8 Jul 2011

TREB releases June housing numbers

Canada's most populous city got a bit more crowded in the month of June, as the Toronto Real Estate Board recently reported an increase in the number of homes that were purchased.

The TREB report states more than 10,200 properties were sold in the GTA last month – an increase of 21 percent when compared to June of last year.

"The strong June result capped off an interesting first half of 2011," said Richard Silver, president of the TREB. "The pace of sales was a bit sluggish at the beginning of the year, but rebounded in May and June."

Something else that surged in June was the cost of the average Toronto home, as the report indicates the typical transaction price was $476,371, nearly 10 percent more than June 2010. At that time, the standard home was purchased for $467,169, according to the report.

Jason Mercer, TREB's senior manager for market analysis, said the rise in prices is largely due to the dearth of homes available, thereby fueling competition.

More homes being purchased often translates into increased buying of new furnishings. Jiffy Self Storage can hold older belongings on-site but also offers portable storage containers should they be a more convenient solution.

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