In February, TREB Members reported 4,393 single-family dwelling sales throughout the Greater Toronto Area, up 79 per cent from the 2,449 recorded in January; and up 1 per cent from the 4,341 of last year. Prices also saw an upward swing in February. The average climbed 4 per cent to $221,354 from $211,723, and the median rose slightly, up 2 per cent to $188,000 from $185,000. The Board’s inventory of active listings grew 14 per cent to 17,147 from the 15,045 recorded in January. However, inventory is still 7 per cent lower than the 18,453 active listings recorded last February.

“We are pleased with the increased market activity in February,” commented TREB President Bill Palander. “I am optimistic that this is a positive indication of a strong spring market.” Mr. Palander noted that consumer confidence remains strong and long-term mortgage rates are still very favorable.

TREB’s 4,393 single-family dwelling sales, which were reported throughout the Greater Toronto Area, totalled $972,409,959, and averaged $221,354. The median price was $188,000. Breaking down the total 1,653 sales were reported in TREB’s 28 West districts and averaged $207,515; 663 sales were reported in the 14 Central districts and averaged $320,765; 823 sales were reported in the 23 North districts and averaged $241,394; and 1,254 sales were reported in TREB’s 21 East districts and averaged $173,886. In addition to the sales of single-family dwellings, TREB Members reported 901 sales of properties of other types (P.O.T.) during February moving the total to 5,294. The dollar volume for properties of all types (P.A.T.) was $1,205,185,389, and the average price was $227,651.

Click to view Residential Market Update – February 1999