Greater Toronto Area Realtors reported 2,961 sales through the Toronto MLS system during the first 14 days of October 2012. The number of transactions was down by 10.5% compared to the same period in 2011. New listings were up by 5.5% year-over-year to 6,505.

“Some households have put their home purchase plans on hold in response to the higher cost of home ownership brought about by the recent changes to mortgage lending guidelines. Both first-time buyers and existing home owners have been affected, given that sales were down across house types and geography,” said Toronto Real Estate Board (TREB) President Ann Hannah.

The average selling price for sales reported from October 1 through October 14 was $501,146 – up by almost 6% in comparison to last year.

“The average selling price grew well above the rate of inflation in the first half of October due to relatively tight market conditions from a historic perspective. However, the market continued to become better supplied, pointing toward a slower pace of price growth as we move into 2013,” said Jason Mercer, TREB’s Senior Manager of Market Analysis.

Summary of Toronto real estate sales October 1-14, 2012

City of Toronto (“416”)
2012 Sales: 1,157 | Avg. Price: $537,296 | New Listings: 2,782
2011 Sales: 1,345 | Avg. Price: $523,731 | New Listings: 2,508

Rest of GTA (“905”)
2012 Sales: 1,804 | Avg. Price: $477,961 | New Listings: 3,723
2011 Sales: 1,965 | Avg. Price: $439,766 | New Listings: 3,659

All of GTA
2012 Sales: 2,961 | Avg. Price: $501,146 | New Listings: 6,505
2011 Sales: 3,310 | Avg. Price: $473,884 | New Listings: 6,167

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Contact Laurin Jeffrey for more information – 416-388-1960

Laurin Jeffrey is a Toronto Realtor with Century 21 Regal Realty. He did not
write these articles, he just reproduces them here for people who are
interested in Toronto real estate. He does not work for any builders.
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