“The Toronto area average resale home price reached $233,053 in April,” TREB President Bill Palander reported today, “that’s the highest level in nearly eight years, and good news for potential sellers.”
The $233,053 figure was a 2 per cent increase from the $227,174 recorded in March, and up 5 per cent from last April’s $222,194. Palander went on to note that the year-to-date average was $225,893, an increase of only 4 per cent from the first four months of 1998. “This is certainly a healthy advance, though nothing like the unsustainable 20 and 30 per cent increases that were routine through the late 80’s real estate boom. Both buyers and sellers are being more careful this cycle, which is good for the long term health of the market.” Meanwhile, a near-record 6,594 singlefamily dwellings changed hands, up 14 per cent from the 5,795 recorded in March, and up 13 per cent from the 5,825 seen in April of ’98. The median price also rose, to $198,000 from March’s $192,000.
Breaking down the total 2,457 sales were reported in TREB’s 28 West districts and averaged $213,622; 991 sales were reported in the 14 Central districts and averaged $351,540; 1,259 sales were reported in the 23 North districts and averaged $251,344; and 1,887 sales were reported in TREB’s 21 East districts and averaged $183,925.