The board’s president Larry Cerqua commented that the region’s real estate agents have been working hard to meet buyer’s needs but tight inventory has been challenging.
“Unfortunately, listings for single-detached and semi-detached houses and town houses continue to be in short supply. The result has been an increase in pent-up demand and annual rates of price increases well above the rate of inflation.”
The average selling price of homes in the GTA increased 16.6 per cent year-over-year to $709,825.
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Sales of homes in the Greater Toronto Area set a new record for the month of July with 9,989 sales through the MLS system of the Toronto Real Estate Board.