Toronto real estate prices jump with condos helping rise in sales

Housing Market
David Cooper / Toronto Star

It’s been a surprisingly hot summer for real estate across the GTA, with sales up 21 per cent in August over a year earlier, according to figures released by the Toronto Real Estate Board Thursday.

Prices have also rebounded, in defiance of naysayers who, for more than a year now, have been anticipating a market crash. The average GTA sale price in August was $503,094, up almost 5.5 per cent from a year ago.

Even Vancouver, which suffered the brunt of the slowdown that started in spring of 2012 and accelerated when tougher mortgage lending rules were imposed by Ottawa a few weeks later, saw a dramatic surge in sales.

Transactions were up 52 per cent in August, although prices remain slightly below year-ago levels in what has long been Canada’s hottest, and priciest, housing market.

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