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TREB cautiously optimistic about market
TORONTO - Tuesday, December 1, 1998 -
"The Greater Toronto Area real estate market is moving along at a steady pace, said Mr. Palander. "Although November is traditionally a slow period in real estate we are showing an increase in the average and median selling prices over last year."
In November, TREB Members reported 3,905 sales of single-family dwellings throughout the GTA. This is down 17 per cent from the 4,688 sales recorded in October and down 7 per cent from the 4,185 recorded last November.
A small dip occurred in November's average selling price, down 2 per cent, to $214,465 from $217,908 recorded in October. However, this was still up 1 per cent from the $212,127 recorded in November of 1997.
The median price rose marginally in November from October's $185,000 to $186,000. This is an increase of 2 per cent over the $182,250 recorded at this time last year.
At 18,047, active listings continued to fall in November, down 7 per cent from the 19,440 recorded in October and down marginally from the 18,131 recorded in November of 1997. This can be partly attributed to a relatively strong fall market that cleared out a lot of existing inventory.
"We look forward to continuing steady growth in the GTA market with no great changes in the foreseeable future," said Mr. Palander.
TREB's 3,905 single-family dwelling sales, which were reported throughout the Greater Toronto Area, totalled $837,486,257, and averaged $214,465. The median price was $186,000.
Breaking down the total 1,446 sales were reported in TREB's 28 West districts and averaged $200,044; 624 sales were reported in the 14 Central districts and averaged $295,209; 699 sales were reported in the 23 North districts and averaged $233,317; and 1,136 sales were reported in TREB's 21 East districts and averaged $176,869.
In addition to the sales of single-family dwellings, TREB Members reported 948 sales of properties of other types (P.O.T.) during November moving the total to 4,853. The dollar volume for properties of all types (P.A.T.) was $1,076,535,860, and the average price was $221,829.
* Single-Family Dwellings Only
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