The Canadian Real Estate Association has revised its forecast for national home resales in 2011, citing stronger than expected activity and prices in the second quarter.
There have been very strong sales in the GTA, with a drop in the number of new listings.
"As a result, there's been a little bit more competition btwn home buyers and that's putting continued upward pressure on pricing," Jason Mercer, with the Toronto Real Estate Board said.
With the turbulence on the stock markets the Canadian re-sale market is looking good, according to Gregory Clump of the Canadian Real Estate Association.
"It's kind of an oasis of stability where finacial markets are expected to remain quite volitile," Clump said.
Strong sales and a moderate rise in prices are expected in the GTA for the rest of the year and into 2012.