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Toronto Real Estate in 2012
Greater Toronto Area Realtors reported 3,690 sales through the TorontoMLS system in December 2012 – down from 4,585 sales in December 2011. Total sales for 2012 amounted to 85,731 – down from 89,096 transactions in 2011.
“The number of transactions in 2012 was quite 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. 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, which buyers must pay upfront,” said Toronto Real Estate Board (TREB) President Ann Hannah.
The average selling price in December 2012 was up by 6.5 per cent year-over-year to $478,739. The average selling price for 2012 as a whole was up by almost seven per cent to $497,298.
“Robust annual rates of price growth were reported through most months of 2012. Price growth was strongest for low-rise homes, including singles, semis and townhouses. Despite a dip in sales, market conditions remained tight for these home types with substantial competition between buyers,” said TREB’s Senior Manager of Market Analysis Jason Mercer.
See Market Watch report →January 4, 2013 | Permalink
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Comments
Now each and every young people want to buy property in Toronto, Canada. Toronto itself has improved yourself and producing too much business opportunities in coming years. So, the real estate business are on boom. So, if you are looking to invest here, Toronto are welcome.
Thanks!!
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Posted by: Gurgaon real estate | Feb 27, 2013 7:44:12 AM
Yes, this is really promising after a soft sales in the second half of 2012. Lets hope the healthy market continues to grow- thanks for the informative post!
Posted by: mortgage broker | Jan 23, 2013 9:07:21 AM
3,690 sales through the TorontoMLS system in December 2012 is a great achievement. thanks to post this.
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Posted by: Nitin | Jan 22, 2013 7:27:58 AM
thanks to explain about number of transactions in 2012. there is lot to read. thanks to share it
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Posted by: noida expressway resale flats | Jan 22, 2013 5:52:16 AM
Nice post. Thanks for sharing a great article
Posted by: Ramakrishna | Jan 15, 2013 1:53:09 AM
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