Homes sales, though on track to outpace last month’s numbers, came in at 4,138 during the first two weeks of March 2011, 5% lower than they were during the same time period in March 2010.
The number of listings fell by 15% in the first part of March – tightening supply while demand remains subdued.
Additionally, better job growth and rising incomes should act to further balance the market, TREB President Bill Johnston said in a statement.
"A positive economic outlook for the Greater Toronto Area, including steady growth in jobs and incomes, has kept households confident in their ability to purchase and pay for a home over the long term," Johnston said.
TREB reported the average residential price was $460,196 during the first 14 days of March, up from last month and 4.6% higher than in the first two weeks of March 2010.
"Market conditions are tighter compared to this time last year, resulting in more competition between buyers and sustained upward pressure on the average selling price. The annual rate of price growth is expected to range between three and five per cent in 2011," Jason Mercer, TREB's Senior Manager of Market Analysis, said in a statement.
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