Greater Toronto Area Home Sales Increase By 23%

The Toronto Real Estate Board’s latest press release shows that a total of 7,922 homes were sold in the Greater Toronto Area in July 2011, representing a 23 per cent increase over the same month last year.

“Strong home sales continued in July, with a substantial rebound over last summer’s slow down brought about by higher mortgage rates, new lending guidelines and misconceptions about the HST,” said Toronto Real Estate Board president Richard Silver. “The greatest rebound was seen in the condominium apartment segment in the city of Toronto. If the current pace of sales holds up, we could see the second best year on record under the current TREB market area.”

Demand for homes has been much higher lately, pushing home prices up just under 10 per cent when compared to July 2010.

“Tight market conditions have boosted the annual rate of price growth this year,” said Toronto Real Estate Board senior manager of market analysis Jason Mercer. “However, the listings situation is starting to improve. A better supplied market later this year and into 2012 would lead to a more sustainable rate of price growth.”

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