New September Record; Real Estate Market Back on Track
Issue: September 2002
With 5,846 homes sold through the TREB MLS system, last month was the best September ever recorded in the history of the Toronto Real Estate Board, TREB President Ann Bosley announced today. "Sales are up 16% from the September 2001 figure of 5021, which was our previous record.," Mrs. Bosley said. "After taking a short summer breather, the residential market is back on track for another record breaking year. We look forward to an active and stable fall market."
"Average prices also jumped in September, going to $282,765 from August's of $266,154, a six per cent increase," Mrs. Bosley continued. "In straight dollar terms, this is the highest monthly average ever seen by the Board. However, this market remains far more affordable than that of the late 80's. Low interest rates, coupled with low unemployment and increased immigration, are the factors pushing Real Estate towards new sales records.
Breaking down the total, 2,210 sales were reported in TREB's 28 West districts and averaged $263,131; 970 sales were reported in the 14 Central districts and averaged $378,521; 1,207 sales were reported in the 23 North districts and averaged $305,073; and 1,459 sales were reported in TREB's 21 East districts and averaged $230,388.
Neighbourhood Corner
EastYorkIn September, East York (E-3) saw 52 sales of detached homes for an average of $289,679. This is up 18% from the $246,108 recorded last September.
Semi-Detached homes averaged $244,922 on the basis of 26 sales, down about 1 per cent from the $246,335 recorded in September 2001. And 34 Condo apartments sold in East York for an average of $161,082, up 14 per cent from the $141,541 from September 2001. Time-on-Market in East York was 31 days (as compared to the city-wide average of 35 days) and the list-to-sale price ratio was 97 per cent.
