Toronto’s resale market finished the year with a strong showing as TREB Members reported 3,272 sales of Single-Family-Dwellings in December. This was down 16 per cent from November’s 3,905 sales, but up 8 per cent from December of last year. For the year as a whole, 55,344 sales were reported through TREB’s MLS system, down about 5 per cent from 1997’s record-breaking 58,014 figure. The Toronto Real Estate Board is holding to its prediction of a strong spring real estate market, said TREB President, Bill Palander. He explained that present sales volumes are slightly higher than this time last year and selling prices are also up marginally from last year.

“We have to bear in mind that 1997 was the best year in a decade and we are doing very well to come near those volumes and also see an increase in prices”, said Mr. Palander. “The Greater Toronto Area real estate market continues to move at a steady pace and we don’t anticipate any radical changes in the immediate future.”

Overall, prices were positive for the month of December. The average rose marginally to $215,131 from the $214,465 recorded in November. Meanwhile, the median fell marginally to $185,000 from the $186,000 seen last month. In addition, prices were up from December of last year. The average rose 4 per cent from the $205,710 recorded in December ‘97; the median rose 3 per cent from the $180,000 seen at that time. On a year-to-date basis, the average, at $216,815, rose 3 per cent from the $211,307 recorded in 1997. Active listings continued a downward trend in December, falling 15 per cent to 15,321 from the 18,047 seen in November. They were also down about 1 per cent from the 15,448 recorded in December 1997. New listings were also down, dropping to 3,451 from November’s 5,263, a decline of 34 per cent. They were down about 1 per cent from the 3,498 seen in December of last year.

“We have come through a period where a lot of properties changed hands and this has dried up the listings market to some degree,” commented Mr. Palander. “We should see an increase in listings as the spring market approaches.”

TREB’s 3,272 single-family dwelling sales, which were reported throughout the Greater Toronto Area, totalled $703,911,424, and averaged $215,131. The median price was $185,000. Breaking down the total 1,255 sales were reported in TREB’s 28 West districts and averaged $196,932; 504 sales were reported in the 14 Central districts and averaged $293,500; 571 sales were reported in the 23 North districts and averaged $252,584; and 942 sales were reported in TREB’s 21 East districts and averaged $174,749. In addition to the sales of single-family dwellings, TREB Members reported 818 sales of properties of other types (P.O.T.) during December moving the total to 4,090. The dollar volume for properties of all types (P.A.T.) was $900,326,933, and the average price was $220,129.

Click to view Residential Market Update – December 1998