Greater Toronto Area REALTORS® reported 5,793 sales in November 2012 – down by 16 per cent compared to November 2011. “Transactions have been down on a year-over-year basis since June, after being up substantially in the last half of 2011 and the first half of 2012. Some buyers pulled
forward their decision to purchase, which has impacted sales levels in the second half of 2012,” said Toronto Real Estate Board (TREB) President Ann Hannah.
“Stricter mortgage lending guidelines, including a reduced maximum amortization period and a purchase price ceiling of one-million dollars for government insured mortgages, have prompted some buyers to move to the sidelines. This situation has been exacerbated in the City of Toronto because the additional upfront Land Transfer Tax takes money away from buyers that otherwise could be used for a larger down payment,” continued Ms. Hannah.
The average selling price was up by 1.6 per cent annually to $485,328. The MLS® Home Price Index (MLS® HPI) Composite Benchmark was up by 4.6 per cent compared to last year.
“The moderate annual rate of price growth compared to previous months was largely due to a different mix in detached home sales this year compared to last, particularly in the City of Toronto. The share of detached homes that sold for over one-million dollars was down substantially, which influenced the overall average price,” said Jason Mercer, TREB’s Senior Manager of Market Analysis.
“The MLS® HPI detached benchmark price, which tracks the price for a home with the same attributes over time, was up by almost six per cent in Toronto, suggesting that market conditions for low-rise homes remain quite tight despite a changing mix of sales,” added Mercer.
| Summary of TorontoMLS Sales and Average Price |
November 1 - 30
2012
2011
Sales
Average Price
New Listings
Sales
Average Price
New Listings
City of Toronto ("416")
2,308
$517,866
4,056
2,952
$520,664
4,200
Rest of GTA ("905")
3,485
$463,779
5,782
3,956
$445,434
5,507
GTA
5,793
$485,328
9,838
6,908
$477,582
9,707
| TorontoMLS Sales & Average Price By Home Type |
November 1 - 30, 2012
Sales
Average Price
416
905
Total
416
905
Total
Detached
764
1,954
2,718
741,480
556,745
608,672
Yr./Yr. % Change
-18.5%
-10.6%
-13.0%
-3.8%
3.5%
0.1%
Semi-Detached
280
397
677
583,117
392,067
471,083
Yr./Yr. % Change
-12.5%
-9.4%
-10.7%
3.8%
5.8%
4.4%
Townhouse
248
657
905
440,930
347,461
373,074
Yr./Yr. % Change
-28.1%
-6.4%
-13.6%
5.3%
1.3%
1.4%
Condo Apartment
987
392
1,379
350,540
279,483
330,341
Yr./Yr. % Change
-25.1%
-26.5%
-25.5%
-3.9%
2.5%
-2.3%
Mw1211 from realestatesnatch
Greater Toronto REALTORS® are passionate about their work. They are governed by a strict Code of Ethics and share a state-of-the-art Multiple Listing Service. Over 35,000 TREB Members serve consumers in the Greater Toronto Area. The Toronto Real Estate Board is Canada’s largest real estate board. Media Inquiries: Mary Gallagher, Senior Manager Public Affairs (416) 443-8158 MARYG@TREBNET.COM
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