Greater Toronto REALTORS® has reported a 1.5 per cent decline compared to July 2011. There were only 7,570 condo sales in July 2012, while there were 7,683 last year in the City of Toronto.
“Very strong annual sales growth in the first half of 2012 and an earlier peak in sales this spring compared to 2011 help explain more moderate sales this summer. New mortgage lending guidelines and the additional upfront cost of the City of Toronto land transfer tax also prompted some households to put their buying decision on hold,” said Toronto Real Estate Board (TREB) President Ann Hannah.
Even though sales have gone down, the average selling price in July was up four per cent to $476,947 year over year. The MLS® Home Price Index (MLS® HPI)* composite index was up 7.1 per cent year-over-year.
“The GTA housing market became better-supplied in recent months. Buyers benefitted from more choice in the market place, resulting in less upward pressure on the average home price in July,” said Jason Mercer, TREB’s Senior Manager of Market Analysis.
“The mix of homes sold in July 2012 versus July 2011 also appears to have changed, further influencing the average selling price. This is evidenced by the different annual rates of growth between the overall average price and the MLS HPI®,” continued Mercer.
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