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MARKET REPORT
September 2007
Toronto Real Estate Market
Prepared by Justine Deluce, MBA
Vice President, Operations
The Toronto Real Estate Board (TREB) reported a total of 6,866 residential properties sold through the MLS system during the month of September 2007. “This figure was up four percent from last year (6,622 sales) and off only six percent from the record 7,326 sales recorded during September 2005,” said TREB President Maureen O’Neill. The TREB President also reported that year-to-date sales were up an amazing twelve percent bringing the total sales to 73,827. If this pace continues, we are well on our way to surpassing the total number of sales recorded by TREB for all of 2006 (83,084), and possibly all of 2005, which saw the highest number of sales ever recorded in the history of the board (84,145).
The average sale price recorded across all TREB districts for the month of September was $380,132. As was noted by TREB, this figure represents a five percent increase over August ($361,890) and an increase of five percent year-to-date from $352,318 to $371,848. The average sale price across the combined central districts (C01 – C15) reached the highest level ever recorded by TREB at $501,419. This is the first time in the history of the board that the average price has gone above the 500K mark and realtors will be watching closely as concerns of affordably to the average home buyer take centre stage. Both buyers willingness to pay a premium to live in central neighbourhoods with close proximity to the core’s desirable amenities and the limited supply of properties available to buy continue to edge prices up. The three most expensive central districts were: C09, which includes the neighbourhood called Rosedale with an average sale price of $1,310,958; C12, which includes the neighbourhood called the Bridlepath with an average sale price of $1,286,948; C02, which includes the neighbourhoods called the Annex and Yorkville with an average sale price of $753,044.
Districts immediately to the east of the Don Valley Parkway (DVP) continue to be an attractive alternative to buyers who wish to live close to the amenities found in the downtown core but not willing to the pay the prices that come with a central district address. The average sale price in E01 (south of the Danforth, east of the DVP), which includes the neighbourhood called Riverdale, was $430,828. The average sale price in E03 (north of the Danforth, east of the DVP), which includes the neighbourhood called Playter Estates, was $392,377. Although these prices are more affordable, the pace of sales in these districts was daunting in September.
Last month, 149 properties sold for 1,000,001 or greater – the highest number this price category ever recorded in the history of the board.
At the time that this report is being prepared (October 15, 2007), daily statistics available on TREB’s website dated October 10 indicate that daily sales recorded across all districts are twenty-four percent ahead of sales reported on the same day last year and twelve percent ahead on a year-to-date basis. As reported above, if this pace continues, as all indications are that it will, the end of 2007 will likely bring record breaking sales results.
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