Greater Toronto Realtors released their resale market figures report for the first two weeks of July. The report shows a huge rise in the number of sales and the average selling price in the Greater Toronto Area compared to the last years figures. The number of sales experienced a 35 per cent increase from 2,672 items to 3,609 items.
According to the Toronto Real Estate Board President Richard Silver, customers weren´t very confident in buying homes in the GTA last year due to concerns around the HST, rising interest rates, and new mortgage changing rules. However, this year's conditions of the housing market during the first 14 days of July were more than promising: low mortgage rates, rising incomes and positive situation on the jobs front.
Moreover, tight competition between home buyers in the GTA resulted into a vast price growth during the first half of July. The average selling price went up to $464,277, which is 9.6 per cent higher than last years average of $423,773.
TorontoMLS July mid-month sales. Source