If you're planning to sell your home this year, you may be better off waiting until late spring or summer.

The Toronto Real Estate Board is out with a wrap of home sales for 2012 & a look ahead to 2013.

Home sales in the city were down 4% in 2012 when compared to 2011.

Jason Mercer, senior manager of market analysis with the real estate board says sales were actually strong in the early part of the year, but fell off in the back half.  Why?  Stricter mortgage lending guidelines that kicked in in July.

Those guidelines include bringing the maximum amortization period on a mortgage down to 25 years from 30.

Mercer says the changes have prompted many would-be home buyers to put their plans on hold in order to save more for a down payment or give themselves a chance to earn more.

He expects home sales to keep declining for the start of 2013, before rebounding in the second half of the year.

In 2012, the price of a home in the city jumped by 7%.  The average price is now a little over $497 000.

Mercer says demand for town homes, single detached & semi-detached homes will likely keep prices moving up in 2013.  Condos, not so much.