Toronto Skyline by Nayu Kim
The Greater Toronto REALTORS® released resale market figures for the first half of August 2011. As the numbers show, there were 3,214 sales through the Toronto MLS® during the first two weeks of August. This is a significant increase (more than 22.5 per cent) compared to the first fourteen days of August 2010.
According to Toronto Real Estate Board President Richard Silver, the confidence of GTA homebuyers wasn’t affected by the unsettled situation in the financial markets. Moreover, he adds that buyer confidence will remain strong as the Bank of Canada suggests that the interest rate in Canada won’t grow at least until 2012.
The average selling price was increased by almost 7 per cent annually in the first half of August to $440,150. It’s worth noticing that listings grew faster than sales, and Jason Mercer, TREB’s Senior Manager of Market Analysis, says that “a better supplied market in the second half of 2011 will result in prices growing at a more sustainable pace.“