October 16, 2012 — Greater Toronto Area

October 16, 2012 — Greater Toronto Area REALTORS reported 2,961 sales through the TorontoMLS system during the first Fourteen days of October 2012. The amount of transactions was down by 10.5 per cent compared with the same period in 2011. New lists were up by 5.5 % year-over-year to 6,505.

“Some households have put their home purchase plans on hold responding to the higher value of home possession created by the latest changes to mortgage lending guidelines. Both first time purchasers and existing property owners have been affected, given that sales were down across house types and geography,” asserted Toronto Real estate Board ( TREB ) President Ann Hannah.

The average selling price for sales reported from Oct 1st thru October 14 was $501,146 up by almost six per cent compared with last year.

“The average selling price grew well above the rate of inflation in the first part of October due to comparatively tight market conditions from an unprecedented perspective. Nonetheless the market continued to become better supplied, pointing at a slower pace of price expansion as we move into 2013,” said Jason Mercer, TREB’s Senior Boss of Market Analysis.