According to the Toronto Real Estate Board (TREB), there were 3,690 sales through the Multiple Listing Service (MLS) in December. This is a 19.5 per cent decrease from December 2011. Total sales for 2012 amounted to 85,731 - down from 89,096 transactions in 2011.
December saw an average selling price of $478,739 - which is up by 6.5 per cent from the average selling price of $449,566 reported in December 2011. The average selling price for 2012 as a whole was up by almost 7 per cent to $497,298.
According to TREB president Ann Hannah, the number of transactions in 2012 was rather strong. The year-over-year growth in sales was strong in the first half of the year; however, this growth was offset by sales declines in the second half. Stricter mortgage lending guidelines has resulted in some households holding off on purchasing a home. The additional Land Transfer Tax, which buyers must pay upfront, adds to the drop in sales that the City of Toronto has experienced.
The median price in December 2012 was $405,000.
The median price in December 2011 was $384,250.
“Robust annual rates of price growth were reported through most months of 2012. Price growth was strongest for low-rise homes, including singles, semis and townhouses. Despite a dip in sales, market conditions remained tight for these home types with substantial competition between buyers,” said TREB’s Senior Manager of Market Analysis Jason Mercer.
*Market analysis based on numbers provided monthly by the Toronto Real Estate Board (TREB).