Members of the Toronto Real Estate Board (TREB) reported 4,123 sales of single-family dwellings last month, up seven per cent from 3,841 sales in September 1995, Jerry England, Toronto Real Estate Board President, reported today.
“Sales continue to outpace 1995 for the ninth straight month, proof that the resale market is definitely back on track,” says England. “This strong activity can be attributed to a number of key factors — low mortgage rates, increased affordability, a flourishing export market and both a federal and a provincial government committed to getting their fiscal houses in order, all of which point to a resale housing market that will continue to maintain its momentum into October and November.”
England noted that while September sales were down six per cent from the 4,372 sales reported in August, the numbers are extremely encouraging, especially when you consider that last month was the best September since 1986, when TREB Members recorded 4,196 sales. Looking to prices, Mr. England noted that the average fell marginally by one per cent to $195,486 from $197,622 in August. The median price was almost static, declining minimally to $172,500 from $173,000. “First-time buyers continue to drive the resale market, while move-up buyers are predominantly purchasing new homes, rather than resales,” says England. “The good news is that this will expand the future resale market inventory, and in all likelihood this trend will continue throughout the Fall market.
TREB’s 4,123 single-family dwelling sales, which were reported throughout the Greater Toronto Area, totalled $805,988,880, and averaged $195,486. The median price was $172,500. Breaking down the total 1,596 sales were reported in TREB’s 27 West districts and averaged $183,066; 587 sales were reported in the 14 Central districts and averaged $263,457; 771 sales were reported in the 23 North districts and averaged $222,801; and 1,169 sales were reported in TREB’s 21 East districts and averaged $160,297. In addition to the sales of single-family dwellings, TREB Members reported 725 sales of properties of other types (P.O.T.) during September moving the total to 4,848. The dollar volume for properties of all types (P.A.T.) was $976,472,171, and the average price was $201,417.