Transactions through the TorontoMLS system in the first 14 days of December 2012. "Stricter mortgage lending laws, including a reduced maximum amortization duration
And a 1,000,000 dollar purchase price ceiling for government-backed insured Mortgages, seem to have had the effect desired by Finance Minister Jim Flaherty. This number of sales was down by Sixteen per cent compared to the same period In December 2011. Some house purchasers have put their home purchase decision on hold," said Toronto Real Estate Board ( TREB ) President Ann Hannah. "In the Town of Toronto, sales declines have been more pronounced as the results of Stricter mortgage lending laws has been made worse by the City's further upfront Land Transfer Tax," added Hannah. The average selling price in the first fourteen days of December was $471,862, Representing a three percent annual rate of price growth. "Even with the dip in sales since the spring, tight market conditions in the low-rise segment of the market have driven year-over-year average price growth," said Jason
Mercer, TREB's Senior Manager of Market Analysis. "While the median price for detached houses in the Town of Toronto was down for the First fourteen days of December matched against last year, this dip was due to a different mixture of homes sold this year compared with last. There were less top of the range detached houses Sold compared against last year," continued Mercer.
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