Members of the Toronto Real Estate Board (TREB) reported 5,797 sales of singlefamily dwellings during May marking the fourth consecutive month that area sales have surpassed 5,000.

“Resale market activity across the GTA remains strong,” TREB Vice President Jimmy Lee said today. He pointed to low interest rates as a key factor supporting current market strength adding: “We hope the new Liberal Government maintains them (low rates).”

He noted the condominium market continues to be an affordable option with 1,045 condominium apartment sales averaging $143,483 and 494 condominium townhouse sales averaging $151,851. TREB’s 5,797 single-family dwelling sales, which were reported throughout the Greater Toronto Area, totalled $1,257,395,571, and averaged $216,904. The median price was $186,500.

Breaking down the total 2,117 sales were reported in TREB’s 27 West districts and averaged $200,135; 873 sales were reported in the 14 Central districts and averaged $309,272; 1,101 sales were reported in the 23 North districts and averaged $241,621; and 1,706 sales were reported in TREB’s 21 East districts and averaged $174,496. In addition to the sales of single-family dwellings, TREB Members reported 1,121 sales of properties of other types (P.O.T.) during May moving the total to 6,918. The dollar volume for properties of all types (P.A.T.) was $1,560,456,411, and the average price was $225,565. Note: Between 100 and 150 sales (approximately two per cent) and 400 to 600 active listings (approximately two per cent) were not available for the May report due to a computer system problem. These numbers will be included in the June data. Caution should be exercised when undertaking historical comparisons.

Click to view Residential Market Update – May 1997