The year began with another near-record performance, as Toronto Real Estate Board Members reported 4,080 sales of single-family dwellings in January. This was up a whopping 84 per cent from the 2,222 sales recorded during the same period last year.
“Since January is usually one of our slowest months,” commented TREB President Jerry England, “these figures are very encouraging.” He did note that expectations for the rest of the year will depend largely on whether this momentum is maintained into the spring market. “We expect 1997 to be initially more of a seller’s market,” Mr. England continued, “Our inventory is low (under 17,000 active listings), and if the market performs anywhere near the level of 1996, we expect some upward pressure on prices.” He went on to note that, at $175,000 the median price had already risen 1.7 per cent from the $172,000 recorded in December, and 5.4 per cent from the $166,000 recorded in January of last year. The distribution of sales followed the pattern of the past several years, with TREB’s Central Area recording only 14 per cent of the total, and the greatest activity being in the Western and Eastern suburbs.
TREB’s 4,080 single-family dwelling sales, which were reported throughout the Greater Toronto Area, totalled $811,098,878, and averaged $198,798. The median price was $175,000. Breaking down the total 1,559 sales were reported in TREB’s 27 West districts and averaged $187,969; 593 sales were reported in the 14 Central districts and averaged $266,866; 714 sales were reported in the 23 North districts and averaged $223,967; and 1,214 sales were reported in TREB’s 21 East districts and averaged $164,655. In addition to the sales of single-family dwellings, TREB Members reported 899 sales of properties of other types (P.O.T.) during January moving the total to 4,979. The dollar volume for properties of all types (P.A.T.) was $1,057,416,009, and the average price was $212,375.