Real Estate in September.
August was a surprisingly strong month for real estate sales for the Toronto Real Estate Board.
7,542 homes were sold, a 24 per cent increase over 6,083 sales in August 2010. 12,509 new listings were taken, but sales and prices remained strong as sales growth outstripped growth in new listings.
Despite the Summer Market, traditionally a slower time for sales, prices remained high with the average prices as seen below:
City of Toronto $500,357
Toronto Central $590,704
Toronto East $400,621
Toronto West $437,421
Richmond Hill $595, 674
Low interest rates and a strong economy continue to drive the real estate market, and 2011 is on pace to be the second best year on record for sales, with approximately 90,000 homes expected to be sold by the end of December (93,193 in 2007).
Students back to school, cooling weather, lives returning to normal after the summer hiatus, bring a spurt to sales in September and October. We are predicting that 8,000 homes will be sold in September, another busy month for real estate sales.
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