Nov 19, 2012 -- Greater Toronto Area REALTORS reported 2,687 transactions thru the TorontoMLS system during the first 14 days of Nov. This result represented a 17.5 per cent decline compared against the same period in 2011.
"The decreasing of the maximum amortization period to 25 years interpreted into higher home loan payments. Some homes must save more cash for a down-payment before getting a home, so as to offset these higher mortgage costs. The abolishment of this tax would permit purchasers to have a larger down payment," said Toronto Real estate Board ( TREB ) President Ann Hannah. This is more difficult in the City of Toronto, where homes must pay a further land transfer tax up front.
The average selling price in the first 14 days of Nov was $488,647 up by 1.7 % in contrast to the 1st 14 days of November 2011. The stronger rate of growth for the median selling price suggests that less top of the range homes sold this year matched against last. The median selling price over the same period was up by a greater rate of four per cent to $416,000.
"During the 1st half of November, there were fewer luxury detached houses sold as a proportion of total transactions compared to last year. The year-over-year change in the mix of detached houses sold in the GTA, rather than a change in market conditions, was responsible for a lower than standard increase in the average detached home price," asserted Jason Mercer, TREB's Senior Executive of Market Analysis.
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