Toronto Home Sales Rise for Fifth Straight Month as Economy Shows Signs of Improvement
Toronto home sales rose in July for a fifth straight month, according to data from the Toronto Regional Real Estate Board. Seasonally adjusted sales increased by 3.2% from June to 5,582 units, marking the highest level of sales since September last year.
The board's home price index was up 0.3% month-over-month after seasonal adjustment, reaching C$933,800 ($665,811.05). This marks the second straight month of higher prices in the Greater Toronto Area, which includes Canada's most populous city and four surrounding regional municipalities.
The data suggests that recent signs of improvement in the domestic economy may be contributing to the uptick in home sales. Jason Mercer, the board's chief information officer, noted that while uncertainty about the economy and borrowing costs persists, 'recent news has been more positive than expected,' which could bolster consumer confidence and prompt an increase in home purchases.