Sales in the Greater Toronto Area (GTA) continue to be high after a red-hot streak in 2012, but recent trends have shown many buyers headed to the suburban parts of the city rather than the downtown areas, according to Moneyville.ca.
Referred to as "905" properties due to the area code, sales of homes in suburban Toronto were strong in the month of May, thanks mainly to an increase in resale listings. In previous months, most were hanging onto their homes rather than selling, which was making the market very tough for buyers. The lack of listings meant demand was far outstripping supply, in turn driving up prices.
According to the news source, 10,850 homes in Toronto were resold in May, with 6,720 in the "905" region. In addition to the much higher prices for downtown homes, analysts believe buyers are flocking to these houses to avoid the high land transfer tax in the city proper.
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