Toronto Average Home Prices Increase Year Over Year
According to the Toronto Real Estate Board December home sales were down 19.5 per cent compared to last year but the average Toronto Home price increased 6.5 per cent to $478,789.
The Real Estate Board reported strong year over year sales growth in the first half of 2012 but home sales declined in the second half.
Vancouver home sales in 2012 were also down by 31.1 per cent compared to just a year ago.
Last summer the borrowing rules were changed to dampen Home sales in Vancouver and Toronto. It appears that these mortgage rule changes did just that.
The number of Homes sold in the GTA was 85,731, down 4 per cent from 2011. The average resale price was $497,298 in the Greater Toronto Area (GTA), up 7 per cent from a year ago.
Iris Li, is a Remax Toronto Condos Realtor who specializes in Toronto downtown Condos