October 16, 2013 — Greater Toronto Area REALTORS reported 3,460 sales through the TorontoMLS system in the first Fourteen days of October 2013. This result was up by 21 per cent compared with 2,849 sales reported during the same period in 2012.
"It is also important to note that the supply of ground-oriented listings remains restricted, due partly to the additional land transfer tax and tougher lending rules.
"With October mid-month sales well-above the Ten year average, it appears clear that we have more than recovered from the temporary dip in home transactions that resulted from the start of stricter mortgage lending guidelines," said Toronto Real estate Board President Dianne Usher. If this were not correct, the quantity of sales might have been greater because more households would’ve been able find a home to purchase," continued Ms. Usher.
The average selling price for October mid-month transactions was $536,301 up 7.3 per cent matched against the first Fourteen days of October 2012.
"Price growth has been stronger in the 2nd 1/2 2013, as sales growth has outstripped growth in lists. There have been more customers competing for available properties compared with the first half of the year, which has led on to increased upward pressure on average selling prices," said Jason Mercer, the Toronto Real estate Board’s Senior Manager of Market Analysis.