Mini Toronto by Joey Gannon
In September, the Toronto real estate market witnessed a 25 per cent rise since September of last year. Greater Toronto REALTORS® listed 7,658 transactions. Overall sales during the first nine months of 2011 increased by 2.6 per cent, to 70,588, compared to the first three quarters of 2010.
Toronto Real Estate Board President Richard Silver commented on the newly released data: “We have experienced strong growth in sales so far this year, with a much more active summer compared to 2010. However, while sales have been strong, we have continued to experience a shortage of listings, resulting in more competition between home buyers.”
However, the consequent price growth was mitigated by low interests and increasing incomes of the households. The GTA still boasts good home affordability, and as long as buyers continue to use up their favourable opportunities, sales can reach the second best year under the TREB market area.