With 58,957 sales of existing homes recorded across the GTA, 1999 was the busiest year ever for the Toronto resale home market, incoming TREB President Marilyn Baubie reported today.
“Sales were up 6 per cent from last year, and up about 2 per cent from the 58,014 recorded in 1997, which was our best previous performance,” Baubie said. The President went on to note that prices rose 5 per cent in 1999, to $228,372 from 1998’s $216,815, and were up 15 per cent from the decade low of $198,150 seen in 1996. “After the sharp downturn of the early 90’s, its good to see that homeowners are seeing the value of their properties appreciate again, and with our inventory at such low levels (12,498 total listings this month, down 18 per cent from last December’s 15,321), this trend should continue for awhile yet.”
Breaking down the total 1,161 sales were reported in TREB’s 28 West districts and averaged $211,634; 548 sales were reported in the 14 Central districts and averaged $328,262; 655 sales were reported in the 23 North districts and averaged $253,283; and 907 sales were reported in TREB’s 21 East districts and averaged $184,512.