Toronto Real Estate Board Releases Resale Home Stats for August 2012

According to the latest statistics from the Toronto Real Estate Board, resale home sales in the Greater Toronto Area dropped from 7,330 in August of last year to 6,418 sales in August of this year, a decline of about 12.5 per cent year over year.

“Residential transactions were down in August compared to last year. Stricter mortgage lending guidelines, which came into effect in July, arguably played a role. In the City of Toronto, the additional impact of relatively higher home prices coupled with the upfront cost associated with the City’s Land Transfer Tax led to a stronger annual decline in sales compared to the rest of the GTA,” said Ann Hannah, president of the Toronto Real Estate Board.
New listings in the Greater Toronto Area also declined, by 5.5 per cent compared to the same time last year. The average selling price for last month increased by 6.5 per cent year over year, to $479,095.
“While sales were down year-over-year in the GTA, so too were new listings. As a result, market conditions remained quite tight with substantial competition between buyers in the low-rise market segment,” said the Toronto Real Estate Board’s senior manager of market analysis, Jason Mercer. “The trends for sales and new listings are moving somewhat in synch, suggesting that the relationship between sales and listings will continue to promote price growth moving forward.”

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