Perhaps inspired by Toronto’s success on the home sales front, Canadians as a whole purchased more houses last month.
According to the Canadian Real Estate Association, home buying activity increased just less than 3 percent on a seasonally adjusted basis when compared to May. But when compared to last June, actual sales increased significantly – nearly 11 percent.
Gary Morse, CREA’s president, attributes the increase to a variety of positive economic developments.
“Canadian housing demand remains resilient, thanks to low interest rates, job growth, and home buyer confidence in the economy,” said Morse.
Gregory Klump, chief economist at CREA, seconded Morse’s assertions, saying the real estate market in the latter half of 2011 could be as prosperous as the first.
In addition to home sales rising, the report indicates prices rose as well, as the national average selling price for a property was $372,700, up nearly 9 percent compared to the same month last year.
While the cost to buy a home may be more expensive, it isn’t for Toronto homeowners who may need extra room. Jiffy Self Storage offers spacious units for an affordable price.
