November 19, 2012 — Bigger Toronto Area REALTORS reported 2,687 transactions through the TorontoMLS system in the first fourteen days of Nov. This result represented a 17.5 percent decline compared with the same period in 2011. This is harder in the City of Toronto, where households must pay an additional land transfer tax up front.
“The decreasing of the maximum amortization period to Twenty-five years translated into higher mortgage payments. The average selling price over the same period was up by a larger rate of 4 % to $416,000.
“During the initial half of November, there were less luxury detached homes sold as a percentage of total transactions compared against last year. The stronger rate of expansion for the mean selling price means that fewer high-end houses sold this year compared with last. The year-over-year change in the mixture of detached homes sold in the GTA, instead of a change in market conditions, was accountable for a lower than standard increase in the average detached home price,” asserted Jason Mercer, TREB’s Senior Executive of Market Analysis.