GTA Resale Housing Sales Up 19 Per Cent in the First Half of June

[carturo15]

TORONTO, June 17, 2009 - Greater Toronto REALTORS® reported 5,185 transactions in the first half of June – an increase of 19 per cent compared to the same period last year.

"Households in the GTA have become more confident in purchasing a home over the past three months," said TREB President Maureen O’Neill. "Affordability, due in part to very low borrowing costs, has played a key role."

The average price for MLS® sales was $407,716, up by two per cent compared to last year. "Heightened interest in ownership housing this spring has solidified resale home prices," according to Jason Mercer, TREB's Senior Manager of Market Analysis. “The number of home buyers has been high relative to the number of listings, pushing the average price above last year's level.â€

 

[cabbagetowner]

incredible. i can't believe people are out buying in this economy.

 

[urbandreamer]

Maybe Toronto truly is different?

However, take a look at the past 3 month's $INDU performance: there's your clue!

 

[Therion]

Lower mortgage rates account for most of this, I think, as well as pent up demand from the last 6 months. When rates start creeping back up (Carney indicated his promise to keep rates low may have been premature), housing will slow down again.