Toronto’s home sales soared again in September, up 21.5% from this time last year. The GTA as a whole experienced strong sales growth for all home types. Although detached and semi-detached sales were down in the city of Toronto compared to last year, Toronto Real Estate Board chalks this up to the shortage of listings across the area. The average selling price was up to $755,755 up 20.4% from September 2015.
These large increases are expected to slow down soon. New housing market control measures were announced on Monday, which the federal government hopes will cool this overheated market. To learn more, click here: The Federal Government Confirms New Mortgage Rules
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