Low inventory levels kept sales brisk but well off record levels, TREB President Maureen O’Neill announced today.

“With 6,631 transactions recorded during March, the overall Greater Toronto Area resale market was down 22 per cent from the 8,518 sales of March 2007. Since inventory, at 20,533 listings, fell six per cent between these two time periods, a portion of this result can be attributed to a lack of suitable product. And this lack of product was at least partially caused by the severe winter weather that kept both buyers and sellers on the fence during the first half of the month.” Sales were not evenly distributed across the Greater Toronto Area. In the City of Toronto (416 area code), they decreased 27 per cent to 2,527 from last March. However, the 905 suburbs saw only an 18 per cent decline, to 4,104 sales. Overall, average prices rose four per cent in the GTA to $380,338 over March of 2007. Within the City of Toronto proper, however, the average, at $404,361, increased only two per cent over the $394,199 recorded during the same period last year. Furthermore, City of Toronto districts bordering the 905 averaged $347,882, up less than one per cent from the same period last year.

Breaking down the total, 2,545 sales were reported in TREB’s 28 West districts and averaged $360,524; 1,114 sales were reported in the 14 Central districts and averaged $481,115; 1,390 sales were reported in the 23 North districts and averaged $424,742; and 1,582 sales were reported in TREB’s 21 East districts and averaged $302,235.

Click to view Residential Market Update – March 2008