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July 6, 2009-07-06

Sales of homes in the Greater Toronto Area in June were up 27 per cent from the same month last year, according to the Toronto Real Estate Board’s Market Watch. Could this rebound signal the return of the sellers’ market?

Marginally up from last year, the report states a record of 10,955 single-family homes sold last month; the average price hitting $403,972.

“The record result in June is testament to the fundamentally sound housing market in the GTA,” said TREB President Tom Lebour. “An increasing number of households have been confident in purchasing a home in the region’s affordable and diverse resale housing market.”

What a difference June 2009 was to December 2008, where the market bottomed out at 2,577 homes sold.

In June the median price was $345,000, from the $335,250 recorded during June of 2008.

Read the Toronto Real Estate Board’s full report here (July 6, 2009).

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