal fluctuations).
The graph below shows month-by-month averages prices in 2011 and 2012:
As previously mentioned, sales were up 7.8 percent year-over-year — this is also referred to as demand. Similar to my February report, demand is up this year, yet supply levels have remained level again, with an increase of 2.2%. Supply levels are determined by totaling the number of active listings. Supply/Demand figures are the key factor leading to bidding wars throughout the city.
The chart below illustrates the actual figures for supply (active listings) and demand (sales):
|Supply vs. Demand|
|Mar 2011||Mar 2012|
The next chart outlines the average prices by housing types (detached, semi-detached, etc.). The first column is the average prices for March 2012, and the next column displays year-to-date cumulative totals.
|Overall Toronto Average Prices by Type|
Time for a little East End love. As always, the next section will review the figures for the Beaches (E2) and Leslieville/Riverdale (E1).
Average prices in Leslieville/Riverdale and the Beaches were $599,016 and $687,778 for the March (respectively). Leslieville saw 98 homes change hands, while the Beaches was at 79. Both E1 and E2 districts have some of the lowest Days on the Market (DOM) in the entire city, averaging between 10-12 days. The average for the for the city was 23 DOM in March 2012.
|E1 (Leslieville/Riverdale) & E2 (Beaches)|
The following chart breaks down housing prices a step further by showing average prices for the month of March by type (i.e. Detached, Semi, Condo, etc).
|E1 & E2 Average Prices by Type – Mar 2012|
Thanks for reading my market update for March 2012. As always, if you have questions, looking to make a move or know someone that is, let me know – I’m happy to help and am never too busy for your referrals!