Forty-four per cent fewer listings in March compared to last year sparked new competition in the GTA housing market, shows latest real estate board report.
For the first time since last May, the average selling price of homes in the GTA exceeded the average list price by about 1 per cent in March. It’s a signal that the spring is seeing a return to an increasinglyBoth the average home price and the number of sales declined on a year-over-year basis last month, by 14.6 per cent and 36.5 per cent respectively.
“When you’re looking at active listings going into the spring still sitting at about 10,000, similar to where they were last year, that’s quite low from a historic perspective. It certainly speaks to the tightening market conditions that we’re seeing,” said Mercer.The 11,184 new listings that hit the market in March, was 44.3 per cent fewer than the same month last year, TRREB reported Wednesday.
The average selling price of a GTA home in March was $1.11 million, about $13,000 above the February average. Detached houses in the GTA sold for an average of $1.47 million and condos went for $703,566 on average — a 13 per cent year-over-year drop in both categories. The declines were slightly higher in the 905 areas compared to the City of Toronto.
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