Toronto Real Estate Board Reports Market Continues Strong in November

TORONTO, November 28, 2002-The Toronto Real Estate Board (TREB) today announced that home sales have continued strong through the month of November. Although final figures will be released next week, it is anticipated that November sales will reach near record levels.

Sales in November 2001 topped out at 5,762 sales, the best November on record, while prices averaged $ 257,947. This month's total transactions will be comparable with the average price expected to be approximately $285,998.

Toronto Real Estate Board President Ann Bosley, is a managing Realtor whose company is about to celebrate 75 years in business. Having witnessed a number of long-term real estate cycles, she says all signs point to continued strength in the market.

"In the central core volumes have remained the same, while homes are selling near or slightly above asking price. Multiple offers are continuing in some areas of the Greater Toronto Area and inventory remains thin. Overall the market remains favourable for both buyers and sellers.

Furthermore, Bosley indicates the key external factors influencing the market remain favourable. “We are not seeing the speculation that caused the market to inflate during the last boom. The factors driving this market: low interest rates, favourable immigration and employment numbers continue to be stable."

Canada Mortgage and Housing Corporation, which recently released its annual Housing Outlook report concurs with this perspective, projecting that the market will remain healthy in 2003. The Canadian Real Estate Association's American counterpart the National Association of Realtors is even more bullish. At its annual conference held earlier this month, its Chief Economist predicted that the real estate market will remain strong for up to least another eight years.

Bosley suggests that even the approaching holiday season hasn't dampened consumer interest."Historically we witness a temporary slowdown during the holiday season but this year, things are still going strong."

Serving the Greater Toronto Area with more than 17,500 Realtors utilizing a new state-of-the-art Multiple Listing Service, the Toronto Real Estate Board is North America's largest real estate board.

 

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* Please note that TREB counts by business or sales days. In a 30 day month, there will usually be about 20 sales days, depending on when the weekends fall, holidays,
and so on.