Greater Toronto REALTORS® Release Mid-Month Resale Market Figures

 

Greater Toronto REALTORS® Release Mid-Month Resale Market Figures

 

 

There were 3,214 sales through the TorontoMLS® system during the first

14 days of August, representing more than a 22.5 per cent increase compared to the same period in

 

August 2010. Year-to-date sales through the 14

 

th

of August were all but caught up to last year’s total –

down by half a per cent compared to 2010.

 

“The unsettled situation in financial markets over the past few weeks did not appear to sap the confidence

 

of GTA home buyers during the first half of August,” said Toronto Real Estate Board President Richard

 

Silver. “Revised forecasts for future Bank of Canada interest rate decisions coupled with the recent

 

announcement by the US Federal Reserve, suggest that interest rate hikes in Canada are on hold at least

 

until sometime in 2012. This is a positive for affordability and should help sustain buyer confidence

 

moving forward.”

 

The average selling price was up by almost seven percent annually during the first 14 days of August to

 

$440,150.

 

“The rate of price growth reported for the first two weeks of August continued to point to sellers’ market

 

conditions in the GTA,” said Jason Mercer, TREB’s Senior Manager of Market Analysis. “However, it

 

should be noted that new listings grew at a slightly greater pace than sales. A better supplied market in

 

the second half of 2011 will result in prices growing at a more sustainable pace.”

 

 

There are no comments

Thank you! Your comment has been submitted and is awaiting approval.

Sukhwinder Sukh Bhaura

Sukhwinder Sukh Bhaura

Real Estate Broker
CENTURY 21 President Realty Inc., Brokerage*
Contact Me

Tags