Toronto home prices still strong
Average home sale prices in September 2012 were up 8.5% from a year ago, according to the Toronto Real Estate Board. The average selling price during the month was $503,662.
While detached and semi-detached houses showed the strongest increases, condo apartment prices also rose… up 8% in the City of Toronto, and 1% in the surrounding 905 area.
The number of homes sold last month was lower than in the previous September. This marks the fourth month when year-over-year sales volumes have declined, after 13 consecutive months of increased volumes.
Mortgage rates remain low. The tighter lending rules introduced this summer, while not onerous, may be playing a role in slowing the number of sales, especially in the condo market.
Statistics often mask the local details — the Greater Toronto market includes a dramatic diversity of communities, housing types, and price ranges! If you would like to know more about values in your neighbourhood, email us, or call James and Joanne at 416-483-8000.
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