In October, sales of single-family dwellings through the TREB MLS system declined a marginal 1 per cent, to 4,767 from the 4,818 recorded in September. Prices, on the other hand, rose slightly, up a single percentage point to $230,864 from the $228,431 recorded in the previous month.
“We will probably see a gradual slowing in the market over the next several weeks as we approach the holiday season,” TREB President Bill Palander commented. “Even so, sales are up 7 per cent from 1998, which should make this year our best ever.” The President went on to say that the Board’s total inventory of listings stood at 16,215, down 6 per cent from September’s 17,280, and down 16 per cent from the 19,440 recorded in October of last year. “Historically, this figure is quite low, and indicates a shortage on the supply-side” Palander noted. “This means that the next few months will be difficult for would-be purchasers, who may find their buying options limited. It’s good news for anyone thinking of selling their home, though, as it means prices will more likely be going up than down.”
Breaking down the total 1,826 sales were reported in TREB’s 28 West districts and averaged $210,404; 740 sales were reported in the 14 Central districts and averaged $343,377; 846 sales were reported in the 23 North districts and averaged $249,902; and 1,355 sales were reported in TREB’s 21 East districts and averaged $185,105.