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In July, 8,544 sales were reported through the TorontoMLS system. Total sales were up 16 per cent compared to July 2012. Meanwhile, new listings were up by a much smaller rate than sales.

The average selling price in July was $513,246, representing an increase of 8 per cent on a year-over-year basis. The price increase was continually driven by low-rise housing market portions.

According to Jason Mercer, TREB’s Senior Manager of Market Analysis, the sellers’ market condition will remain in the second half of 2013 given the record low inventory of low-rise homes. The average price will keep growing in the rest of 2013 though to 2014.

Source: Toronto Real Estate Board

 

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