Much has been written in the press lately about the real estate market’s poor performance.
But according to recent Market Watch report released by the Toronto Real Estate Board, July’s sales represent the best July since 2009.
In fact, it’s the third best July on record.
This despite tighter mortgage insurance rules that were implemented last year, such as the one cutting the maximum length of an insured mortgage to 25 years from 30.
Of course, it’s also quite possible that many potential buyers who put their decision on hold then are now back in the market.
And although semis in the 416 area saw the biggest year-over-year boost in sales, increasing by 28.8 per cent, semi-detached homes in the 905 followed closely behind with a 26.4 per cent jump in transactions.
That’s good news for our clients, many of who sell in the 905 area. After all, though these are resale stats, the findings should spill over into the new homes market when resale prices go up and/or supply decreases.
Read the report here (PDF).