The Toronto Real Estate Board reported GTA housing sales of 5,185 transaction in the first two weeks of June, an increase in sales of 19 per cent over the same period last year.

TREB President, Maureen O'Neill said "Affordability, due in part to very low borrowing costs, has played a key role." As a result Toronto and area buyers have become more confident in purchasing a home or condo over the last four months.

The average price for MLS sales was $407,716 up almost two per cent compared to last year. According to TREB there was a high number of buyers relative to the number of listings, pushing the average price in Toronto and the GTA above last years level.