TORONTO, ONTARIO -- (Marketwire) -- 12/18/12 -- Greater Toronto Area REALTORS® reported 2,169 transactions through the TorontoMLS system during the first 14 days of December 2012. This number of sales was down by 16 per cent in comparison to the same period in December 2011.

"Stricter mortgage lending guidelines, including a reduced maximum amortization period and a one million dollar purchase price ceiling for government-backed insured mortgages, appear to have had the effect desired by Finance Minister Jim Flaherty. Some home buyers have put their home purchase decision on hold," said Toronto Real Estate Board (TREB) President Ann Hannah.

"In the City of Toronto, sales declines have been more pronounced as the effect of stricter mortgage lending guidelines has been compounded by the City's additional up-front Land Transfer Tax," added Hannah.

The average selling price in the first two weeks of December was $471,862, representing a three per cent annual rate of price growth.

"Even with the dip in sales since the spring, tight market conditions in the low-rise segment of the market have driven year-over-year average price growth," said Jason Mercer, TREB's Senior Manager of Market Analysis.

"While the average price for detached homes in the City of Toronto was down for the first two weeks of December compared to last year, this dip was due to a different mix of homes sold this year compared to last. There were fewer high-end detached homes sold compared to last year," continued Mercer.

                Summary of TorontoMLS Sales and Average Price               
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                                          December 1 - 14                   
                                  2012                       2011           
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                                Average       New          Average       New
                        Sales     Price  Listings  Sales     Price  Listings
City of Toronto                                                             
 ("416")                  879  $489,233     1,155  1,099  $484,611     1,352
Rest of GTA ("905")     1,290  $460,026     1,799  1,475  $437,305     1,767
GTA                     2,169  $471,862     2,954  2,574  $457,503     3,119
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                TorontoMLS Sales & Average Price By Home Type               
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                                       December 1 - 14, 2012                
                               Sales                  Average Price         
                         416     905    Total     416       905      Total  
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Detached                  304     717   1,021   694,619   554,588   596,282 
 Yr./Yr. % Change       -10.9%  -11.0%  -11.0%     -3.1%      4.7%      1.9%
Semi-Detached              81     142     223   542,385   380,473   439,284 
 Yr./Yr. % Change       -33.6%   -6.0%  -18.3%      6.9%      4.9%      2.8%
Townhouse                  91     256     347   407,885   344,993   361,486 
 Yr./Yr. % Change       -14.2%   -7.6%   -9.4%     11.2%      4.1%      6.0%
Condo Apartment           392     154     546   340,573   286,994   325,461 
 Yr./Yr. % Change       -24.2%  -19.4%  -22.9%     -4.3%      3.0%     -2.9%
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