The Average Price is up in October Despite Fewer Sales

newletter
  • 03 Dec 12

  • Blog

  • 0 Comments

GTA Realtors reported 6,896 transactions through the Toronto MLS system in the month of October 2012 – a decrease in volume of 7.1% compared to October 2011.

There were two more business days in October this year vs. 2011. On a per day basis, transactions were down 15.6%.Sales have decreased in the second half of this year compared to 2011, impacted at least in part by the stricter mortgage guidelines which began in July.The average selling price for October was $503,479 – up 6.2% compared to October 2011.

The MLS Home Price Index composite benchmark price, which uses apples to apples comparison of housing attributes, was up 5.1%. We continue to see price increases well above the current rate of inflation.It should be notes that the annual rate of price increase appears to be edging lower over the past few months as more supply becomes available in the market.