Toronto Real Estate Board: Sales Increase 35% In Beginning Of July

According to the Toronto Real Estate Board, home sales in the Greater Toronto Area increased by 35 per cent during the first two weeks of July 2011 when compared with the first two weeks of July 2010. The Toronto Real Estate Board says 3,609 homes were sold using the Toronto MLS system, up from 2,672.

“Low mortgage rates, rising incomes and good news on the jobs front have kept consumers confident in purchasing a home in the Greater Toronto Area. In fact, home buyers are much more confident than they were this time last year when concerns around the HST, interest rate hikes and new mortgage lending rules had temporarily put a damper on home sales,” said the president of the Toronto Real Estate Board, Richard Silver, in a press release.

The largest number of home sales were seen in the 905 area code, with 1,319 beating out the 416’s 410 homes sold. In the 416 area code, more condominiums were sold (668) with only 242 sold in the 905 area.

“Enhanced competition between home buyers continued to drive strong market price growth through the first two weeks of July,” said the senior manager of Market Analysis for the Toronto Real Estate Board, Jason Mercer. “While new listings were up year-over-year in the first half of the month, seller’s market conditions were sustained as sales grew at an even greater rate,” he said.

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