The market for existing homes continues to outperform the same period last year, proof that the near-record performance of 1996 is carrying over into 1997, according to the Toronto Real Estate Board (TREB). Figures show that TREB Members reported 5,024 sales of single-family dwellings in July 1997, representing an almost negligible decrease from the 5,046 sales recorded in June of this year. However, July’s totals are an 11 per cent increase over the 4,539 sales recorded in July 1996, marking the 19th consecutive time that sales have bettered year-ago levels.
“Overall, sales levels are strong and no one category dominates the market,” says TREB President Jerry England. “Last year we saw a definite resurgence in the resale home marketplace and this year we’re continuing to build on what is now considered to be the benchmark of the nineties.” Both the average and the median prices declined marginally in July. The average price fell one per cent to $213,634 from $215,638 in June and the median price also dropped to $184,100 from $185,000 in June. However, when compared to July 1996, both the average and median prices are up 7 per cent from $199,856 and $172,500 respectively. Mr. England pointed out that the real estate sector has once more become a key part of the region’s economic recovery.
TREB’s 5,024 single-family dwelling sales, which were reported throughout the Greater Toronto Area, totalled $1,073,300,562 and averaged $213,634. The median price was $184,100. Breaking down the total 1,853 sales were reported in TREB’s 28 West districts and averaged $193,184; 796 sales were reported in the 14 Central districts and averaged $303,834; 952 sales were reported in the 23 North districts and averaged $237,182; and 1,423 sales were reported in TREB’s 21 East districts and averaged $174,056. In addition to the sales of single-family dwellings, TREB Members reported 985 sales of properties of other types (P.O.T.) during July moving the total to 6,009. The dollar volume for properties of all types (P.A.T.) was $1,321,621,647 and the average price was $219,940. Please note that TREB has introduced a new MLS district, W-29, which now covers the municipality of Orangeville, (previously included in W-28). Separate figures for the new district appear in this edition of Market Watch. While overall sales and prices will be unaffected, readers will note some changes in W-28 as a result of the new boundaries.