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 Market Watch May 2003

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Please note that several errors appeared in the Area breakdowns on page one of May's Market Watch publication. These have been corrected and the revised file can be found here. We are sorry for any inconvenience this might have caused.

May Cracks 8,000 Sale Barrier

TORONTO -- Thursday, June 5, 2003

For only the third time in history, 8,000 plus existing home sales were recorded through the Toronto MLS system, TREB President Ann Bosley reported today. "Although the precise figure of 8,025 sales is down marginally from last May's 8,042, it is by far the best result for 2003 to date. Given our city's troubled spring, to see such a robust Toronto re-sale market is very encouraging.

Prices continued their upward progress in May, going to $298,451 from April's $292,783, a two per cent increase, and up seven per cent over May of last year. "This is clearly good news for sellers," Mrs. Bosley said. "However, active listings climbed eight per cent during the month, to 21,747. Eventually the increase in inventory will exert a welcome moderating effect on sold values."

Breaking down the total, 3,061 sales were reported in TREB's 28 West districts and averaged $274,189; 1,299 sales were reported in the 14 Central districts and averaged $412,733; 1,615 sales were reported in the 23 North districts and averaged $321,263; and 2,050 sales were reported in TREB's 21 East districts and averaged $244,292.

Neighbourhood Corner
Etobicoke

With 1,841 residential transactions to date this year, the Etobicoke (W-6 to W-10) housing market has slowed about 13 per cent over the same period in 2002, when 2,127 sales were recorded. However, prices for all types of residential property have risen to $305,927, a six per cent increase over the $288,768 recorded in Jan.-May 2002. Breaking down the total, the year-to-date average price for detached homes in Etobicoke was about $337,000, and for condo apartments $192,000. Finally, days-on-market averaged 33 days, identical to the city-wide average.


Dwelling Type

Detached

Semi Detached

Condo T.H.

Condo Apt.

Link

Attached/Row/Twnhouse

Co-op Apt.

Detached Condo

Sales

4,106

978

817

1,414

247

436

19

8

Median

$312,000

249,900

195,000

185,343

237,000

229,500

149,000

222,450


    Housing Market Indicators

    May 2002

    May 2003

    % Change

    Sales*

    8,042

    8,025

    New Listings*

    11,894

    14,032

    (+18%)

    Active Listings*

    --

    21,747

     

    * All figures for Single-Family Dwellings.


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05/03