The fall market is off to a strong start with 4,492 sales of single-family dwellings reported in September, said TREB President Jimmy Lee. This is up approximately 1 per cent from the 4,462 recorded in August, and up 5 per cent from the 4,298 recorded in September of last year. Looking at prices, Mr. Lee noted the average price increased 2 per cent to $213,917 from the $208,617 recorded in August. It was also up marginally from the $213,567 recorded in September of 1997. The median rose as well, to $185,350 from $184,000 in August, an increase of about 1 per cent. This also represents an increase of approximately 1 per cent from the $183,000 recorded in September of last year.

“As we predicted last month, the interest rate hike was only temporary,” said Mr. Lee. “The rates have moved to a lower level and people are no longer concerned about interest hikes.” Active listings recovered from their summer dip to rise to 19,876 in September, an increase of 4 per cent from the 19,126 of August. However, they remained well below (off 6 per cent) the 21,060 recorded last September. “Our market has been very busy lately and this has reduced the inventory of available listings,” commented Mr. Lee.

TREB’s 4,492 single-family dwelling sales, which were reported throughout the Greater Toronto Area, totalled $960,916,079, and averaged $213,917. The median price was $185,350. Breaking down the total 1,636 sales were reported in TREB’s 28 West districts and averaged $202,238; 695 sales were reported in the 14 Central districts and averaged $285,383; 879 sales were reported in the 23 North districts and averaged $239,236; and 1,282 sales were reported in TREB’s 21 East districts and averaged $172,718. In addition to the sales of single-family dwellings, TREB Members reported 937 sales of properties of other types (P.O.T.) during September moving the total to 5,429. The dollar volume for properties of all types (P.A.T.) was $1,187,538,665, and the average price was $218,740.

Click to view Residential Market Update – September 1998