Construction/Building — November 19, 2012GTA 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 $416,000. The stronger rate of growth for the median selling price suggests that fewer high-end homes sold this year compared to last.
"During the first half of November, there were fewer luxury detached homes sold as a percentage of total transactions compared to last year. The year-over-year change in the mix of detached homes sold in the GTA, rather than a change in market conditions, was responsible for a lower than normal increase in the average detached home price," said Jason Mercer, TREB's Senior Manager of Market Analysis.
|Summary of TorontoMLS Sales and Average Price|
|November 1 - 14|
|Sales||Average Price||New Listings||Sales||Average Price||New Listings|
|City of Toronto ("416")||1,055||$||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|
|Source: Toronto Real Estate Board|
|TorontoMLS Sales & Average Price By Home Type|
|November 1 - 14, 2012|
|Yr./Yr. % Change||-26.7||%||-10.4||%||-15.4||%||1.0||%||1.9||%||0.2||%|
|Yr./Yr. % Change||-18.8||%||-18.1||%||-18.4||%||6.8||%||6.0||%||6.3||%|
|Yr./Yr. % Change||-25.5||%||-6.1||%||-12.5||%||4.0||%||6.3||%||4.3||%|
|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.
Get the latest real estate news and Market Watch information including market watch summary video.
Chief Government and Public Affairs Officer
Latest Industry Press Releases
Black Diamond Group Limited Announces April Dividend (2014-04-17)
New Affordable Housing Open in Regina (2014-04-14)
Nouvelle maison d'h├ębergement d'urgence ├á Melfort (2014-04-11)
New Emergency Shelter in Melfort (2014-04-11)
Media Advisory: New Emergency Shelter in Melfort (2014-04-10)
|MOST POPULAR STORIES|
|TODAY’S TOP CONSTRUCTION PROJECTS|
These projects have been selected from 481 projects with a total value of $2,274,238,471 that Reed Construction Data Building Reports reported on Wednesday.
$150,000,000 Ottawa ON Negotiated
$135,000,000 Toronto ON Tenders
$82,000,000 Toronto ON Tenders
- VIDEO: Debate still strong as OCOT turns one
- Upset waters over new Ontario diving regulations
- Covering up the Celsius
- Frontier Oilsands Mine joint review panel raises concerns among some First Nations
- Doors open on latest PPP Canada funding
- U.S. builders’ confidence rises but is limited by tight credit and shortages of labour and lots
- Keystone XL opponents carve message
- RFP released to shortlisted teams for Milton hospital expansion
- Photo Gallery: 2014 ACEC BC Awards of Excellence winners
- Journal of Commerce Preview for the week of April 21st, 2014
- Fort McMurray airport terminal getting ready for take off
- B.C. government forms liquefied natural gas working group
- Kitimat residents vote against Northern Gateway pipeline
- Precast concrete enables net-zero homes
- Learning to dig safely can save lives
- Ex construction boss admits to collusion in government contracts
- P3 Fund launches
- Supreme court won't hear case involving construction mogul
- Minister spurns spat over plant