According to the Toronto Real Estate Board (TREB), there were 6,418 sales through the Multiple Listing Service (MLS) in August. This is an 5.5 per cent decrease from August 2011.
August saw an average selling price of $479,095 - which is almost a six and half per cent increase from the average selling price of $450,323 reported in August 2011.
According to TREB president Ann Hannah, strick mortgage lending guideline and the City of Toronto's Land transfere tax is the major contributer to the low residentaial transactions in August.
The median price in August 2012 was $410,000.
The median price in August 2011 was $389,275.
"The trends for sales and new listings are moving somewhat in synch, suggesting that the relationship between sales and listings will continue to promote price growth moving forward" said Toronto Real Estate Board (TREB) Senior Manager of Market Analysis Jason Mercer.
*Market analysis based on numbers provided monthly by the Toronto Real Estate Board (TREB).