According to the most recent press release from the Toronto Real Estate Board for the middle of October of this year, Greater Toronto Area home sales are down by 10.5 per cent over the same time period in 2011.
According to Toronto Real Estate Board president Ann Hannah, “Some households have put their home purchase plans on hold in response to the higher cost of home ownership brought about by the recent changes to mortgage lending guidelines. Bother first-time buyers and existing home owners have been affected, given that sales were down across house types and geography.”
new listings during this time period increased by 5.5 per cent while the average selling price grew by almost six per cent to $501,146.
According to the Toronto Real Estate Board’s senior manager of market analysis Jason Mercer, “The average selling price grew well above the rate of inflation in the first half of October due to relatively tight market conditions from a historic perspective. However, the market continued to become better supplied, pointing toward a slower pace of price growth as we move into 2013.”
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