Last year, resale home prices advanced six per cent to $243,255 from the $228,372 recorded in 1999, in-coming TREB President David Pearce announced today.

“In addition,” the President noted, “58,343 residential sales went through the Board’s MLS system last year, down a little under 1 per cent from the 1999 figure of 58,957 sales. That makes 2000 the second best year for volume ever recorded.” “I strongly believe that we will see an increase in resale homes in 2001 as a result of the fact that the construction industry is facing challenges offering finished new homes.”

Breaking down the total 1,149 sales were reported in TREB’s 28 West districts and averaged $214,553; 475 sales were reported in the 14 Central districts and averaged $329,364; 628 sales were reported in the 23 North districts and averaged $273,342; and 774 sales were reported in TREB’s 21 East districts and averaged $191,802.

Pearce says for those entering the market, there’s no better time to start searching for a home. “I would encourage first time home buyers to start looking for a home right now in order to get the spring and summer closings that many people prefer.”

Click to view Residential Market Update – December 2000