The Toronto Regional Real Estate Board reports that home sales in Greater Toronto decreased by 4.5 percent compared to last year. However, there was enough competition among buyers, resulting in a moderate increase in the average home price year-over-year.
According to the board, 6,560 homes were sold in March, compared to 6,868 last year. The decrease in this year's sales figures can be attributed in part to the fact that the statutory Good Friday holiday occurred in March rather than April.
The average selling price saw a 1.3 percent year-over-year increase, reaching $1,121,615.
New listings saw a 15 percent increase over the same period, which TRREB president Jennifer Pearce believes may be due to homeowners anticipating improved market conditions in the spring.
The first quarter concluded with sales up 11.2 percent year-over-year and new listings increasing by 18.3 percent for the three-month period.
Pearce suggests that if borrowing costs decrease later in the year, sales will rise and new listings will be absorbed, resulting in tighter market conditions and higher selling prices.
