19 March 2009
Greater Toronto Realtors announced 2,565 transactions in the first half of March compared to 3,183 during the same period last year. The annual rate of MLS sales decline was the smallest in five months.
Mid-month March MLS sales increased compared to the 2,044 sales experienced in the first half of February.
MLS sales follow a recurring seasonal trend, with transactions generally increasing between January and May and then decreasing between June and December.
"As we move into the spring market, it appears that we are seeing stronger demand for ownership housing in the Greater Toronto Area," said Toronto Real Estate Board President Maureen O'Neill. "Buyers are reacting to the market's strong foundation of affordability."
The average price for MLS sales was $365,499 compared to $385,405 last year.
"Affordability has improved over the past few months due to a combination of lower home prices, near record lows for mortgage rates and rising earnings," according to Jason Mercer, Toronto Real Estate Board's Senior Manager of Market Analysis.
- Toronto Real Estate Board
