The Toronto MLS system reported 3,690 sales in December 2012, down 19.5% compared to December 2011, while average selling price was up by 6.5% year-over-year to $478,739, according to the Market Watch Report published by the Toronto Real Estate Board. full report
Home sales declined in all regions and for all property types in December. Condo apartments had the biggest drop of 27%, followed by 23.5% for semi-detached homes, 17% for townhouses, and 13% for detached homes.
Price growth was strongest in low rise homes. Average selling price was up 6.2% for detached homes, 4% for semi-detached, and 5.1% for townhouses. Average price for condo apartments was down 0.9% for the entire GTA. In the Regions of York, Durham and Halton, condo prices were up 4%, 2.5% and 28%, respectively. In Toronto and Peel, they were down 1.8% and 5.5%, respectively.
Total sales of resale homes for 2012 amounted to 85,731, down 4% from 89,096 transactions in 2011. In particular, sales of condominium apartments had the largest decline of almost 12%, while sales of detached homes, semi-detached, and townhouses declined by 2%, 5% and 0.7%, respectively.
The average selling price for 2012 as a whole was up by almost 7% to $497,298. In particular, average price was up 7.4% for detached homes, 6.5% for semi-detached, 6% for townhomes, and 1.4% for condos.
New listings in December were down 10% from December 2011 to 4,295. In response to a slower market, some home owners are putting off listing their homes for sale. As a result, despite lower sales in December, market conditions remain tight, especially in the low-rise home market segment.
The Sales-To-New Listings Ratio, a key indicator for measuring market conditions, remained elevated in December and was in line with the trend seen in last two years, indicating a tight market where substantial competition between buyers is foreseeable in the months ahead.