The Toronto Real Estate Board reported 5,878 sales of single-family dwellings in November, up 9 per cent from 5,398 sales in October, and up 78 per cent from the 3,295 recorded in November 1995. “It’s phenomenal,” commented TREB President Jerry England.
“The low interest rates are clearly motivating potential buyers to make a move. Our sales activity has once again surpassed that of the previous ten years, and if rates stay low, the market will be well positioned heading into 1997.”
November sales mark the highest month for 1996. Looking at prices, Mr. England noted the average price dipped in November to $195,801 from $199,882 in October, a decline of two per cent. The month-over-month median price also dipped to $172,500 from $173,500. Active listings continued their downward trend, falling 12 per cent to 20,347 from 23,057 in October.
TREB’s 5,878 single-family dwelling sales, which were reported throughout the greater Toronto area, totalled $1,150,918,704, and averaged $195,801. The median price was $172,500. Breaking down the total 2,233 sales were reported in TREB’s 27 West districts and averaged $180,651; 870 sales were reported in the 14 Central districts and averaged $278,918; 992 sales were reported in the 23 North districts and averaged $216,519; and 1,783 sales were reported in TREB’s 21 East districts and averaged $162,692. In addition to the sales of single-family dwellings, TREB Members reported 1,081 sales of properties of other types (P.O.T.) during November moving the total to 6,959. The dollar volume for properties of all types (P.A.T.) was $1,424,064,031, and the average price was $204,636.