According to the Toronto Real Estate Board (TREB), there were 5,793 sales through the Multiple Listing Service (MLS) in November. This is a 16 per cent decrease from November 2011.
November saw an average selling price of $485,328 - which is up by 4.6 per cent from the average selling price of $477,582 reported in November 2011.
According to TREB president Ann Hannah, transactions have been down since June (on a year-over-year basis), after being up in the last half of 2011 and the first half of 2012. Some buyers have decided to purchase, which has had an effect on sales levels in the second half of 2012.
The median price in November 2012 was $410,000.
The median price in November 2011 was $384,250.
“The moderate annual rate of price growth compared to previous months was largely due to a different mix in detached home sales this year compared to last, particularly in the City of Toronto. The share of detached homes that sold for over one-million dollars was down substantially, which influenced the overall average price,” said Jason Mercer, TREB’s Senior Manager of Market Analysis. “The MLS® HPI detached benchmark price, which tracks the price for a home with the same attributes over time, was up by almost six per cent in Toronto, suggesting that market conditions for low-rise homes remain quite tight despite a changing mix of sales,” added Mercer.
*Market analysis based on numbers provided monthly by the Toronto Real Estate Board (TREB).