Toronto Residential Real Estate Market Report for November 2004

     Last month was a record November and, with 79,382 sales for the yearto- date, 2004 is already the best year the Toronto resale home market has ever experienced, TREB President Ron Abraham announced today. “The TorontoMLS system recorded 6,301 single-family dwelling sales in November,” said the President. “This is an eight per cent increase over November 2003 (5,847 sales), which was the previous high-water mark for the month. With December still to come, we expect to break 80,000 total sales by the end of 2004, a first in Board history.”

    Prices eased to $318,837 in November, a decline of two per cent from the previous month. This was about the same as the decline between October and November 2003, where prices fell one per cent to $301,612 from $304,844. In addition, total inventory came in at 20,273 active listings, up 14 per cent over November of 2003. “This indicates that we are entering a period of relative quiet around the Christmas holiday,” Mr. Abraham said. “However, we still expect another 4,000 to 5,000 sales before the end of the year.”

   Breaking down the total, 2,401 sales were reported in TREB’s 28 West districts and averaged $296,689; 1,201 sales were reported in the 14 Central districts and averaged $413,445; 1,221 sales were reported in the 23 North districts and averaged $347,481; and 1,478 sales were reported in TREB’s 21 East districts and averaged $254,278.