According to the latest resale home stats from the Toronto Real Estate Board, 7,570 homes were sold in July of this year, which is a 1.5 per cent drop compared to July 2011 – which saw 7,683 sales.
“Very strong annual sales growth in the first half of 2012 and an earlier peak in sales this spring compared to 2011 help explain more moderate sales this summer,” said the president of the Toronto Real Estate Board, Ann Hannah, in a press release. “New mortgage lending guidelines and the additional upfront cost of the City of Toronto land transfer tax also prompted some households to put their buying decision on hold.”
Home prices in July 2012 increased by four per cent compared to July 2011, to an average selling price of $476,947.
“The GTA housing market became better-supplied in recent months,” said the senior manager of market analysis for the Toronto Real Estate Board, Jason Mercer. “Buyers benefitted from more choice in the market place, resulting in less upward pressure on the average home price in July. The mix of homes sold in July 2012 versus July 2011 also appears to have changed, further influencing the average selling price. This is evidenced by the different annual rates of growth between the overall average price and the MLS HPI.”
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