TORONTO, 5 Five, 2013 -- Greater Toronto Area REALTORS reported 7,569 residential transactions through the TorontoMLS system in Aug 2013. This represented a Twenty-one per cent increase matched against 6,249 sales in August 2012.
"Sales were up strongly this past August for all of the major home types compared with last year. Many households have accounted for the additional costs caused by tougher mortgage lending tenets and have reactivated their search for a home.
The average selling price for August 2013 was $503,094 up by about 5.5 per cent matched against the average of $477,170 in August 2012. These homes have found that a diversity of affordable ownership options exist across the GTA," claimed Toronto Real-estate Board President Dianne Usher. The MLS Home Price Index ( HPI ) composite benchmark was up by 3.7 % over the same period.
"Despite a rise in borrowing costs during the spring and summer, a typical priced home in the GTA has remained cheap for a household earning an average income. Bearing this in mind, tight market conditions are anticipated to promote continued price growth through the rest of 2013," asserted Jason Mercer, TREB's Senior Manager of Market Research.
"Sales were up strongly this past August for all of the major home types compared with last year. Many households have accounted for the additional costs caused by tougher mortgage lending tenets and have reactivated their search for a home.
The average selling price for August 2013 was $503,094 up by about 5.5 per cent matched against the average of $477,170 in August 2012. These homes have found that a diversity of affordable ownership options exist across the GTA," claimed Toronto Real-estate Board President Dianne Usher. The MLS Home Price Index ( HPI ) composite benchmark was up by 3.7 % over the same period.
"Despite a rise in borrowing costs during the spring and summer, a typical priced home in the GTA has remained cheap for a household earning an average income. Bearing this in mind, tight market conditions are anticipated to promote continued price growth through the rest of 2013," asserted Jason Mercer, TREB's Senior Manager of Market Research.
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