Although the weather doesn’t look that way outside, we are entering the prime stretch of the Spring market. And since so many of you ask me “How’s the market?” – this would be a great time to review some of the figures from the T.O. market. Once again, as I say every month – I’m happy to elaborate on any of the data and insights in this report or provide you with neighborhood-specific figures. Just send me an email or give me a call at 416-690-2181 to discuss.
Despite several doom-and-gloom reports, home prices continue to rise at a steady pace in Toronto. Average home prices where up 3.8% year-over year. The average sale price in March 2013 was $519,879, up from $500,874 in March 2012.
The graph below shows a running tally of month-by-month averages prices in 2012 and 2013:
On the other hand, sales volume were significantly down since the same period last year. 7,765 homes were sold in March 2013, down 17 percent year-over-year (March 2012 – 9,385).
One may think that the decrease in sales volume is due to lack of inventory, but supply is actually up 8.7 percent since last year. What’s interesting is that new listings are down 9 percent. What that says to me is that there are several stale listings sitting on the market. This is a great time to list your home for sale!
The chart below illustrates the actual figures for supply (active listings) and demand (sales):
|Supply vs. Demand|
|Mar 2012||Mar 2013|
The next chart outlines the average prices by housing types (detached, semi-detached, etc.). March 2013 and Year-to-Date (YTD) cumulative totals
|Overall Toronto Average Prices by Type|
Thanks for reading my market update. As always, if you have questions, looking to make a move or know someone that is, let me know – I’m happy to help!