Housing sales in the Greater Toronto Area declined by 17.5% to 2,687 in the first two weeks of November from the same period last year, the umbrella group for Toronto Realtors says. The group attributes the decline in part to a change in mortgage rules in July that reduced the maximum amortization period to 25 years. The median selling price was up by 4% to C$416K, while the average price was $488K, up by 1.7% in comparison to the first 14 days of November '11. The stronger rate of growth for the median selling price indicates fewer high-end homes sold this year compared to last, the realtors say.
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