According to the Toronto Real Estate Board, home sales in the Greater Toronto Area through the Toronto MLS Listings decreased by 21 per cent year over year compared to September 2011. However, when one considers that September of last year had two fewer working days than September of this year, sales were only down 12.5 per cent this year compared to last year.
“While sales have been lower due to stricter mortgage lending guidelines, we continue to see substantial competition between buyers,” said Ann Hannah, the president of the Toronto Real Estate Board (TREB). “The months of inventory trend remains low from a historic perspective, which explains the strong price increases we are experiencing.”
The average home sale price in the Greater Toronto Area increased by over 8.5 per cent year over year.
“Barring a major change to the consensus economic outlook, home price growth is expected to continue through 2013,” said the senior manager of market analysis for the Toronto Real Estate Board, Jason Mercer. “Based on inventory levels, price growth will be strongest for low-rise home types, including single-detached and semi-detached houses and town homes,” he said.
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