TORONTO, Nov 5, 2012 -- Larger Toronto Area REALTORS reported 6,896 transactions through the TorontoMLS system in October 2012 a lessening of 7.1 % matched against October 2011. On a per working day basis, transactions were down by 15.6 per cent.* .
"Sales have decreased in the 2nd half of this year compared with 2011, especially since the commencement of stricter mortgage lending guidelines at the start of July. The possibility of higher monthly mortgage payments due to the reduced maximum amortization time period has inspired some homes 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 permits for an apples-to-apples comparison vis home attributes, was up by 5.1 %. Active listings have remained low from a historic perspective, so some competition between buyers still exists, particularly for low-rise homes," announced Jason Mercer, TREB's Senior Executive of Market Research.
"It should be noted Nonetheless, that the yearly rate of price increase has been edging lower over the last few months as the market has gradually become better supplied," continued Mercer.
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