(Source: Financial Post)

Toronto’s housing market has followed a record-breaking June with its best July ever and real estate experts say sellers will have the advantage with the current limited inventory and prices edging higher.

According to the Toronto Real Estate Board, home sales in the Greater Toronto Area last month rose 28%, to 9,967, from 7,806 homes sold a year ago.

It was the best July for sales since the board started tracking the numbers in the mid-1960s. And the average sale price was $395,414, up 6% from a year earlier.

“We have seen the increase across all different housing types. It’s not just first-time buyers coming into the marketplace,” said Jason Mercer, the real estate board’s senior manager of market analysis.

Read Melissa Leong’s full article “Home sales rocket to record levels” in the Financial Post (August 7, 2009).

Further Reading:

Toronto Real Estate Board — Sales Up 28% from July 2008” BuzzBuzzHome (August 6 2009).

Real estate growth continues with hike in housing sales” in the Globe and Mail (August 7 2009).

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