House sales across the GTA reached their highest levels in July for that summer month since 2009, with a 16 per cent surge in sales.

It was the third best July for sales on record, says the Toronto Real Estate Board.

The average selling price also spiked, up eight per cent to $513,246, largely based on sales of low-rise homes, according to figures released Friday by TREB.

Read More: http://www.thestar.com/business/real_estate/2013/08/02/toronto_real_estate_sales_soar_in_july.html