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 Market Watch November 2002

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Market Watch
For Further Information: 443-8152

 

The Best Year Ever With a Month to Go!

TORONTO -- Wednesday, December 4, 2002

With December still to come, the 5,537 sales recorded in November pushed year-to-date sales to 71,150, an all time one-year record for the Toronto Real Estate Board, TREB President Ann Bosley announced today. "While sales for the month of November were off 4% from the November 2001 total of 5,759, the pace was still healthy," the President said.

Average prices jumped to $285,323 in November, up 2% from October's $279,771, and up 11% from the $257,947 recorded in November of 2001. "The average figure was skewed upward slightly due to a number of multi-million dollar sales in the Central Area," the President commented," Nevertheless, we hope that as Toronto City Council considers its new budget they realize that the more they increase property taxes the more potential home-buyers they remove from the marketplace. Many first time buyers and people on a fixed income are right on the edge of being able to afford the carrying cost of a home. In a strong market like this, an increase in property taxes will make the challenge greater for these people."

Breaking down the total, 2,080 sales were reported in TREB's 28 West districts and averaged $255,608; 952 sales were reported in the 14 Central districts and averaged $406,540; 1,115 sales were reported in the 23 North districts and averaged $310,008; and 1,390 sales were reported in TREB's 21 East districts and averaged $226,967.

Neighbourhood Corner
Lawrence Park/Bridle Path

The sales of multi-million dollar properties drove average prices in the Lawrence Park/Bridle Path area (C-12) to $1,048,889 in November, a whopping 27% increase over the same month in 2001. Breaking down the total, the average price of detached homes in the area came in at $1,179,143 on the basis of 21 sales, up 20% from the same time last year. In addition, four condo-apartments sold for an average price of $714,500.


Dwelling Type

Detached

Semi Detached

Condo T.H.

Condo Apt.

Link

Attached/Row/Twnhouse

Co-op Apt.

Detached Condo

Sales

2,661

653

602

1,154

165

266

33

3

Median

$295,000

240,000

190,000

182,500

232,500

225,000

144,000

470,000


    Housing Market Indicators

    November 2001

    November 2002

    % Change

    Sales*

    5,759

    5,537

    (-4%)

    New Listings*

    7,413

    7,328

    (-1%)

    Active Listings*

    N/A

    14,937

    N/A

    * All figures for Single-Family Dwellings.


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12/02