TORONTO, Jan 4, 2013 — Greater Toronto Area REALTORS reported 3,690 sales through the TorontoMLS system in December 2012 down from 4,585 sales in December 2011. Total sales for 2012 amounted to 85,731 down from 89,096 transactions in 2011.
"The number of transactions in 2012 was quite strong from a historic perspective. We saw powerful year-over-year expansion in sales in the first half of the year, but this growth was more than balanced by sales falls in the 2nd half. Stricter mortgage lending rules ended in some households postponing their purchase of a home.
The average selling price in December 2012 was up by 6.5 % year-over-year to $478,739. In the City of Toronto, the dip in sales was worsened by the extra Land Transfer Tax, which customers must pay upfront," said Toronto Real estate Board ( TREB ) President Ann Hannah. The average selling price for 2012 in total was up by about seven % to $497,298.
"Robust yearly rates of price growth were reported through most months of 2012. Price growth was strongest for low-rise homes, including singles, semis and townhouses. In spite of a dip in sales, market conditions remained tight for these home types with important competition between buyers," expounded TREB’s Senior Chief of Market Analysis Jason Mercer.