Toronto Skyline by jareed
During the first fourteen days of August, there were 3,214 sales through the TorontoMLS® system, which represents a more than 22.5 per cent increase compared to the same period in August 2010. Year-to-date sales through the 14th of August were almost the same as the last year’s total, down by half a per cent.
Getting over the hurdle
Toronto Real Estate Board President Richard Silver said:
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. 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.
During the first fourteen days of August, the average selling price increased by almost seven percent annually to $440,150.
Jason Mercer, TREB’s Senior Manager of Market Analysis, said: “The rate of price growth reported for the first two weeks of August continued to point to sellers’ market conditions in the GTA.” He went on to advise, “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.”
