With 78,898 sales recorded, 2003 turned out to be the best year ever for the local residential re-sale market, Toronto Real Estate Board President Cynthia Lai announced today.

“This is up six per cent over 2002, and an astounding result given some of the trying events Toronto experienced during the course of the year.”

Prices continued to climb in 2003, reaching a year-end total of $293,067, which is up six per cent over last year, and the highest level ever recorded.

“While this is better news for homeowners than potential homebuyers,” Ms. Lai commented, “It should be noted that for many house types, like condominium apartments, and for many areas of town, prices are still quite affordable.”

Breaking down the total, 1,619 sales were reported in TREB’s 28 West districts and averaged $265,549; 741 sales were reported in the 14 Central districts and averaged $350,797; 786 sales were reported in the 23 North districts and averaged $328,178; and 1,048 sales were reported in TREB’s 21 East districts and averaged $235,964.

Click to view Residential Market Update – December 2003