Spring – traditionally the hot season for buying and selling homes – has gotten off to a great start. According to sales figures from the Toronto Real Estate Board, real estate agents in the GTA reported 9,690 sales through the Toronto MLS System in March 2012, an increase of almost 8% when compared with the 8,986 sales reported for the same period last year.

TREB President Richard Silver says low mortgage rates are making an impact on the market in more ways than one. “Buyers have been spurred on by the positive affordability picture brought about by low mortgage rates,” he says. “The challenge has been a lack of inventory. Many listings have attracted multiple interested buyers. Strong competition has led to annual rates of price growth well above the long-term average.”

Looking at homes of all types (detached, semi-detached, townhomes and condos), the average selling price in the GTA totalled $504,117 in March. That represents an increase of 10.5% compared with the March 2011 total of $456,234.

The biggest year-over-year increase occurred in the number of sales of detached homes in the 905 area, which jumped by 16%. The price of townhomes in the GTA showed the greatest year-over-year increase at 17%.

While the number of new listings also increased last month in comparison with March 2011, TREB noted that unless the GTA resale market becomes better supplied, competition between buyers is likely to remain strong. If you’ve been waiting for spring to list, well, spring is here. Do it now.