According to the Toronto Real Estate Board (TREB), there were 5,879 sales through the Multiple Listing Service (MLS) in September. This is almost a 21 per cent decrease from September 2011.
September saw an average selling price of $503,662 - which is more than an 8.5 per cent increase from the average selling price of $463,916 reported in September 2011.
According to TREB president Ann Hannah, strick mortgage lending guidelines are the result of lower sales, however we still see competition between buyers.
The median price in September 2012 was $420,000.
The median price in September 2011 was $395,000.
"Barring a major change to the consensus economic outlook, home price growth is expected to continue through 2013. Based on inventory levels, price growth will be strongest for low-rise home types, including single-detached and semi-detached houses and town homes," 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).