Toronto Home Sales Up 24%

The Toronto Real Estate Board’s latest press release says that home sales in August jumped 24 per cent, with 7,542 home sales compared to August 2010’s a 6,083.

“Home sales in the GTA have stood up well despite a less certain economic outlook,” said the president of the Toronto Real Estate Board, Richard Silver. “home sales will be bolstered by low mortgage rates moving forward. The Bank of Canada is expected to be on the sidelines until the second half of 2012 or even into 2013. However, home ownership affordability in the City of Toronto could be further improved with the removal of the City’s land transfer tax. This tax currently represents a substantial upfront cost for home buyers.”

Prices also increased in August 2011, up over 10 per cent compared to Augusts 2010. The current average home price is $451,663.

“We remain on pace for the second best year on record for sales,” said Jason Mercer, the Toronto Real Estate Board’s senior manager of market analysis in a press release. “Approximately 90,000 transactions are expected by the end of December. Major home ownership costs, including the average monthly mortgage payment, remain affordable despite the strong price growth experienced so far this year.”

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