The Toronto Real Estate Board just posted the sales information for July, and sales are up again! A 10% jump in sales in sales represents the second best July sales record in history.
Detached houses saw the biggest jump in sales followed closely by condominiums. The jump is attributed to a switch from renting to owning in big segments of the populations. As we mentioned in our previous post, unmarried couples are starting to take-on mortgages before the big day.
However July is a red-hot month for another reason - vacation time. When you're thinking of moving, July is a great time to do it because you can take the vacation time to move into your new place. However now that fall is approaching, there are still many opportunities for people to buy, in a potentially less competitive market. With sales like this in July, things are sure to open up in August or September.