Members of the Toronto Real Estate Board reported 4,961 sales of single-family dwellings in August, the best result for this month in the 34 years the Board has tracked the residential market, TREB President Marilyn Baubie reported today.

“Sales were up 5 per cent from July, and up 6 per cent from August 1999,” Ms. Baubie said. “One reason for this surprisingly healthy performance is an easing in the inventory shortage that has developed over the past several years,” the president continued, noting that active listings were up 11 per cent to 19,343 from the 17,419 recorded in August 1999. “More and better product is luring the fence sitters back into the market. The president went on to note that affordability increased substantially in August, with the average price falling about 3 per cent to $230,093 from the $236,526 recorded in July. The median also fell, to $203,572 from the $206,000 seen last month, a decline of a little over 1 per cent.

Breaking down the total 1,799 sales were reported in TREB’s 28 West districts and averaged $218,710; 792 sales were reported in the 14 Central districts and averaged $305,717; 963 sales were reported in the 23 North districts and averaged $252,694; and 1,407 sales were reported in TREB’s 21 East districts and averaged $186,611.

Click to view Residential Market Update – August 2000