Greater Toronto Realtors reported 3,149 transactions during the first 14 days of September, representing an increase of more than 25% in comparison to the first two weeks of September 2010. New listings over the same period, at 6,890, were up by 14% compared to last year.
The average selling price in the first half of September was $454,194 – an increase of 11 per cent compared to the same period in September 2010. “Strong price growth in the GTA
continues to be mitigated by a solid affordability picture. Mortgage rates will remain at or near current levels until the second half of 2012 if not into 2013,” said Jason Mercer, the Toronto Real Estate Board’s Senior Manager of Market Analysis.
“In response to strong price growth, more households chose to list their homes for sale in comparison to last August. Growth in listings is expected to continue. Increased choice
will result in more sustainable rates of price growth,” continued Mercer.
Mississauga alone had 934 sales of resale homes and condos in August, up almost 17% from last year same time. Average prices of real estate in Mississauga is more stable right now at $418,034 with a healthy increase of 7% from the same time last year.
“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.