The Toronto Regional Real Estate Board says Greater Toronto home sales in March were down 4.5 per cent from last year, but there was enough competition between buyers that the average home price rose moderately year-over-year.

The board says 6,560 homes changed hands in the month compared with 6,868 last year, while noting this year’s sales figures were down in part due to the statutory Good Friday holiday falling within March rather than April.

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The average selling price was up 1.3 per cent year-over-year to $1,121,615.

New listings were up 15 per cent over the same period, which TRREB president Jennifer Pearce attributes to homeowners possibly anticipating an improvement in market conditions in the spring.

The first quarter ended with 11.2 per cent higher sales year-over-year and new listings up by 18.3 per cent for the three-month period.

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Pearce says that if borrowing costs begin to decrease later this year, sales will rise and new listings will be absorbed, causing tighter market conditions that push selling prices higher.

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