According to the latest news release from the Toronto Real Estate Board, home sales increased during the first two weeks of September compared to the same time last year. There were 3,158 transactions using the TorontoMLS listings in during this time period, which is an increase of 29 per cent. All home types saw sales growth, while condos in the City of Toronto also saw very strong sales growth.
“The strong growth in sales that we have seen over the past two-and-a-half months indicates that GTA households are approaching home ownership with a renewed sense of confidence,” said the president of the Toronto Real Estate Board, Dianne Usher. “Prospective home buyers have taken a hard look at their household balance sheets over the past year and have found that, despite stricter lending guidelines, there are affordable property types from which to choose.”
The average price during the first two weeks of September 2013 was up by four per cent to $516,560 compared with the same time last year.
“With months of inventory remaining low from a historic perspective and evidence of tighter market conditions during the summer, the only argument that makes sense is for continued home price growth in the Greater Toronto Area for the remainder of 2013,” said the senior manager of Market Analysis for the Toronto Real Estate Board, Jason Mercer.
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