October Sixteen, 2012 -- Greater Toronto Area REALTORS reported 2,961 sales thru the Toronto MLS system in the first 14 days of October 2012. New listings were up by 5.5 per cent year-over-year to 6,505.
"Some households have put their house purchase plans on hold in response to the higher value of home possession created by the latest changes to mortgage lending guidelines.
The average home selling price for sales reported from October 1 through October 14 was $501,146 up by almost 6 % contrasted to last year. Both new buyers and existing home owners have been affected, given that sales were down across house types and geography," said Toronto Real estate Board ( TREB ) President Ann Hannah.
"The average selling price grew well above the rate of inflation in the initial half of October due to comparatively tight market conditions from a ground-breaking point of view. Nonetheless the market continued to become better supplied, indicating a slower speed of price expansion as we move into 2013," recounted Jason Mercer, TREB's Senior Boss of Market Analysis.
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