Toronto Real Estate Sales Jump In Mid-August
According to the latest report on mid-month Toronto real estate sales from the Toronto Real Estate Board, home sales in mid-August increased by 22.5 per cent during August 2011 compared to the first 14 days of August 2010.
Detached homes increased by 24 per cent in the 416 area code and 25 per cent in the 905 area code, while condominium apartment sales in the 905 area code jumped a staggering 43 per cent – beating out the 416′s 23 per cent.
Soundbites from the Toronto Real Estate Board:
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.”
According to Jason Mercer, the Toronto Real Estate Board’s senior manager of market analysis, “The rate of price growth reported for the first two weeks of August continued to point to sellers’ market conditions in the GTA. 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 price.”
Toronto Real Estate Sales Jump In Mid-August is a post from: Toronto Real Estate | Toronto MLS Listings | Toronto Homes For Sale