TORONTO — The Toronto Real Estate Board says November home sales fell 16 per cent compared with a year ago, however selling prices edged higher.
Board president Ann Hannah says stricter mortgage lending guidelines have prompted some buyers to move to the sidelines.
Home sales in the Greater Toronto Area totalled 5,793 for November, down from 6,908 a year ago.
The average selling price was up 1.6 per cent at $485,328, compared with $477,582 in November 2011.
The board says the moderate price growth compared with previous months was largely due to a different mix in detached home sales this year.
The share of detached homes over $1 million was down substantially, brought down the overall average price.
On Monday, Finance Minister Jim Flaherty said he was pleased housing was moderating in Canada, a shift in the mortgage market he attributed in part to his decision to tighten borrowing rules in July.
Flaherty made mortgage payments more expensive by dropping the maximum amortization period to 25 years.
Nationally, the housing slowdown was a big part of the disappointing economic downturn recorded in the third quarter, with the sector falling 3.5 per cent annualized.
10: Tianjin Global Financial Center, China
Height: 1,105 feet (72 stories) This office tower in the booming Chinese city of Tianjin has a 360-degree lookout at the top and is the world's tallest steel-only walled building.
8 (tie): Reflections at Keppel Bay, Singapore
Height: 584 feet, 41 stories (tallest building) Designed by globally renowned architect Daniel Liebeskind, this condo comples features 1,129 apartments in six skyscrapers and 11 low-rise buildings. Three sky bridges connect each of the high-rises, and the crowns at the top hold gardens.
8 (tie): Northeast Asia Trade Tower
Height: 1,010 feet (68 stories) South Korea's tallest building is part office, part hotel and part residential, and the building's floor plates gradually shift from trapezoid at the bottom to triangular at the top.
7: F&F Tower, Panama
Height: 797 feet (52 stories) No, this building isn't suffering from some sort of real-life pixelation; its upper 39 stories are rotated around the building's central axis to give it the appearance of a helix. The building's bottom 13 stories are all parking garage.
4 (tie): Great American Tower, Ohio
Height: 665 feet (41 stories) Cincinnati's newest landmark was 20 years in the making, but is now the city's tallest building. The "tiara" at the top was evidently inspired by the Cinci's nickname, the "Queen City."
4 (tie): Victoria Tower, Sweden
Height: 386 feet (34 stories) Not what you'd normally think of when thinking of Stockholm, the Victoria Tower is now the tallest hotel in Scandinavia. Its facade "incorporates eight different types of glass distributed randomly over the surface so that no regular pattern can be detected," Emporis reports.
4 (tie): KK100, China
Height: 1,450 feet (100 stories) The tallest building in Shenzhen is three quarters office tower with a hotel in the top quarter. The building's lower levels house a shopping mall.
3: Etihad Towers, U.A.E.
Height: 1,001 feet, 79 stories (tallest tower) Five towers ranging in height from 56 to 79 stories in height comprise this complex in the United Arab Emirates. Like some other new buildings in the U.A.E., its shape is meant to evoke sails, a reference to the city's heritage as a port.
2: Al Hamra Tower, Kuwait
Height: 1,351 feet (80 stories) This building is something of a chameleon, reflecting three glass surfaces towards the water and one stone one towards the desert. The building's lobby is 60 feet tall.
1: 8 Spruce Street, New York City
Height: 870 feet (76 stories) Legendary architect Frank Gehry says he designed this building to look like it's been draped with fabric. Gehry achieved the effect by shifting the apartments' bay windows slightly from floor to floor. Also known as New York by Gehry, it's the second-tallest residential building in the Western hemisphere.