The spring market is underway with TREB Members reporting 5,005 sales of singlefamily dwellings in March, Toronto Real Estate Board President Jimmy Lee announced today.
“This is the third year in a row that March sales have surpassed 5,000,” commented Mr. Lee. “And while this March was not as strong as the previous two years, we are still pleased with the results.” Last month’s sales were down 10 per cent from 5,550 in March 1997 and down 6 per cent from 5,350 in March 1996. Month over month, sales were up 15 per cent from 4,341 in February. The average price moved up three per cent in March to $221,564 from $214,577 in February. The median also rose to $187,000 up from $184,000 in February. Active listings rose to 20,654 last month, up 12 per cent from 18,453 in February, and up one per cent from 20,459 last March. The increase in inventory is good news for prospective purchasers, commented Mr. Lee.
TREB’s 5,005 single-family dwelling sales, which were reported throughout the Greater Toronto Area, totalled $1,108,931,801, and averaged $221,564. The median price was $187,000. Breaking down the total 1,875 sales were reported in TREB’s 28 West districts and averaged $203,907; 773 sales were reported in the 14 Central districts and averaged $322,118; 927 sales were reported in the 23 North districts and averaged $245,727; and 1,430 sales were reported in TREB’s 21 East districts and averaged $174,699. In addition to the sales of single-family dwellings, TREB Members reported 1,043 sales of properties of other types (P.O.T.) during March moving the total to 6,048. The dollar volume for properties of all types (P.A.T.) was $1,372,946,908, and the average price was $227,008.