Wednesday April 23, 2014


question of the week

Survey results are meant for general information only, and are not based on recognised statistical methods.





Home »  News »  Business

Toronto housing sales fall in December; 2012 ends 4% below year-earlier level

TORONTO - December home sales in Toronto fell 19.5 per cent compared with a year ago, but prices were still up, according to the city's real estate association.

The Toronto Real Estate Board said there were 3,690 sales in the Greater Toronto Area last month through the Multiple Listing Service, down from 4,585 in December 2011.

However, the average price rose to $478,789 from $449,566 — an increase of 6.5 per cent from the year before.

Board president Ann Hannah said the number of sales in 2012 was strong from a historic perspective.

"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," Hannah said in a statement.

"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."

The results for Toronto followed a report Thursday that sales in Vancouver were down 31.1 per cent compared with a year ago.

Home sales in Canada have eased in many markets since changes in the borrowing rules by the federal government, aimed at discouraging homebuyers from borrowing too much, kicked in last summer.

The Office of the Superintendent of Financial Institutions also tightened its lending guidelines.

Last month, the Canadian Real Estate Association said it expected home sales for 2012 to slip 0.5 per cent compared with 2011 to about 456,300, while sales for 2013 are expected to drop two per cent to 447,400.

The number of homes sold in the Greater Toronto Area for all of 2012 totalled 85,731, down four per cent from 89,096 in 2011.

The average price for all of 2012 in the GTA was $497,298, up seven per cent from 2011.


Comments


NOTE: To post a comment in the new commenting system you must have an account with at least one of the following services: Disqus, Facebook, Twitter, Yahoo, OpenID. You may then login using your account credentials for that service. If you do not already have an account you may register a new profile with Disqus by first clicking the "Post as" button and then the link: "Don't have one? Register a new profile".

The Coast Reporter welcomes your opinions and comments. We do not allow personal attacks, offensive language or unsubstantiated allegations. We reserve the right to edit comments for length, style, legality and taste and reproduce them in print, electronic or otherwise. For further information, please contact the editor or publisher, or see our Terms and Conditions.

blog comments powered by Disqus


About Us | Advertising | Contact Us | Sitemap / RSS   Glacier Community Media: www.glaciermedia.ca    © Copyright 2014 Glacier Community Media | User Agreement & Privacy Policy
Business in Vancouver Whistler Question Squamish Chief Powell River Peak Real Estate Weekly My Local Flyers

LOG IN



Lost your password?