Resale house prices fell in Toronto in July as the number of sales dropped, but the city remains on track to have its second busiest sales year in its history. Sales were down 22 per cent and the average price fell 3.2 per cent to $459,122 in July compared to June, according to the Toronto Real Estate Board. Year over year, however, sales were up 23 per cent in July and prices were 10 per cent higher.
The Canadian Real Estate Association has revised its forecast for home sales upward for 2011, citing stronger-than-expected sales and prices in the second quarter and good momentum entering the second half of the year.
TORONTO - Canada's real estate market will grow in the rest of the year as Canadians undeterred by recent turmoil in global stock markets will continue to be drawn in by low mortgage interest rates, economists say.
TORONTO – Home ownership in Canada became more expensive for the second straight quarter, but recent global market and economic turmoil could actually help keep a lid on expenses by keeping interest rates low, RBC Economics reported Monday.
