The Greater Toronto Area Realtors have just released the housing figures for December 2012. Last month, 3,690 sales were reported through TorontoMLS, which is down 20 per cent from the same time of the year in 2011. Also, the total number of sales for last year was 85,731, which is down 4 per cent from 2011.
According to Toronto Real Estate Board president Ann Hannah, sales were off to a strong start in the first half of 2012 but slowed as a result of stricter mortgage lending guidelines implemented by the Canadian Mortgage Housing Council in the summer. However, competition between buyers remains high, with the average selling price in last month up nearly 7 per cent to $497,298 compared to December 2011.