TREB Members reported 5,026 sales of single-family dwellings in July, marking the fifth month in a row that activity has surpassed the 5,000 mark, Jimmy Lee, President of the Toronto Real Estate Board, reported today.

“These are very good numbers for July,” commented Mr. Lee. “In fact, this is only the second time this decade that sales have surpassed 5,000 in July.” In July, TREB Members reported 5,026 sales of single-family dwellings. This was down seven per cent from the 5,410 sales reported in June, but up marginally from 5,024 reported last July. “It is not unusual for activity to dip slightly in July because this is such a big vacation month,” said Mr. Lee. The overall median and average prices for single-family dwellings across the Toronto area declined in July. The median price dipped just over one per cent to $185,000 from $188,000. Meanwhile the average dipped around six per cent to $210,459 from $225,323. Active listings fell in July, down six per cent to 20,559 from the 21,988 observed in June, and also down six per cent from the 21,866 recorded last July.

“We are facing a very active market,” added Mr. Lee. “This is bringing inventory down as listings are moving quickly.”

TREB’s 5,026 single-family dwelling sales, which were reported throughout the Greater Toronto Area, totalled $1,057,769,179, and averaged $210,459. The median price was $185,000. Breaking down the total 1,882 sales were reported in TREB’s 28 West districts and averaged $195,406; 761 sales were reported in the 14 Central districts and averaged $292,721; 937 sales were reported in the 23 North districts and averaged $233,734; and 1,446 sales were reported in TREB’s 21 East districts and averaged $171,678. In addition to the sales of single-family dwellings, TREB Members reported 1,058 sales of properties of other types (P.O.T.) during July moving the total to 6,084. The dollar volume for properties of all types (P.A.T.) was $1,329,234,855, and the average price was $218,480.

Click to view Residential Market Update – July 1998