The single-family resale market remained steady in April, with Toronto Real Estate Board (TREB) Members reporting 5,070 sales during a 30 day period. This was down slightly from the 5,350 sales recorded over a 31 day period in March, but up 58 per cent over April 1995. April also saw another slight increase in prices as the average rose from $197,523 in March to $198,445 in April. The median price was also up slightly to $173,000 from $171,000.
“Low interest rates, affordable prices and continued buyer demand are powering the market’s momentum,” says TREB President Jerry England. “With the eventual arrival of real Spring weather and a market place finely balanced between buyers and sellers, all the indicators are in place for a strong second quarter.”
England pointed out that the stability of the market place is reflected in the average time a property remained on the market, which fell from 55 to 54 days. Homes sold on average at 96 per cent of the listing price in April. England also noted that his beginning of the year prediction of a two per cent increase in the median sale price for 1996 has already been met. Compared to the same four month period, sales of single-family dwellings were up 58 per cent from 1995 and down nine per cent from 1994. The only major threat TREB President England currently sees on the real estate market’s horizon, would be any move to harmonize the GST/ PST. The Provincial government has recently assured the real estate industry that this is not on their agenda.
TREB’s 5,070 single-family dwelling sales, which were reported throughout the Greater Toronto Area, totalled $1,006,119,190, and averaged $198,445. The median price was $173,000. Breaking down the total 1,891 sales were reported in TREB’s 27 West districts and averaged $183,446; 715 sales were reported in the 14 Central districts and averaged $273,097; 897 sales were reported in the 23 North districts and averaged $228,542; and 1,567 sales were reported in TREB’s 21 East districts and averaged $165,255. In addition to the sales of single-family dwellings, TREB Members reported 922 sales of properties of other types (P.O.T.) during April moving the total to 5,992. The dollar volume for properties of all types (P.A.T.) was $1,219,439,022, and the average price was $203,511.