There was a surge of home buying and as a result the Toronto Real Estate Board is revising forecasts for future home sales upwards.

The Toronto Real Estate Board reported 9,867 sales of existing homes and Condos in July, up 28 per cent from July 2008. The average Toronto resale price was $395,414 up 6 per cent from July 2008.

Lack of Toronto Real Estate listings means buyers have to compete against each other, resulting in multiple offers in both Toronto Condominiums and Homes in demand neighbourhoods.

Low interest rate, first time buyers and lack of listings are fueling the Toronto resale market.