August was a good month for detached homes! A 12.3% increase in sales over last year and prices have climbed 4.9% for the 416. All those detached homes buyers who were sitting on the fence decided to jump off and get into a home.
Toronto Real Estate board president Gary Bhaura sums it up best: “It is encouraging to see a continued resurgence in the demand for ownership housing. Many home buyers who had initially moved to the sidelines due to the Ontario Fair Housing Plan and new mortgage lending guidelines have renewed their search for a home and are getting deals done much more so than last year. In a region where the economy remains strong and the population continues to grow, ownership housing remains a solid long-term investment.”