Based on the recent Market Watch by the Toronto Real Estate Board, we had a strong August that is going to pushing us ahead into a good fall market.
A reported 7,542 sales in the TorontoMLS® system translates into a 24 per cent increase over 6,083 sales in August 2010.
New listings were up 20 per cent at 12,509 compared to August 2010. Market conditions remained tight as sales growth outstripped growth in new listings.
“Home sales in the GTA have stood up well despite a less certain economic outlook,” said Toronto Real Estate Board President Richard Silver. “Home sales will be bolstered by low mortgage rates moving forward. The Bank of Canada is expected to be on the sidelines until the second half of 2012 or even into 2013. However, home ownership affordability in the City of Toronto could be further improved with the removal of the City’s land transfer tax. This tax currently represents a substantial upfront cost for home buyers.”
I totally agree with our TREB President Richard Silver, the removal of the City’s land transfer tax could really boast the Toronto Real Estate market. Instead, I see more and more people moving in to the 905 area because they are getting more value.
Market conditions remained tight in the GTA but the average selling price continued to grow strongly in August, up by more than 10 per cent year-over-year to $451,663.
“We remain on pace for the second best year on record for sales. Approximately 90,000 transactions are expected by the end of December,” said TREB’s Senior Manager of Market Analysis Jason Mercer. “Major home ownership costs, including the average monthly mortgage payment, remain affordable despite the strong price growth experienced so far this year.”
August tends to be less robust month than July but overall for 2011, it was a better July to August transition than in 2010.
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Kirby Chan Sales Rep., Director of Technology & Social Media
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17 Church Ave., North York
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