Realtors say home sales in the Greater Toronto Area shot up 21% in August compared with last year, with strength in all major housing categories. The Toronto Real Estate Board says 7,569 residential transactions went through its MLS system last month, compared with 66,249 sales in August 2012. The average selling price for August 2013 was $503,094 — up almost 5.5% from $477,170 in August 2012. TREB spokesman Jason Mercer says that despite an increase in borrowing costs in the spring and summer, an average priced home in the GTA has remained affordable for a household earning an average income. With this in mind, tight market conditions are expected to promote continued price growth through the remainder of 2013,“ says Mercer, the board’s senior manager of market analysis.

Source Financial Post