Home prices go up, sales go down
Home sales have gone down and prices have gone up.
GTA Realtors have released year-to-year numbers from the housing industry in September.
The average home price in the region has gone up by 8.5 per cent, with the strongest growth in the City of Toronto.
The average price for a detached home has increased by 8 per cent to $627,000.
The average price for a semi-detached home has increased by 12 per cent to $482,000.
The average price for a condo has increased by 6 per cent to $350,000.
Jason Mercer with the Toronto Real Estate Board says prices have gone up partly because of the stricter mortgage rules that came into effect this summer.
Sales meanwhile have gone down by 12.5 per cent on a per-working-day basis. Sales were down by 21 per cent in September compared to the same month last year.
Mercer says he expects competition between buyers to cool down a bit next year.
Prices are expected to increase but at a slower pace in 2013.