Toronto home sales outpace new listings

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Toronto, March 4 (CINEWS): In Toronto sales of houses far outpace new listings which has given rise to virtually every other house ending up in a bidding war, leaving home sellers laughing all the way to the bank- for a bigger mortgage to buy a bigger home. But it’s the banks that will have the ultimate laugh, or cry as sales have climbed over 21 per cent.
Sales topped the previous February, 2010, record, the Toronto Real Estate Board said Thursday.
The average home price in the Toronto area climbed almost 15 per cent to $685,278, while the MLS home price index, deemed a better measure, showed a gain of 11.3 per cent.
In Toronto’s 416 area, the average price of a detached home is now above $1.2-million. In the surrounding 905 area, it’s now $816,705, according to TREB statistics.
The marked jump in sales came even though new federal mortgage restrictions were brought into force.
“The number of new listings entered into TREB’s MLS system was also up on a year-over-year basis, but by a lesser 8.2 per cent,” the group said.

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