BNN BLOOMBERG POLL: Are you satisfied with the policies in place to make housing more affordable?
The average price for homes sold in the Greater Toronto Area last month was $1,079,500, the Toronto Regional Real Estate Board reported Friday. That was little changed from July, when the average selling price was $1,074,754.
And although home sales in the GTA fell substantially in August compared to a year earlier, the 5,627 properties that traded hands represented an increase of about 15 per cent compared to July. On a seasonally adjusted basis, TRREB said sales rose 11 per cent sequentially. In a release, TRREB chief executive officer John DiMichele called for the Office of the Superintendent of Financial Institutions to"weigh in" on whether the current stress test — which requires buyers to show they could carry a mortgage at the higher of 5.25 per cent or the contract rate plus two per cent —"remains applicable."
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