August 2, 2013 — Greater Toronto Area REALTORS® reported 8,544 residential sales through the Toronto MLS system in July 2013. Total sales were up by 16 per cent compared to July 2012. Over the same period, new listings added to Toronto MLS and active listings at the end of the month were up, but by a substantially smaller rate of increase compared to sales.
“We are forecasting continued average price growth for the remainder of 2013 and through 2014 as well. Months of inventory for low-rise homes remains near record lows, suggesting that sellers’ market conditions will remain in place in the second half of 2013. An increase in listings in 2014 would lead to more balanced market conditions and a slower pace of price growth next year,” said Jason Mercer, TREB’s Senior Manager of Market Analysis.
Read the full report from the Toronto Real Estate Board here.
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