Record home sales reported through the Toronto Real Estate Board (TREB) in July contributed to the hot summer market. In fact, the 9,880 sales processed through TREB’s MLS® System this past July represented an eight percent increase over July 2014 sales. The number of transactions increased for all major home types, including a doubledigit year-over-year rise in condominium apartment sales.
“As we move towards a new record for home sales this year, it is important to point out that home ownership demand has been driven not only by low borrowing costs, but also by the fact that the GTA economy has been performing quite well, with the unemployment rate lower compared to last year. Home buyers remain confident in the long-term benefits of owning a home,” said TREB President Mark McLean.
Detached homes continue to lead the way in terms of price increases, with annual growth in the average selling price outstripping growth in the MLS® HPI detached benchmark. This suggests that there will continue to be a greater share of high-end homes sold this year compared to last.
“Assuming similar interest rate and economic environments over the next five months, strong price growth will remain the norm for the rest of 2015,” said Jason Mercer, TREB’s Director of Market Analysis.
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