TORONTO, December 5, 2012 -- Greater Toronto Area REALTORS reported 5,793 sales in Nov 2012 down by 16 percent compared to Nov 2011.
"Transactions have been down on a year-over-year basis since June, after being up substantially in the last half 2011 and the initial half of 2012. Some consumers pulled forward their choice to purchase that has impacted sales levels in the second 1/2 2012," announced Toronto Real-estate Board ( TREB ) President Ann Hannah.
"Stricter mortgage lending suggestions, including a reduced maximum amortization period and a purchase price ceiling of one-million dollars for government insured mortgages, have inspired some customers to head to the sidelines. This situation has been increased in the Town of Toronto as the extra up-front Land Transfer Tax takes money away from buyers that otherwise might be used for a bigger down payment," continued Ms. Hannah.
The average selling price was up by 1.6 % annually to $485,328. The MLS Home Price Index ( MLS HPI ) Composite Benchmark was up by 4.6 per cent matched against last year.
"The moderate yearly rate of price growth compared to previous months was principally because of a different mix in detached home sales this year matched against last, especially in the City of Toronto. The share of detached homes that sold for over one-million dollars was down significantly, which influenced the final average price," enunciated Jason Mercer, TREB's Senior Manager of Market Analysis.
"The MLS HPI detached benchmark price, which tracks the price for a home with the same features over time, was up by about 6 % in Toronto, suggesting that market conditions for low-rise homes remain quite tight in spite of a changing mix of sales," added Mercer.
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