19 Oct 2011

Homes sales up 20 percent at mid-month mark

The Toronto Real Estate Board is out with a new housing report, and once again, sales are up in the GTA.

According to the TREB, there were approximately 3,500 transactions through the first 14 days of October, a 20 percent increase when compared to the same two-week stretch one year ago, when nearly 2,900 sales were reported. On a year-over-year basis, new listings also rose when compared to October 2010, with 6,249 reported during the period.

"The first two weeks of October seem to be pointing towards more balanced market conditions as we move toward 2012," said Richard Silver, TREB president. "A growing number of home owners are reacting to the above average price growth reported this year and have decided to list their home for sale. They are confident they will receive timely offers in line with their asking prices."

The report also detailed what the average selling price was for homes in the first two weeks of October. At $475,473, the average was up nearly 8 percent when contrasted with the same period in 2010.

With an increased number of homes being purchased in the Greater Toronto Area, current residents would be wise to secure a storage unit while they still can.

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