The Toronto Real Estate Board reports that existing home sales jumped 23% year over year and that the rumoured (by a very few) demise of the Toronto Real Estate market seems to be greatly exaggerated.
Not only have the number of sales risen by almost a quarter over July 2010, but the average sale price has risen almost 10% year over year to $459,122.
If we continue at this pace, "we could see the second best year on record" reports TREB President Richard Silver.
Strong sales of both new and resale condominiums are helping to fuel the market with the average price of new condominiums rising 4.3 % to $529 per square foot while resale condominium rose 5.7% to $391 per square foot.
Another encouraging sign is that condominium rents have risen 5.5% year over year. This news will keep investors in the market.
Are you looking to buy a home, but are finding Toronto and GTA prices too high?
Consider living in South Simcoe, where you can find affordable living in the "905" region with great commuter links to the GTA. The South Simcoe communities of Tottenham, Beeton, Alliston, Cookstown, Innisfil and Angus might make an ideal home for your family. Want to find out more? Call me, Chris Smith @1.866.936.3500 and find out how I can help you make your Real Estate dreams come true.
Chris Smith CSSBB
Chay Realty Inc., Brokerage