Construction/Building — November 3, 2012

GTA REALTORS® Release Monthly Resale Housing Figures

TORONTO, ONTARIO--(Marketwire - Nov. 3, 2012) - Greater Toronto Area REALTORS® reported 6,896 transactions through the TorontoMLS system in October 2012 - a decrease of 7.1 per cent compared to October 2011. There were two more business days in October 2012 versus October 2011. On a per business day basis, transactions were down by 15.6 per cent.*

"Sales have decreased in the second half of this year compared to 2011, especially since the onset of stricter mortgage lending guidelines at the beginning of July. The prospect of higher monthly mortgage payments due to the reduced maximum amortization period has prompted some households to delay their home purchase," said Toronto Real Estate Board (TREB) President Ann Hannah.

The average selling price for October transactions was $503,479 - up 6.2 per cent compared to October 2011. The MLS® Home Price Index composite benchmark price, which allows for an apples-to-apples comparison in terms of home attributes, was up by 5.1 per cent.

"We continue to see price increases well above the rate of inflation. Active listings have remained low from a historic perspective, so substantial competition between buyers still exists, especially for low-rise homes," said Jason Mercer, TREB's Senior Manager of Market Analysis.

"It should be noted, however, that the annual rate of price increase has been edging lower over the past few months as the market has gradually become better supplied," continued Mercer.

*NOTE: The majority of transactions are entered into the TorontoMLS system on business days. There was a mismatch of two business days in September and October of 2012 compared to the same months last year. This is why sales on a per business day basis were noted in releases dealing with these months. The business day anomaly between the two months has now balanced out.

Summary of TorontoMLS Sales and Average Price - October 1 - 31
2012 2011
Sales Average Price New Listings Sales Average Price New Listings
City of Toronto ("416") 2,730 $ 539,188 5,568 3,044 $ 518,248 5,166
Rest of GTA ("905") 4,166 $ 480,078 7,486 4,381 $ 443,664 7,140
GTA 6,896 $ 503,479 13,054 7,425 $ 474,241 12,306
TorontoMLS Sales & Average Price By Home Type - October 1 - 31, 2012
Sales Average Price
416 905 Total 416 905 Total
Detached 931 2,417 3,348 779,484 573,598 630,850
Yr./Yr. % Change -7 % -1 % -3 % 5 % 8 % 7 %
Semi-Detached 347 458 805 575,618 390,459 470,273
Yr./Yr. % Change -4 % -9 % -7 % 7 % 5 % 6 %
Townhouse 286 775 1,061 453,477 357,237 383,179
Yr./Yr. % Change -10 % -1 % -3 % 2 % 5 % 3 %
Condo Apartment 1,141 427 1,568 358,741 286,138 338,969
Yr./Yr. % Change -14 % -20 % -16 % -2 % 4 % 0 %

Greater Toronto REALTORS® are passionate about their work. They are governed by a strict Code of Ethics and share a state-of-the-art Multiple Listing Service. Over 35,000 TREB Members serve consumers in the Greater Toronto Area. The Toronto Real Estate Board is Canada's largest real estate board.

Get the latest real estate news and Market Watch information including market watch summary video.

www.twitter.com/TREBhome

www.facebook.com/TorontoRealEstateBoard

www.youtube.com/TREBChannel

Contact Information

Media Inquiries:
Mary Gallagher
Senior Manager Public Affairs
(416) 443-8158
maryg@trebnet.com

Print

Latest Industry Press Releases

Updated 17:49 EDT, April 24, 2014  

Construction/Building

DIRTT to Release 2014 Q1 Results on May 12, 2014 (2014-04-24)

Toromont Announces Results for the First Quarter of 2014 and Regular Quarterly Dividend (2014-04-24)

Stantec executives to hold first quarter 2014 conference call (2014-04-24)

President of Contractors Association Eyes Retirement on the Horizon (2014-04-23)

Retrocom REIT Announces Date of First Quarter 2014 Financial Results Conference Call (2014-04-23)

Tree Island Announces First Quarter 2014 Financial Results and Conference Call Notification (2014-04-22)

Toromont to Hold Annual and Special Meeting of Shareholders on April 25, 2014 (2014-04-22)

The North Front Limited Partnership Seeks Limited Partner Approval to Sell the Richmond Retirement Residence and Dissolve (2014-04-22)

Dresner Partners Announces Partnership With Richmond Virginia-Based Investment Bank (2014-04-22)

Empire Industries Reports 2013 Profit of $4.4 Million (2014-04-22)

Scotiabank Launches Enhanced Tool for Earth Day, Helps Canadians Save Money by Saving Energy (2014-04-22)

Pour célébrer le Jour de la Terre, la Banque Scotia lance un outil amélioré qui aident les Canadiens à économiser énergie et argent (2014-04-22)

RenoWorks Announces 2013 Fourth Quarter and Year End Financial Results (2014-04-22)

NorRock Realty Finance Corporation Announces Private Placement and Update to Proposed Reactivation Transaction (2014-04-21)

Greater Toronto Realtors(R) Report Mid-Month Resale Housing Statistics (2014-04-17)

CanWel Building Materials Announces First Quarter 2014 Financial Results Notification (2014-04-17)

Black Diamond Group Limited Announces April Dividend (2014-04-17)

MOST POPULAR STORIES
TODAY’S TOP CONSTRUCTION PROJECTS

These projects have been selected from 479 projects with a total value of $1,224,678,004 that Reed Construction Data Building Reports reported on Wednesday.

MULTI-RESIDENTIAL APARTMENT BUILDING

$31,000,000 Richmond Hill ON Negotiated

AQUATIC CENTRE ADDN, OUTDOOR RINK

$30,000,000 Brampton ON Tenders

OFFICE BUILDING

$30,000,000 Mississauga ON Negotiated

Daily Top 10