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NEWS SEPTEMBER 2013
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  TORONTO, September 5, 2013 Greater Toronto Area (GTA) REALTORS® reported 7,569 residential transactions through the TorontoMLS system in August 2013. This represented a 21 per cent increase compared to 6,249 sales in August 2012.
“Sales were up strongly this past August for all major home types compared to last year. Many households have accounted for the added costs brought on by stricter mortgage lending guidelines and have reactivated their search for a home. These households have found that a diversity of affordable ownership options exist throughout the GTA,” said Toronto Real Estate Board President Dianne Usher.
The
average selling price for August 2013 was $503,094 – up by almost 5.5 per cent compared to the average of $477,170 in August 2012.
     
  Doomsayers continue to be wrong about Real estate market
Flaherty dismisses worries over housing market amid ‘healthy’ correction. He has no plans to further tighten government-backed mortgages for homebuyers with as little as a five per cent down payment. After tightening rules four times in the past four years, Flaherty said he has done enough. “I’m not going to intervene in the mortgage market, I don’t need to,” he said.

 

 
  Homes are getting less affordable
Canadians were paying more of the pre-tax income to service their homes compared to the first quarter of the year, although the index is still down from a year ago. The quarterly increase was not spectacular — 0.3 points to 42.7% on a detached bungalow and 0.4 points to 48.4% on a standard two-storey home. The index on a condo was unchanged at 27.9%. As with past samplings, Vancouver and Toronto continue to stand out as the least affordable cities. During the second quarter, Vancouver’s affordability reading rose 2.2 points to 82.1 on a detached bungalow, while Toronto’s edged up half a point to 54.5.
But we still keep buying
While strange happenings and oddities are nothing new to our city, this latest strangeness is really shaking some Toronto Realtors. They’re bidding wars, and they’re happening over and over again in a city where the housing market has been sleeping soundly for the past several months. In August and July I've seen more bidding wars than during the previous six months .
 
   
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