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 Market Watch September 2002

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Market Watch
For Further Information: 443-8152

 

New September Record; R.E. Market Back on Track

TORONTO -- Thursday, October 3 2002.

With 5,846 homes sold through the TREB MLS system, last month was the best September ever recorded in the history of the Toronto Real Estate Board, TREB President Ann Bosley announced today. "Sales are up 16 per cent from the September 2001 figure of 5021, which was our previous record.," Mrs. Bosley said. "After taking a short summer breather, the residential market is back on track for another record breaking year. We look forward to an active and stable fall market."

"Average prices also jumped in September, going to $282,765 from August's of $266,154, a six per cent increase," Mrs. Bosley continued. "In straight dollar terms, this is the highest monthly average ever seen by the Board. However, this market remains far more affordable than that of the late 80's. Low interest rates, coupled with low unemployment and increased immigration, are the factors pushing Real Estate towards new sales records.

Breaking down the total, 2,210 sales were reported in TREB's 28 West districts and averaged $263,131; 970 sales were reported in the 14 Central districts and averaged $378,521; 1,207 sales were reported in the 23 North districts and averaged $305,073; and 1,459 sales were reported in TREB's 21 East districts and averaged $230,388.

Neighbourhood Corner
EastYork

In September, East York (E-3) saw 52 sales of detached homes for an average of $289,679. This is up 18% from the $246,108 recorded last September.

Semi-Detached homes averaged $244,922 on the basis of 26 sales, down about 1 per cent from the $246,335 recorded in September 2001. And 34 Condo apartments sold in East York for an average of $161,082, up 14 per cent from the $141,541 from September 2001. Time-on-Market in East York was 31 days (as compared to the city-wide average of 35 days) and the list-to-sale price ratio was 97 per cent.


Dwelling Type

Single Detached

Semi Detached

Condo T.H.

Condo Apt.

Link

Attached/Row/Twnhouse

Co-op Apt.

Detached Condo

Sales

2,935

766

537

1,104

175

292

33

4

Median

$290,000

239,575

188,800

183,250

230,000

223,250

158,000

256,000


    Housing Market Indicators

    September 2001

    September 2002

    % Change

    Sales*

    5,021

    5,846

    (+16%)

    New Listings*

    8,584

    9,614

    (+12%)

    Active Listings*

    N/A

    15,910

    N/A

    * All figures for Single-Family Dwellings.


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10/02