With 4,317 sales of single-family dwellings reported in August, the Toronto real estate market kept up the strong pace set earlier in the year, said TREB President Jerry England.

“Although sales were down marginally (one per cent) from last August (4,372), they are still at near-record levels for a summer market and, barring any bad economic news, we expect strong sales to continue into the Fall.” Mr. England noted that year-to-date sales now stand at 41,437, up 14 per cent from 36,253 recorded in the first eight months of last year. Prices edged downwards in August with the average falling about one per cent, to $211,785 from $213,634 in July; the median also fell one per cent, to $182,500, from $184,100 in July. However, England noted that this kind of softening is normal in the summer months, and emphasized that prices are still up from last August when the average was $197,622, and the median was $173,000.

TREB’s 4,317 single-family dwelling sales, which were reported throughout the Greater Toronto Area, totalled $914,277,192, and averaged $211,785. The median price was $182,500. Breaking down the total 1,652 sales were reported in TREB’s 28 West districts and averaged $195,324; 627 sales were reported in the 14 Central districts and averaged $297,915; 850 sales were reported in the 23 North districts and averaged $239,773; and 1,188 sales were reported in TREB’s 21 East districts and averaged $169,193. In addition to the sales of single-family dwellings, TREB Members reported 842 sales of properties of other types (P.O.T.) during August moving the total to 5,159. The dollar volume for properties of all types (P.A.T.) was $1,142,782,104, and the average price was $221,512.

Click to view Residential Market Update – August 1997