Toronto home sales soar, prices continue climb

Toronto home sales soar
Matthew Sherwood for National Post

Existing homes sales in the Greater Toronto Area rose 30% in September from a year ago and a strong third quarter has the market about even with 2012 now. The Toronto Real Estate Board said there was 7,411 sales through the Multiple Listing Service in September, up from 5,687 sales a year ago. It was also up from the 6,249 in sales in August. For the first nine months of the year, sales are now down 1% compared with the same period in 2012.

“It’s great news that households have found that the costs of home ownership, including mortgage payments, remain affordable. This is why the third quarter was characterized by renewed growth in home sales in the GTA. We expect to see sales up for the remainder of 2013, as the pent-up demand that resulted from stricter mortgage lending guidelines continues to be satisfied,” said Dianne Usher, president of the board, in a statement.

Continue to read on Financial Post