7 Dec 2011

Home sales up 11 percent in November

There may soon be a run on storage units in the city, as more people are purchasing properties in the Greater Toronto Area.

According to the Toronto Real Estate Board, there were approximately 7,100 residential transactions in November, which indicates home sales are up more than 11 percent when compared to the same period last year.

"We have seen strong annual sales growth through the 2011 fall market," said Richard Silver, TREB president. "The increase in transactions has been broad-based, with strong growth across low-rise and high-rise home types throughout the [GTA]."

He added that while more people are buying homes, supply levels have been able to keep up with demand, as annual listings growth superceded sales. This may set up a strong first half of 2012.

What also increased in November was the average price of a residence in Toronto. According to the report, the average sales price was $480,400, which is 10 percent more than what the average home sold for during the same month in 2010.

Should new Toronto homeowners need extra space after moving into their new abodes, they can rest assured that rental rates at Jiffy Self-Storage will be affordable. 

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