GTA REALTORS(R) Release Mid-Month Resale Figures

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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