Toronto home sales soar in September

Toronto home sales soar in September
07/10/2016 , by , in INTERNATIONAL

Home sales in the greater Toronto Area (GTA) jumped 21.5 percent in September from a year ago and prices climbed at a similar pace, data showed, extending a years-long housing boom in Canada’s largest city that has worried policymakers.

The Toronto Real Estate Board, which represents brokers in the city, said the average selling price for all homes climbed 20.4 percent to C$755,755 ($572,889). For the greater Toronto region as a whole, strong annual rates of sales growth were seen for all major home types, it said.

“While these changes are pointed at the demand for ownership housing, it is important to note that much of the upward pressure on home prices in the GTA has been based on the declining inventory of homes available for sale,” Jason Mercer, TREB’s director of market analysis, said in a statement.

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