According to the Toronto Real Estate Board’s latest market release for October 2012 housing sales, resale home sales have decreased by 7.1 per cent to 6,896 sales total. However, when you consider that there are two extra business days in October 2012, on a per-business day basis that number more than doubles to 15.6 per cent.
“Sales have decreased in the second half of this year compared to 2011, especially since the onset of stricter mortgage lending guidelines at the beginning of July,” said the president of the Toronto Real Estate Board, Ann Hannah, in a press release. “The prospect of higher monthly mortgage payments due to the reduced maximum amortization period has prompted some households to delay their home purchase.”
The average selling price in October was up 6.2 per cent year-over-year, to an average resale price of $503,479.
“We continue to see price increases well above the rate of inflation,” said the Toronto Real Estate Board’s senior manager of market analysis, Jason Mercer. “Active listings have remained low from a historic perspective, so substantial competition between buyers still exists, especially for low-rise homes. It should be noted, however, that the annual rate of price increase has been edging lower over the past few months as the market has gradually become better supplied.”
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