December 5, 2012 -- Greater Toronto Area Realtors reported 5,793 sales in November 2012 - down by 16 per cent compared to November 2011.
Transactions have been down on a year-over-year basis since June, after being up substantially in the last half of 2011 and the first half of 2012. Some buyers pulled forward their decision to purchase, which has impacted sales levels in the second half of 2012," said Toronto Real Estate Board (TREB) President Ann Hannah.
"Stricter mortgage lending guidelines, including a reduced maximum amortizing period and a purchase price ceiling of one-million dollars for government insured mortgages, have prompted some buyers to move to the sidelines. This situation has been exacerbated in the City of Toronto because the additional upfront Land Transfer Tax takes away from buyers that otherwise could be used for a larger down payment," continued Hannah.
The average selling price was up by 1.6 per cent annually to $485,328. The MLS Home Price Index (MLS HPI) Composite Benchmark was up by 4.6 per cent compared to last year.