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January 4, 2013

Toronto resale housing numbers take a tumble in 2012

Resale housing numbers in the Greater Toronto Area took a dip in December 2012 with a reported 3,690 sales, down from 4,585 sales in December 2011, according to Greater Toronto Area REALTORS.

The total sales figures for 2012 are reported to be 85,731, which is short of the 89,096 sales made in 2011.

Despite the decline in the number of transactions, the average selling price in December 2012 was up 6.5 per cent to $478,739. The average selling price during 2012 also rose seven per cent to $497,298.

According to Toronto Real Estate Board President Ann Hannah, there were a number of factors that contributed to the declining figures this year.

“Stricter mortgage lending guidelines resulted in some households postponing their purchase of a home,” she said. “In the City of Toronto, the dip in sales was compounded by the additional Land Transfer Tax, which buyers must pay upfront.”

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