The Toronto area real estate market continued to heat up last month with Toronto Real Estate Board members reporting 4,207 sales of single-family dwellings, up 71 per cent from 2,455 in February, 1995.
“It’s been a great market to date,” commented TREB Director Michael Kavluk. “Sales activity has been mirroring 1994 which was TREB’s most active year since 1988.” Commenting further, Mr. Kavluk noted that the single-family residential market is poised at a healthy 27.5 per cent sales-to-listing ratio (See listed p. 3B). “This approaches the threshold point between a buyers market (below 20 per cent) and a sellers market (over 30 per cent). This is the sort of balance we’ve been looking for.”
Mr. Kavluk noted that according to CMHC approximately 30 per cent of renters can today afford the financial commitment of homeownership. “Low vacancy rates, and the potential removal of rent controls, appear to be encouraging them to take a good look at purchasing.” In closing Mr. Kavluk commented: “The projection of low interest rates for an extended period should help to sustain this market activity. A few warm days in a row won’t hurt either.”
TREB’s 4,207 single-family dwelling sales, which were reported throughout the Greater Toronto Area, totalled $809,453,496, and averaged $192,406. The median price was $169,000. Breaking down the total 1,630 sales were reported in TREB’s 27 West districts and averaged $178,224; 614 sales were reported in the 14 Central districts and averaged $271,670; 729 sales were reported in the 23 North districts and averaged $217,802; and 1,234 sales were reported in TREB’s 21 East districts and averaged $156,698. In addition to the sales of single-family dwellings, TREB Members reported 748 sales of properties of other types (P.O.T.) during February moving the total to 4,955. The dollar volume for properties of all types (P.A.T.) was $976,668,267, and the average price was $197,108. Note: TREB is now reporting sales for all Members of the Durham Region Real Estate Board. This has had a small impact on TREB’s total February sales. The districts most affected are E-12 to E-21.