The market for existing homes continues to be hot, hot, hot through the summer months, reported Toronto Real Estate Board (TREB) President Jerry England today. July sales of 4,539 single-family dwellings represents a 22 per cent increase over the 3,721 recorded in July of 1995. And while July was down nine per cent from the 4,979 recorded last month, it is the best July in nearly a decade.
“The traditional summer slow down has yet to happen,” says England, “if mortgage rates stay at these attractive levels and prices continue to remain fairly stable, an extremely active September and October is in the cards.” Both the average and the median prices were down marginally in July. The average price fell two per cent to $199,856 from $204,392 and the median price dropped one per cent to $172,500 from $175,000. England added that, “the shrewd buyers will be finding their new homes in August.”
TREB’s 4,539 single-family dwelling sales, which were reported throughout the Greater Toronto Area, totalled $907,147,999 and averaged $199,856. The median price was $172,500. Breaking down the total 1,750 sales were reported in TREB’s 27 West districts and averaged $184,494; 666 sales were reported in the 14 Central districts and averaged $275,850; 877 sales were reported in the 23 North districts and averaged $232,574; and 1,246 sales were reported in TREB’s 21 East districts and averaged $157,785. In addition to the sales of single-family dwellings, TREB Members reported 786 sales of properties of other types (P.O.T.) during July moving the total to 5,325. The dollar volume for properties of all types (P.A.T.) was $1,103,019,345, and the average price was $207,140.