The Toronto Real Estate Board is anticipating a strong spring real estate market, said TREB President-Elect, Bill Palander. He explained that while present sales volumes are slightly lower than this time last year selling prices are continuing to rise. “The Greater Toronto Area real estate market is moving along at a steady pace, said Mr. Palander.
“Although November is traditionally a slow period in real estate we are showing an increase in the average and median selling prices over last year.” In November, TREB Members reported 3,905 sales of single-family dwellings throughout the GTA. This is down 17 per cent from the 4,688 sales recorded in October and down 7 per cent from the 4,185 recorded last November. A small dip occurred in November’s average selling price, down 2 per cent, to $214,465 from $217,908 recorded in October. However, this was still up 1 per cent from the $212,127 recorded in November of 1997. The median price rose marginally in November from October’s $185,000 to $186,000. This is an increase of 2 per cent over the $182,250 recorded at this time last year. At 18,047, active listings continued to fall in November, down 7 per cent from the 19,440 recorded in October and down marginally from the 18,131 recorded in November of 1997. This can be partly attributed to a relatively strong fall market that cleared out a lot of existing inventory. “We look forward to continuing steady growth in the GTA market with no great changes in the foreseeable future,” said Mr. Palander.
TREB’s 3,905 single-family dwelling sales, which were reported throughout the Greater Toronto Area, totalled $837,486,257, and averaged $214,465. The median price was $186,000. Breaking down the total 1,446 sales were reported in TREB’s 28 West districts and averaged $200,044; 624 sales were reported in the 14 Central districts and averaged $295,209; 699 sales were reported in the 23 North districts and averaged $233,317; and 1,136 sales were reported in TREB’s 21 East districts and averaged $176,869. In addition to the sales of single-family dwellings, TREB Members reported 948 sales of properties of other types (P.O.T.) during November moving the total to 4,853. The dollar volume for properties of all types (P.A.T.) was $1,076,535,860, and the average price was $221,829.