The Toronto real estate market continued to ride a heat wave in June with Toronto Real Estate Board (TREB) Members reporting 5,046 sales of single-family dwellings. Looking at the first half of 1997, June’s sales bring the six-month total to 32,096, up 17 per cent from 27,342 for the same period in 1996. This marks the strongest six-month showing for the 1990s.
“We’ve certainly had a flourishing real estate market so far in 1997,” commented TREB President Jerry England. “Low interest rates appear to be the driving factor sustaining this period of strong market activity. Of course, we are now heading into our traditionally slower summer season. However, with the overall economic picture remaining bright and a recent dip in mortgage rates, I expect we will continue to see solid market performance for the immediate future.”
Mr. England added that prices were relatively stable in June with slight dips in the overall average to $215,638 and median to $185,000. He pointed to the condominium market as an attractive option with 938 apartments averaging $145,162 in June and 443 townhouses averaging $148,924.
TREB’s 5,046 single-family dwelling sales, which were reported throughout the Greater Toronto Area, totalled $1,088,110,771, and averaged $215,638. The median price was $185,000. Breaking down the total 1,861 sales were reported in TREB’s 27 West districts and averaged $196,925; 801 sales were reported in the 14 Central districts and averaged $310,743; 964 sales were reported in the 23 North districts and averaged $235,903; and 1,420 sales were reported in TREB’s 21 East districts and averaged $172,759. In addition to the sales of single-family dwellings, TREB Members reported 1,023 sales of properties of other types (P.O.T.) during June moving the total to 6,069. The dollar volume for properties of all types (P.A.T.) was $1,344,451,039, and the average price was $221,528. Note: Between 100 and 150 sales (approximately three per cent) and 400 to 600 active listings (approximately two per cent) that were not available for the May report were rolled into the June data. Caution should be exercised when undertaking historical comparisons.