Toronto real-estate market stabilizes
Toronto - Home sales around the GTA for the month of May are running ahead of last year's pace.
Prices are holding steady even with the concerns about the economy.
After a brutal start to the year things seem to have stabilized in the real-estate market.
The Toronto real-estate board said that in the first two weeks of may there were 4,500 sales.
That number is up by 3 per cent compared to last year.
The average selling price was just shy of $400,000, which is almost the same as a year ago.
Jason Mercer, the real-estate board's senior manage of market analysis says that having mortgage rates at a record low has helped the affordability issue.
Earlier this week, the Canada Mortgage and Housing Corporation warned that there are still some potential shocks to come, including lay-offs from the auto and retail sectors.
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