NEWS RELEASE 

 


GTA REALTORS® Release Monthly Resale Housing Figures

 

TORONTO, November 5, 2012 -- Greater Toronto Area REALTORS® reported 6,896 transactions through the TorontoMLS system in October 2012 – a decrease of 7.1 per cent compared to October 2011.  There were two more business days in October 2012 versus October 2011.  On a per business day basis, transactions were down by 15.6 per cent.*

 

“Sales have decreased in the second half of this year compared to 2011, especially since the onset of stricter mortgage lending guidelines at the beginning of July.  The prospect of higher monthly mortgage payments due to the reduced maximum amortization period has prompted some households to delay their home purchase,” said Toronto Real Estate Board (TREB) President Ann Hannah.

 

The average selling price for October transactions was $503,479 – up 6.2 per cent compared to October 2011.  The MLS® Home Price Index composite benchmark price, which allows for an apples-to-apples comparison in terms of home attributes, was up by 5.1 per cent.

 

“We continue to see price increases well above the rate of inflation.  Active listings have remained low from a historic perspective, so substantial competition between buyers still exists, especially for low-rise homes,” said Jason Mercer, TREB’s Senior Manager of Market Analysis.

 

“It should be noted, however, that the annual rate of price increase has been edging lower over the past few months as the market has gradually become better supplied,” continued Mercer.

 

 

*NOTE: The majority of transactions are entered into the TorontoMLS system on business days.  There was a mismatch of two business days in September and October of 2012 compared to the same months last year.  This is why sales on a per business day basis were noted in releases dealing with these months.  The business day anomaly between the two months has now balanced out.

 

 

Summary of TorontoMLS Sales and Average Price - October 1 - 31

2012

2011

Sales

Average Price

New Listings

Sales

Average Price

New Listings

City of Toronto ("416")

2,730

$539,188

5,568

3,044

$518,248

5,166

Rest of GTA ("905")

4,166

$480,078

7,486

4,381

$443,664

7,140

GTA

6,896

$503,479

13,054

7,425

$474,241

12,306

 

 

 

TorontoMLS Sales & Average Price  By Home Type - October 1 - 31, 2012

 

Sales

Average Price

 

416

905

Total

416

905

Total

 

 

Detached

931

2,417

3,348

779,484

573,598

630,850

 

Yr./Yr. % Change

-7%

-1%

-3%

5%

8%

7%

 

Semi-Detached

347

458

805

575,618

390,459

470,273

 

Yr./Yr. % Change

-4%

-9%

-7%

7%

5%

6%

 

Townhouse

286

775

1,061

453,477

357,237

383,179

 

Yr./Yr. % Change

-10%

-1%

-3%

2%

5%

3%

 

Condo Apartment

1,141

427

1,568

358,741

286,138

338,969

 

Yr./Yr. % Change

-14%

-20%

-16%

-2%

4%

0%

 

 

 

 

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