Condo Sunset by Jim Crocker
According to a recently issued report on mid-month housing resale, the number of transactions in Greater Toronto reached 3,149 during the first two weeks of September, which is a considerable increase compared to the same period in 2010. Moreover, new listings rose to 6,890 — a 14 per cent increase from last year.
Getting over the hurdle
Toronto Real Estate Board President Richard Silver commented on the figures: “Purchasing and paying for a home over the long term represents the single largest financial commitment most households will make over a lifetime. To make this commitment, households must be confident in their economic prospects.” REALTORS® believe that the data really do show continual confidence in the economy in most GTA households.
Compared to the first two weeks of September 2010, the average selling price went up by 11 per cent to $454,194. Mortgage rates are likely to remain stable until the second half of 2012, if not into 2013, which is important in terms of the affordability that mitigates price growths.
“In response to strong price growth, more households chose to list their homes for sale in comparison to last August. Growth in listings is expected to continue. Increased choice will result in more sustainable rates of price growth,” said Jason Mercer, the Toronto Real Estate Board’s Senior Manager of Market Analysis.
