Members of the Toronto Real Estate Board reported 4,979 sales of single-family dwellings, down slightly from 5,514 sales in May, but up 19 per cent over the 4,172 sales in June 1995 and 29 per cent over the 3,848 recorded in June 1994.
“The residential market continues to gain momentum,” commented TREB President Jerry England, “And while the build-up of equity is slower compared with the 1980’s, it is readily apparent that we have broken through the psychological barrier of 1994.”
England pointed out that to date, sales stand at 27,342 with a dollar volume $5.4 billion, an increase of 47 per cent over the 18,625 sales recorded in the first six months of last year, and up three per cent from the 26,437 recorded in the first six months of 1994. In June the median price dropped slightly to $175,000, while the average price rose to $204,392. England added, “Owning a house as a principal residence still represents a major non-taxable, wealth-building opportunity and the biggest advantage of residential property as an investment is that you can live in it.”
TREB’s 4,979 single-family dwelling sales, which were reported throughout the Greater Toronto Area, totalled $1,017,669,551 and averaged $204,392. The median price was $175,000. Breaking down the total 1,948 sales were reported in TREB’s 27 West districts and averaged $185,497; 735 sales were reported in the 14 Central districts and averaged $292,467; 935 sales were reported in the 23 North districts and averaged $234,387; and 1,361sales were reported in TREB’s 21 East districts and averaged $163,268. In addition to the sales of single-family dwellings, TREB Members reported 886 sales of properties of other types (P.O.T.) during June moving the total to 5,865. The dollar volume for properties of all types (P.A.T.) was $1,248,550,730, and the average price was $212,882.