December 18, 2012 Greater Toronto Area REALTORS reported 2,169 . This number of sales was down by Sixteen per cent in comparison to the same period . "Stricter mortgage lending laws, including a reduced maximum amortization period And a 1,000,000 dollar purchase price ceiling for government-backed insured Mortgages, appear to have had the effect desired by Finance Minister Jim Flaherty In December 2011.
Some house buyers have put their house purchase decision on hold," declared Toronto Real Estate Board ( TREB ) President Ann Hannah. "In the City of Toronto, sales declines have been more significant as the effect of
Tougher mortgage lending guiding principles has been made worse by the City’s further upfront Land Transfer Tax," added Hannah. The average selling price in the 1st 2 weeks of December was $471,862,
Representing a 3 percent yearly 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 pricetag growth," said Jason
Mercer, TREB’s Senior Manager of Market Analysis. "While the medium price for detached homes in the City of Toronto was down for the First two weeks of December matched against last year, this dip was due to a different mix of homes sold this year compared to last. There were fewer top-end detached houses Sold compared to last year," continued Mercer.