The Toronto Real Estate Board released their mid-month numbers for September 2012 yesterday. For the first time single-detached homes in the City of Toronto (416 area code) have hit an average selling price of over $800,000 ($805,308 to be exact) which represents a 17% increase in selling price over the same time period last year.
The numbers released yesterday show a definite decline in the number of transactions through this period for the GTA, which is a reality shared by the rest of the country; stricter mortgage rules have been largely to blame.
See below for the full TREB report or click here.
September 18, 2012 — Greater Toronto Area (GTA) 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.
| Summary of TorontoMLS Sales and Average Price September 1 – 14 | ||||||
| 2012 | 2011 | |||||
| Sales | Average Price | New Listings | Sales | Average Price | New Listings | |
|
City of Toronto (“416”) |
897 | $536,128 | 3,296 | 1,167 | $463,638 | 2,933 |
|
Rest of GTA (“905”) |
1,647 | $475,359 | 4,486 | 1,828 | $446,223 | 3,882 |
|
GTA |
2,544 | $496,786 | 7,782 | 2,995 | $453,009 | 6,815 |
| TorontoMLS Sales & Average Price By Home Type September 1 – 14, 2012 | ||||||
| Sales | Average Price | |||||
| 416 | 905 | Total | 416 | 905 | Total | |
|
Detached |
295 | 975 | 1,270 | $805,308 | $563,739 | $619,851 |
|
Yr./Yr. % Change |
-20% | -7% | -10% | 17% | 6% | 9% |
|
Semi-Detached |
92 | 153 | 245 | $603,700 | $397,205 | $474,746 |
|
Yr./Yr. % Change |
-14% | -23% | -20% | 24% | 6% | 15% |
|
Townhouse |
115 | 299 | 414 | $406,521 | $351,281 | $366,625 |
|
Yr./Yr. % Change |
-3% | -9% | -7% | 5% | 7% | 7% |
|
Condo Apartment |
382 | 176 | 558 | $352,851 | $287,467 | $332,228 |
|
Yr./Yr. % Change |
-32% | -17% | -28% | 5% | -2% | 3% |