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<\/a>There were 5,793 resale transactions in the GTA \u00a0in November 2012, according to a new Toronto Real Estate Board report<\/a> released today. This marks a 16 per cent drop in resales from November 2011.<\/p>\nDespite the drop in sales, home prices climbed 1.6 per cent annually to $485,328.<\/p>\n
The report also noted that condo resale transactions sharply\u00a0declined, taking a 25.5 per cent hit across the GTA. Condo prices took a 2.3 per cent drop in the GTA with the City of Toronto experiencing the most significant decrease, almost 4 per cent year-over-year.<\/p>\n
TREB President Ann Hannah attributed the decline to stricter mortage lending guidelines which include a reduced maximum amortization period and a purchase price ceiling of $1 million for government insured mortgages. These changes to mortgage rules have prompted some buyers to move to the sidelines.<\/p>\n
“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,” Hannah explained in a press release.<\/p>\n
Here are a few more notable numbers from the TREB report:<\/p>\n
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- There were 2,308 resales in the City of Toronto with the average price sitting at $517,866.<\/li>\n
- There were 3,485 resales in the rest of the GTA (the 905 area) with an average price of $463,779.<\/li>\n
- The average condo price in the City of Toronto was $350,540 (down 3.9 per cent).<\/li>\n
- The average condo price in the 905 was $279,483 (up 2.5 per cent).<\/li>\n
- The average price of a detached home was $741,480 in the City of Toronto (down 3.8 per cent), $556,745 in the 905 (up 3.5 per cent).<\/li>\n<\/ul>\n