Members of the Toronto Real Estate Board reported 5,350 sales of single-family dwellings in March, up 66 per cent from, 3,218 sales in March of 1995, and up 27 per cent from the 4,207 sales recorded in February.
“In spite of the mid-month mortgage rate increase, the residential market continued to gain momentum in March” commented TREB President Jerry England. “And while sales did not match 1994 levels (6,008) we were still thrilled with the results.” Mr. England noted there was some upward movement in prices with the average rising 3 per cent to $197,523 from $192,406 in February. The median price rose one per cent to $171,000 from $169,000. “There has been some encouraging price movement in the market as indicated in the average and median price increases. However, it will take another month before we can begin to establish if a real estate recovery is sustainable.”
TREB’s 5,350 single-family dwelling sales, which were reported throughout the Greater Toronto Area, totalled $1,056,750,769, and averaged $197,523. The median price was $171,000. Breaking down the total 1,987 sales were reported in TREB’s 27 West districts and averaged $182,620; 762 sales were reported in the 14 Central districts and averaged $286,437; 987 sales were reported in the 23 North districts and averaged $220,190; and 1,614 sales were reported in TREB’s 21 East districts and averaged $160,033. In addition to the sales of single-family dwellings, TREB Members reported 938 sales of properties of other types (P.O.T.) during March moving the total to 6,288. The dollar volume for properties of all types (P.A.T.) was $1,281,549,739, and the average price was $203,809.