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For Further Information: 443-8152
The Records Keep Falling
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Toronto - Tuesday, August 3, 1999 --
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With 5,472 sales pouring through the TREB MLS system,
last month set a new record as the busiest July ever for
the Toronto resale home market, beating July '98's 5,026
figure by nearly 9%. "This is extremely good news,"
commented Toronto Real Estate Board President Bill
Palander. "5,400 sales recorded during the middle of
summer is an indication of an economy firing on all
cylinders."
Despite the frenzied sales pace, prices moderated in July, with the average down 4% to $222,102 from $230,692, and the median down about 3% to $193,000 from $198,150. "This is a perfectly normal seasonal development," Palander noted. "Unless you're in a full-fledged, 80's-style boom, prices just aren't going to go up every month. The lesson for potential sellers is to set a reasonable listing price. The days are gone when you could ask for something ridiculous and wait for the market to catch up with your price."
Breaking down the total, 2,008 sales were reported in
TREB's 28 West districts and averaged $208,581; 812 sales
were reported in the 14 Central districts and averaged
$304,319; 1,077 sales were reported in the 23 North
districts and averaged $247,098; and 1,575 sales were
reported in TREB's 21 East districts and averaged
$179,861.
Neighbourhood Corner
High Park/Bloor West Village
In July, the average price of homes sold in the High Park/Bloor West Village area rose 14% from the same month last year to $307,629, reflecting a more active upper-end ($300,000 +) market. Average time-on-market was 51 days, up 54% from the 33 days of July '98, reflecting the fact that more expensive homes generally take longer to sell.
Single-Family Residential Breakdown
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Dwelling Type Single Detached Semi Detached Condo T.H. Condo Apt. Link Attached/Row Co-op Apt. Detached Condo |
Sales 2,765 542 571 1,154 197 224 11 8 |
Median $239,000 190,000 155,000 138,700 189,500 180,000 107,000 170,750 |
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July 1998 |
July 1999 |
% Change |
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Sales* |
5,026 |
5,472 |
(+9%) |
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Sales (P.O.T.) |
1,058 |
1,090 |
(+3%) |
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New Listings* |
7,564 |
6,949 |
(-8%) |
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Active Listings** |
20,559 |
18,327 |
(-11%) |
* Single-Family Dwellings Only
** Properties All Types including Single-Family
Dwellings.
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GR 08/99