TREB Members reported 5,398 sales of single-family dwellings for the month of October, up 61 per cent from the 3,344 sales reported in October 1995, and up 31 per cent from the 4,123 reported in September of this year. This marks the best October since 1986 when 4,614 sales were reported.
“With just two months remaining, the 1996 real estate market continues to show phenomenal strength,” says TREB President Jerry England. “Our year-to-date total is 45,774 — already surpassing the 39,273 sales recorded for all of 1995, and the 44,237 total sales recorded in 1994. “Clearly, Toronto’s resale housing market has been experiencing an exceptional 1996, says TREB President Jerry England. “It’s been the best year of the ’90s — at times even rivaling the activity of the ‘boom’ years.” The latest round of interest rate cuts are certain to help maintain this momentum, adds Mr. England, noting potential buyers are eager to cash in on the lowest mortgage rates since the 1960s.
TREB’s 5,398 single-family dwelling sales, which were reported throughout the Greater Toronto Area, totalled $1,078,965,635, and averaged $199,882. The median price was $173,500. Breaking down the total 2,095 sales were reported in TREB’s 27 West districts and averaged $184,185; 816 sales were reported in the 14 Central districts and averaged $290,648; 914 sales were reported in the 23 North districts and averaged $219,788; and 1,573 sales were reported in TREB’s 21 East districts and averaged $162,137. In addition to the sales of single-family dwellings, TREB Members reported 883 sales of properties of other types (P.O.T.) during October moving the total to 6,281. The dollar volume for properties of all types (P.A.T.) was $1,282,350,382, and the average price was $204,163.