GTA REALTORS® Release Mid-Month of November Resale Figures

Greater Toronto Area REALTORS® reported 2,687 transactions through the TorontoMLS system during the first two weeks of November. This result represented a 17.5 per cent decline compared to the same
period in 2011.

“The reduction of the maximum amortization period to 25 years translated into higher mortgage payments. Some households will have to save more money for a down payment before purchasing a home, in order to offset these higher mortgage costs. This is more difficult in the City of Toronto, where households must pay an additional land transfer tax up front. The abolishment of this tax would allow buyers to have a larger down payment,” said Toronto Real Estate Board (TREB) President Ann Hannah.

The average selling price during the first 14 days of November was $488,647 – up by 1.7 per cent in comparison to the first 14 days of November 2011. The median selling price over the same period was up by a greater rate of four per cent to $416,000. The stronger rate of growth for the median selling price suggests that fewer high-end homes sold this year compared to last.

“During the first half of November, there were fewer luxury detached homes sold as a percentage of total transactions compared to last year. The year-over-year change in the mix of detached homes sold in the GTA, rather than a change in market conditions, was responsible for a lower than normal increase in the average detached home price,” said Jason Mercer, TREB’s Senior Manager of Market Analysis.
Summary of TorontoMLS Sales and Average Price
November 1 - 14
2012
2011
Sales
Average Price
New Listings
Sales
Average Price
New Listings
City of Toronto ("416")
1,055
$522,852
2,221
1,373
$524,434
2,164
Rest of GTA ("905")
1,632
$466,536
3,033
1,884
$448,111
2,907
GTA
2,687
$488,647
5,254
3,257
$480,285
5,071
Source: Toronto Real Estate Board
TorontoMLS Sales & Average Price  By Home Type
November 1 - 14, 2012
Sales
Average Price
416
905
Total
416
905
Total
Detached
341
938
1,279
761,273
555,159
610,112
Yr./Yr. % Change
-26.7%
-10.4%
-15.4%
1.0%
1.9%
0.2%
Semi-Detached
130
172
302
604,674
391,147
483,063
Yr./Yr. % Change
-18.8%
-18.1%
-18.4%
6.8%
6.0%
6.3%
Townhouse
120
306
426
437,072
354,366
377,663
Yr./Yr. % Change
-25.5%
-6.1%
-12.5%
4.0%
6.3%
4.3%
Condo Apartment
448
180
628
347,681
275,947
327,121
Yr./Yr. % Change
-21.7%
-29.4%
-24.1%
-3.8%
0.1%
-2.3%
Source: Toronto Real Estate Board



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