Home Sales Drop Mid-September: Toronto Real Estate Board

Resale home sales in Toronto decreased by 15 per cent during the first 14 days of September compared to the first 14 days of September last year, according to the latest release from the Toronto Real Estate Board. 2,544 homes were sold during the two-week period.

In a press release, the president of the Toronto Real Estate Board, Ann Hannah, had this to say:
“The combination of stricter lending guidelines, rising home prices and the added upfront cost associated with the land transfer tax in the City of Toronto resulted in a slower pace of sales during the summer of 2012 compared to a year ago.”

Across the Greater Toronto Area, the average selling price was $496,786, representing an increase of about 9.5 per cent.

“Price growth continued to be strongest for low-rise home types during the first two weeks of September. This segment of the market has been very tight, with months of inventory remaining low from a historic perspective,” said Jason Mercer, the TREB’s Senior Manager of Market Analysis.


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