In 2002, the Toronto resale Real Estate market put in its best year ever, with 74,759 homes being sold through the local MLS system, TREB President Ann Bosley reported today.

“This figure is up about 10 per cent from the 67,612 level recorded in 2001, which was our previous record,” The President said. “Last year was especially good for potential home sellers, as prices rose to $275,371, up 9 per cent from the $251,508 recorded in 2001 and, before adjusting for inflation, to their highest level ever.” “Nevertheless, low interest rates and a strong labour market kept first-time buyers in the game, as evidenced by the surge in the condominium sector (apartments and townhouses), which in December amounted to 35 per cent of the total homes sold.” “Looking forward to 2003, there is nothing in the fundamentals of the local or national economy that suggests anything other than another strong year. While sales levels have eased off over the past few months, and will probably continue to moderate into the Spring, this is only after a two year string of record-breaking performances.”

Breaking down the total, 1,381 sales were reported in TREB’s 28 West districts and averaged $248,163; 633 sales were reported in the 14 Central districts and averaged $373,851; 690 sales were reported in the 23 North districts and averaged $310,316; and 885 sales were reported in TREB’s 21 East districts and averaged $218,646. ■

Click to view Residential Market Update – December 2002