With December still to come, the 5,537 sales recorded in November pushed year-to-date sales to 71,150, an all time oneyear record for the Toronto Real Estate Board, TREB President Ann Bosley announced today.

“While sales for the month of November were off 4% from the November 2001 total of 5,759, the pace was still healthy,” the President said. Average prices jumped to $285,323 in November, up 2% from October’s $279,771, and up 11% from the $257,947 recorded in November of 2001. “The average figure was skewed upward slightly due to a number of multi-million dollar sales in the Central Area,” the President commented,” Nevertheless, we hope that as Toronto City Council considers its new budget they realize that the more they increase property taxes the more potential home-buyers they remove from the marketplace. Many first time buyers and people on a fixed income are right on the edge of being able to afford the carrying cost of a home. In a strong market like this, an increase in property taxes will make the challenge greater for these people.”

Breaking down the total, 2,080 sales were reported in TREB’s 28 West districts and averaged $255,608; 952 sales were reported in the 14 Central districts and averaged $406,540; 1,115 sales were reported in the 23 North districts and averaged $310,008; and 1,390 sales were reported in TREB’s 21 East districts and averaged $226,967.

Click to view Residential Market Update – November 2002