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TORONTO — Despite all the talk of a housing downturn and economic crisis in Ontario, the province`s two biggest cities both saw record housing resales last month for the month of June.
The Toronto Real Estate Board said Monday there were 10,955 sales in the Greater Toronto Area in June, a 27% increase from the 8,600 homes sold a year ago. It was the best June for sales since the board started tracking the numbers in the mid 1960s.
In Ottawa, housing sales jumped 12.5% in June to 1,895, also a new record for the month.
The average sale price in the GTA last month $403,972, up 2% from a year earlier. In Ottawa, the average sale price rose 3% annually to $306,925.
"I think the next stage" might be price pressure, said Doug Porter, deputy chief economist at BMO Capital Markets. "The moderation we have seen in prices may not last long if this kind of sales and listing balance remains in place."
Porter said the mad scramble to buy a house is playing out across the country, as consumers wade back into the market tempted by interest rates the lowest they`ve been in 50 years. Five-year fixed rate mortgages were as low as 3.75% last month, though they`ve nudged back up to about 4.5% since.
Read the full article here.
The Toronto Real Estate Board said Monday there were 10,955 sales in the Greater Toronto Area in June, a 27% increase from the 8,600 homes sold a year ago. It was the best June for sales since the board started tracking the numbers in the mid 1960s.
In Ottawa, housing sales jumped 12.5% in June to 1,895, also a new record for the month.
The average sale price in the GTA last month $403,972, up 2% from a year earlier. In Ottawa, the average sale price rose 3% annually to $306,925.
"I think the next stage" might be price pressure, said Doug Porter, deputy chief economist at BMO Capital Markets. "The moderation we have seen in prices may not last long if this kind of sales and listing balance remains in place."
Porter said the mad scramble to buy a house is playing out across the country, as consumers wade back into the market tempted by interest rates the lowest they`ve been in 50 years. Five-year fixed rate mortgages were as low as 3.75% last month, though they`ve nudged back up to about 4.5% since.
Read the full article here.