July home sales in GTA up 16 per cent compared to last year

Watch: Home sales in Toronto were up again for July. Laura Zilke reports. 

TORONTO – It seems the Greater Toronto Area real estate market just keeps getting hotter and the warm summer weather isn’t slowing sales down one bit.

According to the Toronto Real Estate Board, total sales for the GTA were up 16 per cent compared to the same month last year with a reported 8,544 residential homes sold in July 2013.

“Last month’s sales represented the best July result since 2009 and was the third best July result on record. Despite recent increases in average borrowing costs, home buyers are still finding affordable home ownership options in the GTA,” said Toronto Real Estate Board President Dianne Usher in a media release.

Over the same period, new listings added to TorontoMLS and active listings at the end of the month were also up, but at a smaller rate compared to sales.

“We are a year removed from the onset of stricter mortgage lending guidelines and many households who put their decision to purchase a home on hold have reactivated their search. An increasing number of these households are getting deals done,” Usher said.

The average selling price for a home in the GTA for July was $513,246 compared to $475,523 in the same month last year.