There were 7,570 sales reported in July 2012, representing a decline of 1.5% compared to July 2011. The decline was most pronounced in the condominium apartment market segment in the City of Toronto. Total sales in the rest of the greater Toronto area were up compared to the same time last year.
"Very strong annual sales growth in the first half of 2012 and an earlier peak in sales this spring compared to 2011 help explain more moderate sales this summer. New mortgage lending guidelines and the additional upfront cost of the City of Toronto land transfer tax also prompted some households to put their buying decision on hold," said TREB President Ann Hannah.
The average selling price in July 2012 was up 4% compared to the same time last year. The GTA housing market became better-supplied in recent months and buyers benefited from more choice in the market place resulting in less upward pressure on the average home price in July. The mix of homes sold in July 2012 versus July 2011 also appears to be different, further influencing the selling price.