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GTA Market Watch (TREB posted, Nov.3, 2012)

MARKET WATCH – Posted by the Toronto Real Estate Board, Nov.3, 2012

Greater Toronto Area REALTORS® reported 6,896 transactions through the TorontoMLS system in October 2012 – a decrease of 7.1 per cent (volume of sales) compared to October 2011…. however the average selling price for October transactions was $503,479 – up 6.2 per cent compared to October 2011. “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.  — For the complete report, including average year over year changes for your area, click here