At 5,912, May sales of single-family dwellings were up just over 1 per cent from the 5,825 recorded in April, making last month the best reported so far this year by the Toronto Real Estate Board, Jimmy Lee, TREB President, announced today.

The average price fell modestly in May, down to $222,148 from $222,194 in April. The median also fell slightly, to $188,500 from $189,000. However, both the average and median were up from May of 1997. The average rose 2 per cent from last year’s $216,904, and the median rose 1 per cent from $186,500. Active listings continued their gradual rise in May, to 22,521 from last month’s 22,174, an increase of about 2 per cent. However, they were still down 2 per cent from last May’s 23,090.

TREB’s 5,912 single-family dwelling sales, which were reported throughout the Greater Toronto Area, totalled $1,313,341,371, and averaged $222,148. The median price was $188,500. Breaking down the total 2,224 sales were reported in TREB’s 28 West districts and averaged $202,121; 890 sales were reported in the 14 Central districts and averaged $332,453; 1,116 sales were reported in the 23 North districts and averaged $242,078; and 1,682 sales were reported in TREB’s 21 East districts and averaged $177,040. In addition to the sales of single-family dwellings, TREB Members reported 1,172 sales of properties of other types (P.O.T.) during May moving the total to 7,084. The dollar volume for properties of all types (P.A.T.) was $1,627,867,532, and the average price was $229,795.

Click to view Residential Market Update – May 1998