The Toronto Real Estate Board reported 2,544 transactions through the TorontoMLS system in the first 14 days of September. This result was down by 15% 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%. Average selling prices were up for both low-rise and high-rise home types, including condominium apartments sold in the ‘416’ area code.
“Toronto’s Condo Authority”