Greater Toronto REALTORS® reported 5,185 transactions in the first half of June - an increase of 19 per cent compared to the same period last year. 

"Households in the GTA have become more confident in purchasing a home over the past three months," said TREB President Maureen O'Neill. "Affordability, due in part to very low borrowing costs, has played a key role." 

The average price for MLS® sales was $407,716, up by two per cent compared to last year. Nationally, sales have been increasing every month since February.

'The worst of Canada's recession occurred through December and January of this year. Things were looking really bleak. It caused people to be cautious. Now, thanks to low mortgage interest rates and a slide in prices buyers are more confident," said BMO Nesbitt Burns senior economist Michael Gregory.

'The worst is over," he said but added that it was still too early to talk in terms of a strong and robust recovery.

The recent growth is due partly to pent-up demand from the end of last year, and observers said this could level off over the summer once that delayed activity has been satisfied, and as rising unemployment continues to temper consumer activity.

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