The latest statistics from the Toronto Real Estate Board show that home sales in Toronto have increased by eight per cent to 9,880 sales in July of this year compared to July of last year.
“As we move towards a new record for home sales this year, it is important to point out that home ownership demand has been driven not only by low borrowing costs, but also by the fact that the GTA economy has been performing quite well, with the unemployment rate lower compared to last year,” said Mark McLean, the president of the Toronto Real Estate Board, in a press release. “Home buyers remain confident in the long-term benefits of owning a home.”
The average home price increased by 9.4 per cent year-over-year in the Toronto Real Estate Board market area, and the average selling price by 10.6 per cent year-over-year to $609,236.
Jason Mercer, the director of market analysis for the Toronto Real Estate Board, said that, “With the level of inventory in the GTA trending below two months, many listings continued to generate a lot of interest from buyers. Not surprisingly, this supported further price increases well-above the rate of inflation. Assuming similar interest rate and economic environments over the next five months, strong price growth will remain the norm for the rest of 2015.”