The Toronto Real Estate Board is watching the election issue in Quebec closely to see how it will effect interest rates, said TREB President, Jimmy Lee. While present interest rates are extremely low, Mr. Lee says that TREB is hoping the Quebec election issue will not have a negative effect on rates. Mr. Lee says that TREB Members have reported 4,688 sales of single-family dwellings in the Toronto area for the month of October, an increase of 4 per cent over the 4,492 recorded in September. However, this is down 8 per cent from the 5,077 recorded in October of last year.

“The numbers are strong for this time of year”, said Mr. Lee.  “We are seeing a good volume of sales combined with relatively stable selling prices.” The average selling price rose about 2 per cent, to $217,908 from $213,917, between September and October. The median fell marginally from $185,350 to $185,000 over the same time period. However, both median and average were up from the same month last year. The average rose 3 per cent from last October’s $211,791; the median was up marginally from the $184,000 of that time. Inventory of active listings continued to fall in October, down 2 per cent to 19,440 from the 19,876 in September, and down 2 per cent from the 19,889 recorded in October of last year.

TREB’s 4,688 single-family dwelling sales, which were reported throughout the Greater Toronto Area, totalled $1,021,555,250, and averaged $217,908. The median price was $185,000. Breaking down the total 1,732 sales were reported in TREB’s 28 West districts and averaged $202,776; 753 sales were reported in the 14 Central districts and averaged $308,419; 850 sales were reported in the 23 North districts and averaged $238,259; and 1,353 sales were reported in TREB’s 21 East districts and averaged $174,122. In addition to the sales of single-family dwellings, TREB Members reported 993 sales of properties of other types (P.O.T.) during October moving the total to 5,681. The dollar volume for properties of all types (P.A.T.) was $1,274,397,550, and the average price was $224,326.

Click to view Residential Market Update – October 1998