1998 kicked off with TREB Members reporting 3,006 sales of single-family dwellings in January, Toronto Real Estate Board President Jimmy Lee announced today. Although sales fell 26 per cent from the 4,080 recorded last year, it’s important to remember 1997 was the best January this decade. Last month still marked the second best January of the 1990s. The President went on to note the average price moved to $206,209, up from $205,710 in December and up 4 per cent from the $198,798 recorded in January 1997. The median price moved to $182,000 from $180,000 in December.

Lee concluded: “We are looking forward to stronger sales as we approach the Spring market, even if factors like the recent up-tick in interest rates may keep us from achieving last year’s near-record pace.”

TREB’s 3,006 single-family dwelling sales, which were reported throughout the Greater Toronto Area, totalled $619,863,329, and averaged $206,209. The median price was $182,000. Breaking down the total 1,160 sales were reported in TREB’s 28 West districts and averaged $193,842; 436 sales were reported in the 14 Central districts and averaged $279,986; 546 sales were reported in the 23 North districts and averaged $237,740; and 864 sales were reported in TREB’s 21 East districts and averaged $165,656. In addition to the sales of single-family dwellings, TREB Members reported 577 sales of properties of other types (P.O.T.) during January moving the total to 3,583. The dollar volume for properties of all types (P.A.T.) was $769,557,270, and the average price was $214,780.

Click to view Residential Market Update – January 1998