18 Nov 2011

Toronto home sales jump 13 percent at mid-month

There may be a run on storage units in the coming weeks, as a new report indicates there were nearly 3,400 home sales through the first two weeks of November.

According to the Toronto Real Estate Board, the 3,379 transactions at the mid-month mark is 13 percent higher than the number of home sales through the same 14-day period in 2010. New listings also rose, climbing 16 percent year-over-year.

"The results for the first two weeks of November point to two important facts," said Richard Silver, president of the TREB. "First, despite global economic uncertainty, buyers have remained confident in the affordable housing market in the GTA. Second, stronger growth in new listings means that it is becoming easier for buyers to find a home that meets their needs."

Should new home buyers need extra space to accommodate their belongings, Jiffy Self-Storage offers a variety of cheap storage spaces.

Something else that's been affordable are mortgages. Jason Mercer, TREB senior manager of market analysis, said low-interest mortgages are expend to remain that way through 2012, which will help offset the rise in home prices.

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