Toronto, Canada -- (SBWIRE) -- 11/18/2013 -- The realtors from all areas of Toronto reported an increase of home sales which was estimated at 8,000. This has been achieved by using the TorontoMLS system and the said system has been initially used last month.
Since that time, the number of transactions increased and exceeded the total 6,713 transactions made last October 2012. New listings in the system of TorontoMLS system went down at the same time.
The GTA residential ownership market had been widely distinguished by a return in sales starting from the summer season. The condition of the market became tighter at certain market segments than others. Those houses that are ground-oriented which are listed for not more than 1 million dollars within some GTA areas became popular to buyers. However, the listings made for these types of homes were constrained. This statement has been revealed by Toronto Real Estate Board President Dianne Usher. The supply listing for most kinds of residential properties including the price points either decreased year after a year or not at the same yearly rate with sales. Ms. Usher said that the supplementary land transfer tax within Toronto as well as the elimination of the assurance on high ratio finance for residential property purchases over $1 million forced most homeowners not to register. The standard selling cost for the TorontoMLS sales for the previous month was $539,058. It went up as it acquired an increase of over 7% than the average cost last year which was approximately $502,127. The MLS Home Cost Index composite benchmark had increased by 4.5 % yearly.
The growth in the usual selling cost & the MLS Home Cost Index composite benchmark may pursue until 2014. The inventory levels for the ground-oriented forms of houses will fall from the historic perspective. The demand for home ownership will remain powerful as affordability stays in check because of the pursuance of the accommodative borrowing expenses, said by Jason Mercer, the Market Analysis Senior Manager of Toronto Real Estate Committee.
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