There were 5,200 sales of single-family dwellings reported through the Toronto Real Estate Board’s MLS® in February, Jerry England, President, announced today. February sales mark a 27 per cent increase over the 4,080 sales reported in January, and a 24 per cent increase from the 4,207 sales reported during February last year.

Looking at prices, the average rose to $207,221 in February up four per cent from $198,798 in January. The median rose almost three per cent to $179,949 from $175,000 in January. This compares well to February 1996 when the average price was $192,406 and the median was $169,000, and closely mirrors February 1995 when the average price was $208,225 and the median was $175,500.

“The results posted so far this year are very encouraging,” commented Mr. England. “Housing prices appear to be bottoming out or rising in many areas as the resale market continues to accelerate on the crest of the best affordability conditions in more than a decade. I expect affordability will continue to drive the market into the spring. The only unknown may be the impact of a pending federal election and the uncertainty that can create.” Looking at active inventory, Mr. England noted listings rose nine per cent in February to 18,480 from 16,895 in January. However, even with the rise he said they were still down 22 per cent from 23,830 in February 1996.

TREB’s 5,200 single-family dwelling sales, which were reported throughout the Greater Toronto Area, totalled $1,077,554,170, and averaged $207,221. The median price was $179,949. Breaking down the total 2,020 sales were reported in TREB’s 27 West districts and averaged $192,238; 795 sales were reported in the 14 Central districts and averaged $293,266; 925 sales were reported in the 23 North districts and averaged $227,626; and 1,460 sales were reported in TREB’s 21 East districts and averaged $168,173. In addition to the sales of single-family dwellings, TREB Members reported 940 sales of properties of other types (P.O.T.) during February moving the total to 6,140. The dollar volume for properties of all types (P.A.T.) was $1,287,100,706, and the average price was $209,625.

Click to view Residential Market Update – February 1997