Home Prices Up in 2012 - Realtor Association
Sales Prices of Real Estate in the Greater Toronto Area was up for 2012 despite the dip in absolute sales numbers, and the uncertainty regarding the condo market. The Realtor Association reported 3690 sales for December 2012 and this is down from 4585 sales in December in 2011. Total Home Sales for 2012 came in at 85,000 down slightly from 89,000 sales in 2011.
Even though the number of sales was down, prices were up, and the number was still strong compared to the historical level of housing sales in the Toronto Area. There was growth in sales in the first half of the year, but in the second year there was a decline, likely caused by the Federal crackdown on personal debt in the Canadian Marketplace, including lowering of the amortization period on Mortgages.
The average selling price of a Home for the December period of 2012 was actually up to $478,000, The average selling price for the whole of 2012 was $497,000. These numbers include all transactions both low-rise, high-rise and detaching housing options.
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