July 2011 Average Sales Price up by 10%

August 31, 2011

In July-August 2011 despite increased difficulty of getting the mortgage and raising interest rates the average real estate selling price went up by 10% to $459,122 from $418,675 for same period last year.  The amount of transactions (buying and selling) also increased by 23% to 7,922.  There are more houses on a market right now and obviously better supply leads to slow growth in prices. Said that, most of the analysts predict even more growth in Toronto Real Estate just not at a pace of 10% per year.

When taking this figures into consideration one can consider it a great time to buy a house, while the mortgages are not as tight as soon will be and the price still didn’t grow to its ceiling.

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