TORONTO, ONTARIO--(Marketwire - Dec. 18, 2012) - Greater Toronto Area REALTORS® reported 2,169 transactions through the TorontoMLS system during the first 14 days of December 2012. This number of sales was down by 16 per cent in comparison to the same period in December 2011.

"Stricter mortgage lending guidelines, including a reduced maximum amortization period and a one million dollar purchase price ceiling for government-backed insured mortgages, appear to have had the effect desired by Finance Minister Jim Flaherty. Some home buyers have put their home purchase decision on hold," said Toronto Real Estate Board (TREB) President Ann Hannah.

"In the City of Toronto, sales declines have been more pronounced as the effect of stricter mortgage lending guidelines has been compounded by the City's additional up-front Land Transfer Tax," added Hannah.

The average selling price in the first two weeks of December was $471,862, representing a three per cent annual rate of price growth.

"Even with the dip in sales since the spring, tight market conditions in the low-rise segment of the market have driven year-over-year average price growth," said Jason Mercer, TREB's Senior Manager of Market Analysis.

"While the average price for detached homes in the City of Toronto was down for the first two weeks of December compared to last year, this dip was due to a different mix of homes sold this year compared to last. There were fewer high-end detached homes sold compared to last year," continued Mercer.

Summary of TorontoMLS Sales and Average Price
December 1 - 14
2012 2011
Sales Average Price New Listings Sales Average Price New Listings
City of Toronto ("416") 879 $489,233 1,155 1,099 $484,611 1,352
Rest of GTA ("905") 1,290 $460,026 1,799 1,475 $437,305 1,767
GTA 2,169 $471,862 2,954 2,574 $457,503 3,119
TorontoMLS Sales & Average Price By Home Type
December 1 - 14, 2012
Sales Average Price
416 905 Total 416 905 Total
Detached 304 717 1,021 694,619 554,588 596,282
Yr./Yr. % Change -10.9 % -11.0 % -11.0 % -3.1 % 4.7 % 1.9 %
Semi-Detached 81 142 223 542,385 380,473 439,284
Yr./Yr. % Change -33.6 % -6.0 % -18.3 % 6.9 % 4.9 % 2.8 %
Townhouse 91 256 347 407,885 344,993 361,486
Yr./Yr. % Change -14.2 % -7.6 % -9.4 % 11.2 % 4.1 % 6.0 %
Condo Apartment 392 154 546 340,573 286,994 325,461
Yr./Yr. % Change -24.2 % -19.4 % -22.9 % -4.3 % 3.0 % -2.9 %

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.

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