Sales of homes in the Greater Toronto Area set a new record for the month of July with 9,989 sales through the MLS system of the Toronto Real Estate Board.

The board’s president Larry Cerqua commented that the region’s real estate agents have been working hard to meet buyer’s needs but tight inventory has been challenging.

“Unfortunately, listings for single-detached and semi-detached houses and town houses continue to be in short supply. The result has been an increase in pent-up demand and annual rates of price increases well above the rate of inflation.”

The average selling price of homes in the GTA increased 16.6 per cent year-over-year to $709,825.

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