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http://www.stevemoranhomes.com. Toronto's housing market churned out another month of soaring price gains in July. Almost 10,000 resale homes changed hands in the Greater Toronto Area last month, the highest recorded number for the month of July. Average resale prices jumped 16.6 per cent to $709,825, with the cost of detached homes surging 21 per cent from the same period last year to $952,000. It's still too early to say how much the B.C. government's recent 15 per cent tax on Vancouver area residential properties purchased by people who aren't permanent residents will fuel demand for Toronto housing. A severe shortage of listings in the face of strong demand has some industry observers urging local governments to increase housing supply rather than restrict foreign investment. Policy-makers need to be focusing on solutions to the sustained lack of low-rise inventory throughout the Greater Toronto Area. There are few signs that the Toronto market is set to slow down any time soon, thanks in part to the belief that mortgage rates will continue to stay low in the wake of Britain's vote to leave the European Union. Thanks once again for your attention, I would be happy to help you with your real estate needs. I can be reached at 416-949-1684 or you can visit me at http://www.stevemoranhomes.com. Have a great day.