According to the latest press release from the Toronto Real Estate Board, home sales across the Greater Toronto Area through the TorontoMLS Listings increased by 30 per cent to a total of 7,411 sales from the 5,687 in September of last year. Year-to-date, sales are down only one percent compared to last year.
“It’s great news that households have found that the costs of homeownership, including mortgage payments, remain affordable,” said the president of the Toronto Real Estate Board, Dianne Usher. “This is why the third quarter was characterized by renewed growth in home sales in the GTA. We expect to see sales up for the remainder of 2013, as the pent-up demand the resulted from stricter mortgage lending guidelines continues to be satisfied.”
Home prices increased by 6.5 per cent year-over-year to an average selling price of $533,797.
According to the Toronto Real Estate Board’s Senior Manager of Market Analysis, Jason Mercer, “The price growth story in September continued to be about strong demand for low-rise home types, couple with a short supply of listings. Even with slower price growth and month-to-month volatility in the condo apartment market, overall annual price growth has been well above the rate of inflation this year. This scenario will continue to play out through the remainder of 2013.”
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