The Toronto Real Estate Board has just released the latest housing statistics report from August 2013, finding the home sales through the TorontoMLS Listings have increased by 21 per cent to a total of 7,569 transactions throughout the month.
“Sales war cup strongly this past August for all major home types compared to last year,” said the president of the Toronto Real Estate Board, Dianne Usher, in a press release. “Many households have accounted for the added costs brought on by stricter mortgage lending guidelines and have reactivated their search for a home. These households have found that a diversity of affordable ownership options exist throughout the GTA.”
The average selling price in Toronto increased by almost 5.5 per cent in the month of August, to a total average selling price of $503,094.
“Despite an increase in borrowing costs during the spring and summer, an average priced home in the GTA has remained affordable for a household earning an average income,” said the senior manager of Market Analysis for the Toronto Real Estate Board, Jason Mercer. “With this in mind, tight market conditions are expected to promote continued price growth through the remainder of 2013.”
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