TREB Members reported 4,185 sales of single family dwellings in November, Jerry England, TREB President, announced today. November’s sales mark a 17 per cent decline from the 5,077 recorded in October, and are down 29 per cent from the 5,878 reported in November 1996.
“While we were somewhat disappointed with the results,” commented Mr. England, “I think it is important that we put the market results into context. November 1996 was an exceptional month – it was the best November in at least 10 years and it marked the top sales month for the entire year. It would certainly have been difficult to surpass those results. With more than 4,000 sales, this was still the second best November for the 1990s.”
Commenting on the month over month decline, Mr. England noted there are a number of potential factors including seasonality and an expected slowdown after a sustained period of market strength. Mr. England noted interest rates continue to be affordable in spite of mounting pressure from the Bank of Canada. At the same time, he did note that continued increases could have a negative impact on housing affordability and called on the Bank of Canada to exercise caution while struggling with the problem facing the Canadian dollar. While sales were down, cumulative prices continued to be relatively stable. The average rose slightly to $212,127 from $211,791 in October, and the median dipped to $182,250 from $184,000 in October.
TREB’s 4,185 single-family dwelling sales, which were reported throughout the Greater Toronto Area, totalled $887,752,963, and averaged $212,127. The median price was $182,250. Breaking down the total 1,628 sales were reported in TREB’s 28 West districts and averaged $197,181; 636 sales were reported in the 14 Central districts and averaged $311,734; 720 sales were reported in the 23 North districts and averaged $233,500; and 1,201 sales were reported in TREB’s 21 East districts and averaged $166,827. In addition to the sales of single-family dwellings, TREB Members reported 937 sales of properties of other types (P.O.T.) during November moving the total to 5,122. The dollar volume for properties of all types (P.A.T.) was $1,134,135,799, and the average price was $221,424.