People continue to flock to Toronto, as the latest housing report from the Toronto Real Estate Board indicates home sales were swift last month.
According to the TREB, in August, more than 7,500 properties were sold in the GTA, a rise of 24 percent in year-over-year sales. Last year during the same 31-day period, just under 6,100 homes were purchased.
While sales increased, the ability to afford a home in the GTA did not, as the report indicated the average home sold for $451,663 – a price hike of 10 percent when compared to August 2010.
Richard Silver, president of the TREB, said home affordability could be aided, however, with the removal of the land transfer tax, which officials are not expected to renew when it expires later this year. Also helping lower home ownership costs, according to TREB's senior manager Jason Mercer, are affordable mortgages, as the interest rate has remained low for several months now.