NEWS RELEASE 

 


GTA REALTORS® Release Monthly Resale Housing Figures

 

TORONTO, December 5, 2012 -- 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%

 

 

 

- 30 -