TREB released their August Resale Market numbers for August yesterday. TREB reported a 24 percent increase in sales in August 2011 compared to August 2010, with new listings up by 20 percent compared to the same time frame.
According to TREB President Richard Silver, "Home sales in the GTA have stood up well despite a less certain economic outlook," he went on to say "Home sales will be bolstered by low mortgage rates moving forward. The Bank of Canada is expected to be on the sidelines until the second half of 2012 or even into 2013. However, home ownership affordability in the City of Toronto could be further improved with the removal of the City’s land transfer tax. This tax currently represents a substantial upfront cost for home buyers.”
Check out the full news release here.