Toronto Home Sales Jump During Beginning of September

According to the Toronto Real Estate Board, home sales during the first two weeks of September increased over 25 per cent when compared to the same period last year, while new listings also increased. A total of 3.149 homes were sold using the MLS listings and 6,890 homes came onto the market.

“Purchasing and paying for a home over the long term represents the single largest financial commitment most households will make over a lifetime. To make this commitment, households must be confident in their economic prospects,” said the president of the Toronto Real Estate Board, Richard Silver. “The fact that sales continued to grow through the first half of September suggests that GTA households remain confident that the economy will remain buoyant.”

Prices increased by about 11 per cent over last year, to a total average price of $454,194.

“Strong price growth in the GTA continues to be mitigated by a solid affordability picture,” said the Toronto Real Estate Board’s Senior Manager of Market Analysis, Jason Mercer. “Mortgage rates will remain at or near current levels until the second half of 2012 if not into 2013. In response to strong price growth, more households chose to list their homes for sale in comparison to last August. Growth in listings is expected to continue. Increased choice will result in more sustainable rates of price growth,” he said.

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