NEWS RELEASE 

 


GTA REALTORS® Release Mid-Month Resale Figures

 

November 19, 2012 -- Greater Toronto Area REALTORS® reported 2,687 transactions through the TorontoMLS system during the first two weeks of November.  This result represented a 17.5 per cent decline compared to the same period in 2011.

  “The reduction of the maximum amortization period to 25 years translated into higher mortgage payments.  Some households will have to save more money for a down payment before purchasing a home, in order to offset these higher mortgage costs.  This is more difficult in the City of Toronto, where households must pay an additional land transfer tax up front.  The abolishment of this tax would allow buyers to have a larger down payment,” said Toronto Real Estate Board (TREB) President Ann Hannah.

  The average selling price during the first 14 days of November was $488,647 – up by 1.7 per cent in comparison to the first 14 days of November 2011.  The median selling price over the same period was up by a greater rate of four per cent to $416,000.  The stronger rate of growth for the median selling price suggests that fewer high-end homes sold this year compared to last.

  “During the first half of November, there were fewer luxury detached homes sold as a percentage of total transactions compared to last year.  The year-over-year change in the mix of detached homes sold in the GTA, rather than a change in market conditions, was responsible for a lower than normal increase in the average detached home price,” said Jason Mercer, TREB’s Senior Manager of Market Analysis.

 

Summary of TorontoMLS Sales and Average Price

 

 

 

 

 

 

 

November 1 - 14

2012

2011

Sales

Average Price

New Listings

Sales

Average Price

New Listings

City of Toronto ("416")

1,055

$522,852

2,221

1,373

$524,434

2,164

Rest of GTA ("905")

1,632

$466,536

3,033

1,884

$448,111

2,907

GTA

2,687

$488,647

5,254

3,257

$480,285

5,071

Source: Toronto Real Estate Board

TorontoMLS Sales & Average Price  By Home Type

 

 

 

 

 

 

 

November 1 - 14, 2012

Sales

Average Price

416

905

Total

416

905

Total

Detached

341

938

1,279

761,273

555,159

610,112

Yr./Yr. % Change

-26.7%

-10.4%

-15.4%

1.0%

1.9%

0.2%

Semi-Detached

130

172

302

604,674

391,147

483,063

Yr./Yr. % Change

-18.8%

-18.1%

-18.4%

6.8%

6.0%

6.3%

Townhouse

120

306

426

437,072

354,366

377,663

Yr./Yr. % Change

-25.5%

-6.1%

-12.5%

4.0%

6.3%

4.3%

Condo Apartment

448

180

628

347,681

275,947

327,121

Yr./Yr. % Change

-21.7%

-29.4%

-24.1%

-3.8%

0.1%

-2.3%

Source: Toronto Real Estate Board

 

 

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