TREB Members reported 4,372 sales of single-family dwellings last month, up 5 per cent from the 4,179 recorded in August 1995, announced Toronto Real Estate Board (TREB) President Jerry England.
“This is the best August since 1986 and proof that the resale housing market is finally back on track,” says TREB President Jerry England. “There is definitely a “feel-good” factor out there among REALTORS.”
England predicts that the combination of extremely competitively priced properties with a resurgence of first-time buyers to the marketplace, should make for a hot September and October resale market. The apparent absence of many high-end move-up buyers caused average prices to decline slightly in August to $197,622 from $199,856, which in turn is attracting more serious potential first-time buyers. While the median price rose marginally to $173,000 from $172,500. “Buyer representation has become more prevalent in the residential sales market and could be boosting buyers’ confidence in making their purchases,” says England. “Renewed uncertainty with proposed provincial rent control legislation is yet another reason for the continued impetus. Add these factors to attractive mortgage rates and renewed consumer confidence and you have a market that is sizzling.”
TREB’s 4,372 single-family dwelling sales, which were reported throughout the Greater Toronto Area, totalled $864,005,200, and averaged $197,622. The median price was $173,000. Breaking down the total 1,704 sales were reported in TREB’s 27 West districts and averaged $185,131; 621 sales were reported in the 14 Central districts and averaged $272,141; 821 sales were reported in the 23 North districts and averaged $221,217; and 1,226 sales were reported in TREB’s 21 East districts and averaged $161,438. In addition to the sales of single-family dwellings, TREB Members reported 732 sales of properties of other types (P.O.T.) during August moving the total to 5,104. The dollar volume for properties of all types (P.A.T.) was $1,050,637,385, and the average price was $205,846.