The end of the year home sales for 2012 have been released by the Toronto Real Estate Board, showing that the 3,690 home sales through the Toronto MLS Listings was a drop from the previous year’s 4,585 sales, but that the total home sales in 2011 and 2012 were actually close: In 2011, there were 89,096 home sales while in 2012 there were a total of 85,731 home sales.
“The number of transactions in 2012 was quite strong from a historic perspective,” said the president of the Toronto Real Estate Board, Ann Hannah, in a press release. “We saw strong year-over-year growth in sales in the first half of the year, but this growth was more than offset by sales declines in the second half. Stricter mortgage lending guidelines resulted in some households postponing their purchase of a home. In the City of Toronto, the dip in sales was compounded by the additional Land Transfer Tax, which buyers must pay upfront.”
The average selling price also increased by 6.5 per cent in December to $478,739 year over year, while the total average selling price for 2012 increased by seven per cent to $497,298.
“Robust annual rates of price growth were reported through most months of 2012,” said the senior manager of market analysis for the Toronto Real Estate Board, Jason Mercer. “Price growth was strongest for low-rise homes, including singles, semis and townhouses. Despite a dip in sales, market conditions remained tight for these home types with substantial competition between buyers.”
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