Toronto’s resale market had a banner year in 1997 with TREB Members reporting 58,014 sales of single-family dwellings, Jimmy Lee, the newly elected 1998 President of the Toronto Real Estate Board, reported today. Last year’s sales were up four per cent from the 55,779 sales recorded in 1996 and mark the best performance of the decade. Further, the year end cumulative average price was $211,307 up seven per cent from $198,150 in 1996.
“It certainly was an outstanding year for the resale market,” commented Mr. Lee. Looking at December results, Mr. Lee noted the slowdown first experienced in November continued as TREB Members reported 3,017 sales, down 27 per cent from 4,127 during the same month last year and down 28 per cent from 4,185 in November. The average price for December dipped to $205,710 and the median price was $180,000.
TREB’s 3,017 single-family dwelling sales, which were reported throughout the Greater Toronto Area, totalled $620,628,046, and averaged $205,710. The median price was $180,000. Breaking down the total 1,231 sales were reported in TREB’s 28 West districts and averaged $190,184; 454 sales were reported in the 14 Central districts and averaged $285,454; 515 sales were reported in the 23 North districts and averaged $233,375; and 817 sales were reported in TREB’s 21 East districts and averaged $167,353. In addition to the sales of single-family dwellings, TREB Members reported 752 sales of properties of other types (P.O.T.) during December moving the total to 3,769. The dollar volume for properties of all types (P.A.T.) was $865,690,228, and the average price was $229,687.