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GTA REALTORS(R) Release Monthly Resale Housing Figures

TORONTO, ONTARIO -- (Marketwire) -- 11/03/12 -- 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.(i)

"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.

(i)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                      
                           Average        New              Average       New
                  Sales      Price   Listings    Sales       Price  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.

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