With 4,462 sales of single-family dwellings reported in August, the Toronto real estate market is keeping up the strong pace set in earlier months, said TREB President Jimmy Lee. This is down 11 per cent from July’s 5,026 sales, but up 3 per cent from the 4,317 recorded in August of last year. The average price declined a little under 1 per cent to $208,617 from the $210,459 recorded in July. The median declined marginally (about .5 per cent) to $184,000 from $185,000. In addition, the average price was down a little over 1 per cent from the $211,785 recorded in August of last year. The median, however, was up almost 1 per cent from the $182,500 that same period in 1997.

“The local real estate market continued to perform quite well in August,” commented Mr. Lee.  “In view of the need to balance our strong economy we do not anticipate any interest rate hikes. We are still staying with our earlier forecasts with respect to the real estate market.” Finally, active listings continued their downward trend in August, falling 7 per cent to 19,126 from the 20,559 recorded in July, and down 11 per cent from the 21,436 recorded last August.

TREB’s 4,462 single-family dwelling sales, which were reported throughout the Greater Toronto Area, totalled $930,853,457, and averaged $208,617. The median price was $184,000. Breaking down the total 1,688 sales were reported in TREB’s 28 West districts and averaged $195,734; 632 sales were reported in the 14 Central districts and averaged $285,995; 843 sales were reported in the 23 North districts and averaged $232,461; and 1,299 sales were reported in TREB’s 21 East districts and averaged $172,241. In addition to the sales of single-family dwellings, TREB Members reported 928 sales of properties of other types (P.O.T.) during August moving the total to 5,390. The dollar volume for properties of all types (P.A.T.) was $1,237,545,608 and the average price was $229,600.

Click to view Residential Market Update – August 1998