In August, the Greater Toronto Area witnessed 9,813 homes change hands.
That figure signifies 23.5% increase on a yearly basis. According to the Toronto Real Estate Board, the upsurge is most likely as a result of the fact that there two extra working days this August compared to last year’s.
The Board claims that in light of the extra days, the sales moved closer to 12%.
Toronto Real Estate Board President, Larry Cerqua stated, “The conditions underlying strong demand for ownership housing remained in place, including a relatively strong regional economy, growth in average earnings and low borrowing costs,” adding that “Unfortunately, we did not see any relief on the listings front, with the number of new listings down compared to last year. This situation continued to underpin very strong home price growth, irrespective of home type or area.”
In the same vein, Toronto’s population continues to grow.
“The resulting growth in households coupled with favourable economic conditions and low borrowing costs means that we remain on track for another record year for home sales,” said Jason Mercer, TREB’s Director of Market Analysis. “Against this backdrop, TREB will also be releasing new third-party research, and consumer and REALTOR® survey results throughout the fall and winter, with discussions focusing on foreign buying activity and issues affecting the supply of ownership housing.”