4 Aug 2011

Home sales in Toronto jump 23 percent in July

Toronto's real estate market is showing no signs of slowing down, as a recent report from the Toronto Real Estate Board makes plain.

According to the TREB, there were more than 7,920 transactions last month, an increase of nearly 25 percent when compared to the same 30-day period last year. The average selling price for a Toronto home was $459,112 – up 10 percent year-over-year.

Based on July's results, the real estate organization projects 90,000 homes will be sold in 2011.

"Strong home sales continued in July, with a substantial rebound over last summer’s slow-down brought about by higher mortgage rates [and] new lending guidelines," said Richard Silver, TREB president. "If the current pace of sales holds up, we could see the second best year on record under the current TREB market area."

He added the markets that saw the biggest comeback in sales were condominiums and apartments.

Because condos and apartment dwellings tend to be smaller than homes, storage units may become a hot commodity in the coming days.

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