Housing Sales Up Across GTA: Real Estate Board

The Greater Toronto Area's housing market is anything but stale, according to the city's real estate board which says sales are up more than 25% over last year.

Greater Toronto Realtors reported a total of 3,149 transactions during the first 2 weeks of September, well above the 2,510 sales that took place during the same period in 2010.

The marked increase comes as Toronto's housing prices leads a national climb. The average selling price of a Toronto home is now $454,194 – an 11% increase from September 2010.

Toronto Real Estate Board president Richard Silver says the sales jump is a good indication that Toronto area residents are feeling economically secure.

"Purchasing and paying for a home over the long term represents the single largest financial commitment most households will make over a lifetime. To make this commitment, households must be confident in their economic prospects," Silver said in a statement.

"The fact that sales continued to grow through the first half of September suggests that GTA households remain confident that the economy will remain buoyant."

Canada's New Housing Price Index says Toronto's housing cost increase led the pack in Canada in June at 0.9%.

New listings were also well above last year's mark, with 6,890 houses marked for sale in 2011, a 14% jump from 2010.

Sales between September 1 and 14, 2011:

• City of Toronto: 1,232 sales at an average price of $464,825
• Rest of GTA: 1,917 sales at an average price of $447,362
• Total: 3,149 sales at an average price of $454,194.