Toronto Home Sales Increase In September

According to the Toronto Real Estate Board’s latest market press release, home sales across the Greater Toronto Area increased by 25 per cent in September 2011 over September 2010.

The Toronto Real Estate Board says that 7,658 homes were sold in September, and sales up to September for 2011 hit 70,588, a slight increase of 2.6 per cent over 2010.

“We have experienced strong growth in sales so far this year, with a much more active summer compared to 2010,” said the president of the Toronto Real Estate Board, Richard Silver. “However, while sales have been strong, we have continued to experience a shortage of listings, resulting in more competition between home buyers. Over the past few months, the listing situation has started to improve, so we expect home buyers will have more homes to choose from in the months ahead,” he said.

As for Toronto home prices:

“Strong price growth through the first nine months of the year was mitigated to a great degree by low interest rates and rising incomes,” said the senior manager of market analysis for the Toronto Real Estate Board, Jason Mercer. “As buyers continue to take advantage of the affordable home ownership options in the GTA, we remain on pace for the second best year for sales under the current TREB market area,” he said.

The full Toronto Real Estate Board report is available here.

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