In February, TREB Members reported 4,341 single-family dwelling sales throughout the Greater Toronto Area up 44 per cent from January, although down 16 per cent from February of last year. Prices crept upwards in February. The average rose 4 per cent to $214,577 from $206,209, and the median rose slightly, up 1 per cent to $184,000 from $182,000. Active listings rose in February, up 9 per cent to 18,453 from 16,203 in January, in line with last year’s 18,480.

“We are pleased to report increased market activity during the month of February,” commented TREB President Jimmy Lee. “Hopefully this is a sign that we are poised for a good spring market.” Mr. Lee noted that condominiums continue to present an affordable ownership option with 820 sales of condo apartments averaging $143,510 and 408 sales of condo townhouses averaging $148,309 last month.

TREB’s 4,341 single-family dwelling sales, which were reported throughout the Greater Toronto Area, totalled $931,480,676, and averaged $214,577. The median price was $184,000. Breaking down the total 1,711 sales were reported in TREB’s 28 West districts and averaged $199,809; 639 sales were reported in the 14 Central districts and averaged $313,516; 772 sales were reported in the 23 North districts and averaged $234,247; and 1,219 sales were reported in TREB’s 21 East districts and averaged $170,986. In addition to the sales of single-family dwellings, TREB Members reported 855 sales of properties of other types (P.O.T.) during February moving the total to 5,196. The dollar volume for properties of all types (P.A.T.) was $1,158,307,291, and the average price was $222,923.

Click to view Residential Market Update – February 1998