The average price for homes sold in the Greater Toronto Area last month was $1,079,500, the Toronto Regional Real Estate Board reported Friday. That was little changed from July, when the average selling price was $1,074,754.
And although home sales in the GTA fell substantially in August compared to a year earlier, the 5,627 properties that traded hands represented an increase of about 15 per cent compared to July. On a seasonally adjusted basis, TRREB said sales rose 11 per cent sequentially. In a release, TRREB chief executive officer John DiMichele called for the Office of the Superintendent of Financial Institutions to"weigh in" on whether the current stress test — which requires buyers to show they could carry a mortgage at the higher of 5.25 per cent or the contract rate plus two per cent —"remains applicable."
Dead cat bounce. Further declines ahead.
Property Property Latest News, Property Property Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Source: GlobalCalgary - 🏆 50. / 61 Read more »
Source: nationalpost - 🏆 10. / 80 Read more »