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Prices up despite market downturn
Greater Toronto Area Realtors reported 2,544 transactions through the TorontoMLS system in the first 14 days of September. This result was down by 15 per cent compared to the 2,995 sales reported during the same period in 2011.
“The combination of stricter lending guidelines, rising home prices and the added upfront cost associated with the land transfer tax in the City of Toronto resulted in a slower pace of sales during the summer of 2012 compared to a year ago,” said Toronto Real Estate Board (TREB) President Ann Hannah.
The average selling price for sales during the first two weeks of September was $496,786 – representing an annual rate of increase of more the 9.5 per cent. Average selling prices were up for both low-rise and high-rise home types, including condominium apartments sold in the ‘416’ area code.
“Price growth continued to be strongest for low-rise home types during the first two weeks of September. This segment of the market has been very tight, with months of inventory remaining low from a historic perspective,” said Jason Mercer, TREB’s Senior Manager of Market Analysis.
See the Toronto Real Estate report »
September 18, 2012 in Toronto Real Estate Board | Permalink
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Posted by: Property management companies FL | Nov 28, 2012 8:07:59 AM
The prices of properties are up despite the down market. Useful post
Posted by: RES | Nov 23, 2012 4:41:10 AM
The jig is up. The mortgage rules have been tightened. The credit binge should be coming to an end for Canadians. People don't want to admit, but real estate around the globe has been inflated by vast amounts of cheap credit and lax lending standards. Real estate price deflation should be coming soon. No market is immune to price declines example Toronto in 1990, Japan since 1995, Ireland, Spain,UK since 2007, Eastern Europe since 2008, US since 2006, Hong Kong in 1997-2000.
Posted by: Behavioral Finance | Sep 29, 2012 5:33:29 PM
Growth is always good to see, especially considering the significant dip that we saw in August. The fact that we're down from September of 2011 shouldn't be too alarming, as the market was super hot at that time, and a cooling was naturally coming.
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Posted by: Bryan Jaskolka | Sep 28, 2012 8:32:42 PM
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