For Further Information: 443-8151
Low interest rates and strong economy drive September sales
TORONTO - Thursday, October 1, 1998 -
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
* Single-Family Dwellings Only
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