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Demand for housing keeps inventory tight
TORONTO - Tuesday, February 2, 1999 -
"The numbers reflect the fact that we were hit with the biggest snowstorm in a hundred years," says TREB President Bill Palander. "The city came to a virtual standstill for a period of weeks and so it is not surprising to see the volume down."
At $211,723, prices are down about 2 per cent from the $215,131 recorded in December of 1998. However, this is up nearly 3 per cent from the $206,209 of last January. At $185,000 the median price is unchanged from December. It is up about 2 per cent from the $182,000 recorded last January.
"We are doing well in relation to last year" says Palander. "We are still anticipating a positive real estate market owing to low interest rates and a demand for housing by move-up buyers.
The total Active Listings in January were 15,045. This is down about 2 per cent from the 15,321 recorded in December, and down 7 per cent from the 16,203 recorded in January of last year.
"The demand for housing is high and this is keeping the supply of inventory tight," explained Palander in reference to decreases in Active Listings.
TREB's 2,449 single-family dwelling sales, which were reported throughout the Greater Toronto Area, totalled $518,511,095, and averaged $211,723. The median price was $185,000.
Breaking down the total, 943 sales were reported in TREB's 28 West districts and averaged $199,386; 350 sales were reported in the 14 Central districts and averaged $284,010; 472 sales were reported in the 23 North districts and averaged $244,394; and 684 sales were reported in TREB's 21 East districts and averaged $169,199.
In addition to the sales of single-family dwellings, TREB Members reported 559 sales of properties of other types (P.O.T.) during January, moving the total to 3,008. The dollar volume for properties of all types (P.A.T.) was $680,696,647, and the average price was $226,295.
* Single-Family Dwellings Only
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