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 Market Watch December 2002

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Market Watch
For Further Information: 443-8152

Go to Final 2002 Numbers, Sales and Average Prices


2002 Best Year Ever For Sales

TORONTO -- Monday, January 6, 2003

In 2002, the Toronto resale Real Estate market put in its best year ever, with 74,759 homes being sold through the local MLS system, TREB President Ann Bosley reported today. "This figure is up about 10 per cent from the 67,612 level recorded in 2001, which was our previous record," The President said.

"Last year was especially good for potential home sellers, as prices rose to $275,371, up 9 per cent from the $251,508 recorded in 2001 and, before adjusting for inflation, to their highest level ever."

"Nevertheless, low interest rates and a strong labour market kept first-time buyers in the game, as evidenced by the surge in the condominium sector (apartments and townhouses), which in December amounted to 35 per cent of the total homes sold."

"Looking forward to 2003, there is nothing in the fundamentals of the local or national economy that suggests anything other than another strong year. While sales levels have eased off over the past few months, and will probably continue to moderate into the Spring, this is only after a two year string of record-breaking performances."

Breaking down the total, 1,381 sales were reported in TREB's 28 West districts and averaged $248,163; 633 sales were reported in the 14 Central districts and averaged $373,851; 690 sales were reported in the 23 North districts and averaged $310,316; and 885 sales were reported in TREB's 21 East districts and averaged $218,646.

Neighbourhood Corner
Mississauga

In Mississauga (W-12 to W-20) the latter half of this year saw prices climb 10 per cent to $256,824 over the $233,151 recorded for the whole of 2001. Average Days-on-Market in Mississauga was 34, as compared to a city-wide average of 38 days.


Dwelling Type

Detached

Semi Detached

Condo T.H.

Condo Apt.

Link

Attached/Row/Twnhouse

Co-op Apt.

Detached Condo

Sales

1,625

413

401

849

106

168

25

2

Median

$291,000

242,500

192,000

185,000

239,700

228,000

205,000

170,750


    Housing Market Indicators

    December 2001

    December 2002

    % Change

    Sales*

    4,762

    3,589

    (-25%)

    New Listings*

    4,214

    4,169

    (-1%)

    Active Listings*

    N/A

    10,923

    N/A

    * All figures for Single-Family Dwellings.


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01/03