Members of the Toronto Real Estate Board reported 5,514 sales of single-family dwellings in May, rising 46 per cent from 3,785 sales in May of 1995, and up 9 per cent from the 5,070 sales recorded in April.
“The resale housing market has been steadily gaining momentum, and May’s sales figures mark the best month to date, and the best month of May since 5,780 properties sold in May 1986,” says Toronto Real Estate Board President Jerry England. “We are experiencing a healthy market, finely balanced by the realistic expectations of both buyers and sellers. This bodes well for the remainder of 1996.”
England noted that average prices rose slightly to $201,847 from $198,445 recorded in April. Median prices also inched upward, rising 2 per cent to $176,000 from $173,000 recorded in April. England also pointed out that today’s market, sustained by affordability and low interest rates, appears to be in a recovery mode. “We expect to see a strong summer market and could see sales surpass 1994 levels by the end of the year.” He added that the number of active listings jumped 4 per cent in May to 28,024 from the 26,931 recorded in April. TREB’s 5,514 single-family dwelling sales, which were reported throughout the Greater Toronto Area, totalled $1,112,988,217, and averaged $201,847. The median price was $176,000.
Breaking down the total 2,077 sales were reported in TREB’s 27 West districts and averaged $186,518; 804 sales were reported in the 14 Central districts and averaged $271,133; 1,086 sales were reported in the 23 North districts and averaged $230,005; and 1,547 sales were reported in TREB’s 21 East districts and averaged $166,654. In addition to the sales of single-family dwellings, TREB Members reported 969 sales of properties of other types (P.O.T.) during May moving the total to 6,483. The dollar volume for properties of all types (P.A.T.) was $1,335,304,585, and the average price was $205,970.