GTA REALTORS(R) Release Monthly Resale Housing Figures

TORONTO, ONTARIO--(Marketwire - Dec. 5, 2012) - Greater Toronto Area REALTORS® reported 5,793 sales in November 2012 - down by 16 per cent compared to November 2011.

"Transactions have been down on a year-over-year basis since June, after being up substantially in the last half of 2011 and the first half of 2012. Some buyers pulled forward their decision to purchase, which has impacted sales levels in the second half of 2012," said Toronto Real Estate Board (TREB) President Ann Hannah.

"Stricter mortgage lending guidelines, including a reduced maximum amortization period and a purchase price ceiling of one-million dollars for government insured mortgages, have prompted some buyers to move to the sidelines. This situation has been exacerbated in the City of Toronto because the additional upfront Land Transfer Tax takes money away from buyers that otherwise could be used for a larger down payment," continued Ms. Hannah.

The average selling price was up by 1.6 per cent annually to $485,328. The MLS® Home Price Index (MLS® HPI) Composite Benchmark was up by 4.6 per cent compared to last year.

"The moderate annual rate of price growth compared to previous months was largely due to a different mix in detached home sales this year compared to last, particularly in the City of Toronto. The share of detached homes that sold for over one-million dollars was down substantially, which influenced the overall average price," said Jason Mercer, TREB's Senior Manager of Market Analysis.

"The MLS® HPI detached benchmark price, which tracks the price for a home with the same attributes over time, was up by almost six per cent in Toronto, suggesting that market conditions for low-rise homes remain quite tight despite a changing mix of sales," added Mercer.

Summary of TorontoMLS Sales and Average Price
				November 1 - 30
				2012						2011
				Average		New				Average		New
		Sales		Price		Listings		Sales		Price		Listings
City of Toronto ("416")		2,308		$517,866		4,056		2,952		$520,664		4,200
Rest of GTA ("905")		3,485		$463,779		5,782		3,956		$445,434		5,507
GTA		5,793		$485,328		9,838		6,908		$477,582		9,707
TorontoMLS Sales & Average Price By Home Type
				November 1 - 30, 2012
				Sales						Average Price
		416		905		Total		416		905		Total
Detached		764		1,954		2,718		741,480		556,745		608,672
	Yr./Yr. % Change	-18.5	%	-10.6	%	-13.0	%	-3.8	%	3.5	%	0.1	%
Semi-Detached		280		397		677		583,117		392,067		471,083
	Yr./Yr. % Change	-12.5	%	-9.4	%	-10.7	%	3.8	%	5.8	%	4.4	%
Townhouse		248		657		905		440,930		347,461		373,074
	Yr./Yr. % Change	-28.1	%	-6.4	%	-13.6	%	5.3	%	1.3	%	1.4	%
Condo Apartment		987		392		1,379		350,540		279,483		330,341
	Yr./Yr. % Change	-25.1	%	-26.5	%	-25.5	%	-3.9	%	2.5	%	-2.3	%

Greater Toronto REALTORS® are passionate about their work. They are governed by a strict Code of Ethics and share a state-of-the-art Multiple Listing Service. Over 35,000 TREB Members serve consumers in the Greater Toronto Area. The Toronto Real Estate Board is Canada's largest real estate board.

Get the latest real estate news and Market Watch information including market watch summary video

Twitter: www.twitter.com/TREBhome

Facebook: www.facebook.com/TorontoRealEstateBoard

YouTube: www.youtube.com/TREBChannel