Sales of existing homes are up dramatically in the Greater Toronto Area. Over the last week, reports suggest the market is turning a corner.
The jury is still out on whether this is a sustained rebound. But the recession’s silver lining of a low interest rate environment has done wonders for the housing market nationally.
Major markets across Canada had a similar, if not more spectacular lift in June, according to ReMax Ontario Atlantic Canada.
Toronto’s 27 per cent increase in sales in June compared to last year, was outdone by Greater Vancouver (up 75 per cent) and Calgary (up 28 per cent).
Inventory of available homes in the GTA is down 30 per cent from the same time last year, which has resulted in multiple offers in some areas. The strongest demand is for homes in the $300,000 to $600,000 range, said ReMax.
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