According to the Toronto Real Estate Board (TREB), there were 6,896 sales through the Multiple Listing Service (MLS) in October. This is a 7.1 per cent decrease from October 2011.
October saw an average selling price of $503,479 - which is up 6.2 per cent from the average selling price of $474,241 reported in October 2011.
According to TREB president Ann Hannah, sales have decreased in the second half of this year from 2011. This is owing to the arrival of strick mortgage lending guidelines at the beginning of July.
The median price in October 2012 was $425,000.
The median price in October 2011 was $400,000.
"We continue to see price increases well above the rate of inflation. Active listings have remained low from a historic perspective, so substantial competition between buyers still exists, especially for low-rise homes," said Toronto Real Estate Board (TREB) Senior Manager of Market Analysis Jason Mercer. “It should be noted, however, that the annual rate of price increase has been edging lower over the past few months as the market has gradually become better supplied,” continued Mercer.
*Market analysis based on numbers provided monthly by the Toronto Real Estate Board (TREB).