In a sign that the Toronto area real estate market is in recovery mode, year-over-year resale home prices and sales rose for a second consecutive month in July.
Selling prices climbed 4.8 per cent to $782,129 last month, up from $745,971 in the same period last year, for all types of homes in the region, according to the latest numbers from the Toronto Real Estate Board released Friday.
The number of home sales also rose 18.6 per cent year over year in July, while new listings declined 1.8 per cent.
“It appears that some people who initially moved to the sidelines due to the psychological impact of the (Ontario) Fair Housing Plan and changes to mortgage lending guidelines have re-entered the market,” said Jason Mercer, the board’s director of market analysis.
July was the fifth consecutive month-to-month rise in Toronto region housing prices: up 3.1 per cent from June, according to the real estate industry’s Multiple Listing Service Home Price Index.
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Source: Home sales and prices rise in Toronto region for a second straight month | The Star