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Home Prices up 3 per cent in March
TORONTO - Thursday, April 1, 1999 -
"It is clear that we have entered a seller's market," said TREB President Bill Palander. "And with our low level of inventory, there is likely to be an upward pressure on home prices for the foreseeable future." The President went on to note that, at 19,237, the total number of properties listed with the Board was down nearly 7 per cent from the comparable period in 1998. "These days, our Members' only complaint is the lack of product out there."
Breaking down the total, 2,262 sales were reported in TREB's 28 West districts and averaged $205,309; 902 sales were reported in the 14 Central districts and averaged $344,272; 1,001 sales were reported in the 23 North districts and averaged $249,214; and 1,630 sales were reported in TREB's 21 East districts and averaged $179,186.
Riverdale boomed through the first quarter of 1999. At $314,992 the average price of semi-detached homes was up 18 per cent from the $267,668 recorded during this time in 1998. Further, the price of detached homes rose 13 per cent over the same time period, to $420,250.
Average time-on-market in Riverdale was a mere 19 days, less than half the city-wide average, and nearly 20 per cent of the houses in the area sold for more than their asking price.
* Single-Family Dwellings Only
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