Home prices in the GTA continue to climb despite Ottawa’s efforts to cool real estate market

Home prices in GTA continue to climb
Toronto Star

Toronto house sales – and prices – continue to climb despite the best efforts by Ottawa to cool a market that shows no signs of giving buyers a breather. Sales across the GTA were up 30 per cent in September, year over year, and prices were up 6.5 per cent over September 2012, according to figures released Thursday by the Toronto Real Estate Board.

The average transaction price for houses and condos combined last month was $533,797.

So far, three-quarters of the way through 2013 — and what was looking, a year ago, like the start of a significant slump in the resale housing market in the wake of tighter mortgage lending rules imposed by Ottawa — some 68,907 houses and condos have changed hands across the GTA.

That’s down by just one per cent over the pace of sales recorded by TREB during the same nine-month period of 2012. The average sale price during that same nine months of 2013 has been $520,118, up more than four per cent from the first three quarters of 2012.

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