The Toronto Real Estate Board confirmed what mortgage brokers and Realtors have been saying since the first signs fixed rates were on the move up, reversing a two-year course to rock bottom.
Compared August 2012, the GTA experienced a surge in sales in line with Vancouver's 52.5 per cent climb, Calgary's 27.5 per cent and Edmonton's 9.9 per cent.
CREA is expected to colour in the national picture later this month, but investors are already concerned that a more competitive bidding environment took hold last month and is here to stay until the traditionally slow winter months.
For investors looking to sell up, the increased demand -- especially for small multifamily properties --means higher prices, higer ROI.
The Toronto-area average, in fact, shot up 5.5 per cent in August over the year-ago period.
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