In March 2012, the Greater Toronto Area reported 9,690 home sales, a 7.8% increase from the previous year, driven by low mortgage rates and positive affordability reports. Despite a surge in sales, the market faces inventory challenges, leading to intense competition and significant price growth, with the average selling price reaching $501,614—a 10% increase from March 2011. The number of new listings was also up, indicating a potential for better market supply if trends continue.