Construction/Building — November 3, 2012

GTA REALTORS® Release Monthly Resale Housing Figures

TORONTO, ONTARIO--(Marketwire - Nov. 3, 2012) - Greater Toronto Area REALTORS® reported 6,896 transactions through the TorontoMLS system in October 2012 - a decrease of 7.1 per cent compared to October 2011. There were two more business days in October 2012 versus October 2011. On a per business day basis, transactions were down by 15.6 per cent.*

"Sales have decreased in the second half of this year compared to 2011, especially since the onset of stricter mortgage lending guidelines at the beginning of July. The prospect of higher monthly mortgage payments due to the reduced maximum amortization period has prompted some households to delay their home purchase," said Toronto Real Estate Board (TREB) President Ann Hannah.

The average selling price for October transactions was $503,479 - up 6.2 per cent compared to October 2011. The MLS® Home Price Index composite benchmark price, which allows for an apples-to-apples comparison in terms of home attributes, was up by 5.1 per cent.

"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 Jason Mercer, TREB's Senior Manager of Market Analysis.

"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.

*NOTE: The majority of transactions are entered into the TorontoMLS system on business days. There was a mismatch of two business days in September and October of 2012 compared to the same months last year. This is why sales on a per business day basis were noted in releases dealing with these months. The business day anomaly between the two months has now balanced out.

Summary of TorontoMLS Sales and Average Price - October 1 - 31
2012 2011
Sales Average Price New Listings Sales Average Price New Listings
City of Toronto ("416") 2,730 $ 539,188 5,568 3,044 $ 518,248 5,166
Rest of GTA ("905") 4,166 $ 480,078 7,486 4,381 $ 443,664 7,140
GTA 6,896 $ 503,479 13,054 7,425 $ 474,241 12,306
TorontoMLS Sales & Average Price By Home Type - October 1 - 31, 2012
Sales Average Price
416 905 Total 416 905 Total
Detached 931 2,417 3,348 779,484 573,598 630,850
Yr./Yr. % Change -7 % -1 % -3 % 5 % 8 % 7 %
Semi-Detached 347 458 805 575,618 390,459 470,273
Yr./Yr. % Change -4 % -9 % -7 % 7 % 5 % 6 %
Townhouse 286 775 1,061 453,477 357,237 383,179
Yr./Yr. % Change -10 % -1 % -3 % 2 % 5 % 3 %
Condo Apartment 1,141 427 1,568 358,741 286,138 338,969
Yr./Yr. % Change -14 % -20 % -16 % -2 % 4 % 0 %

Greater Toronto REALTORS® are passionate about their work. They are governed by a strict Code of Ethics and share a state-of-the-art Multiple Listing Service. Over 35,000 TREB Members serve consumers in the Greater Toronto Area. The Toronto Real Estate Board is Canada's largest real estate board.

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Contact Information

Media Inquiries:
Mary Gallagher
Senior Manager Public Affairs
(416) 443-8158
maryg@trebnet.com

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