Construction/Building — November 19, 2012

GTA REALTORS® Release Mid-Month Resale Figures

TORONTO, ONTARIO--(Marketwire - Nov. 19, 2012) - Greater Toronto Area REALTORS® reported 2,687 transactions through the TorontoMLS system during the first two weeks of November. This result represented a 17.5 per cent decline compared to the same period in 2011.

"The reduction of the maximum amortization period to 25 years translated into higher mortgage payments. Some households will have to save more money for a down payment before purchasing a home, in order to offset these higher mortgage costs. This is more difficult in the City of Toronto, where households must pay an additional land transfer tax up front. The abolishment of this tax would allow buyers to have a larger down payment," said Toronto Real Estate Board (TREB) President Ann Hannah.

The average selling price during the first 14 days of November was $488,647 - up by 1.7 per cent in comparison to the first 14 days of November 2011. The median selling price over the same period was up by a greater rate of four per cent to $416,000. The stronger rate of growth for the median selling price suggests that fewer high-end homes sold this year compared to last.

"During the first half of November, there were fewer luxury detached homes sold as a percentage of total transactions compared to last year. The year-over-year change in the mix of detached homes sold in the GTA, rather than a change in market conditions, was responsible for a lower than normal increase in the average detached home price," said Jason Mercer, TREB's Senior Manager of Market Analysis.

Summary of TorontoMLS Sales and Average Price
November 1 - 14
2012 2011
Sales Average Price New Listings Sales Average Price New Listings
City of Toronto ("416") 1,055 $ 522,852 2,221 1,373 $ 524,434 2,164
Rest of GTA ("905") 1,632 $ 466,536 3,033 1,884 $ 448,111 2,907
GTA 2,687 $ 488,647 5,254 3,257 $ 480,285 5,071
Source: Toronto Real Estate Board
TorontoMLS Sales & Average Price By Home Type
November 1 - 14, 2012
Sales Average Price
416 905 Total 416 905 Total
Detached 341 938 1,279 761,273 555,159 610,112
Yr./Yr. % Change -26.7 % -10.4 % -15.4 % 1.0 % 1.9 % 0.2 %
Semi-Detached 130 172 302 604,674 391,147 483,063
Yr./Yr. % Change -18.8 % -18.1 % -18.4 % 6.8 % 6.0 % 6.3 %
Townhouse 120 306 426 437,072 354,366 377,663
Yr./Yr. % Change -25.5 % -6.1 % -12.5 % 4.0 % 6.3 % 4.3 %
Condo Apartment 448 180 628 347,681 275,947 327,121
Yr./Yr. % Change -21.7 % -29.4 % -24.1 % -3.8 % 0.1 % -2.3 %
Source: Toronto Real Estate Board

Greater Toronto REALTORS® are passionate about their work. They are governed by a strict Code of Ethics and share a state-of-the-art Multiple Listing Service. Over 35,000 TREB Members serve consumers in the Greater Toronto Area. The Toronto Real Estate Board is Canada's largest real estate board.

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Contact Information

Media Inquiries:
Von Palmer
Chief Government and Public Affairs Officer
416-443-8150
vpalmer@trebnet.com

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