*** FIRST QUARTER RESULTS and TRENDS ***
Attached Homes - 1stQ 1999 compared to Previous 4thQ 1998*
(Semi, Link, Freehold & Condo Townhouse, Condo Apartment)

Month	Average List Price	Average Sell Price	Ratio	DaysOnMrkt	Units Sold
Jan 1999	$186,490	$179,817	96%	47	42
Feb 1999	$199,657	$194,937	97%	52	84
Mar 1999	$210,030	$204,306	97%	40	97
TOTAL:	$201,689	$196,165	97%	46	223

Month	Average List Price	Average Sell Price	Ratio	DaysOnMrkt	Units Sold
Jan 1999	$274,962	$264,638	96%	54	59
Feb 1999	$342,665	$332,285	96%	45	115
Mar 1999	$314,122	$306,279	97%	39	187
TOTAL:	$316,815	$307,758	97%	43	361

 

Month	Average List Price	Average Sell Price	Ratio	DaysOnMrkt	Units Sold
Oct 1998	$303,348	$295,413	97%	45	115
Nov 1998	$294,709	$285,017	96%	45	79
Dec 1998	$317,359	$304,418	95%	56	51
TOTAL	$303,479	$293,935	96%	96%	245

BOTTOM LINE:
Detached homes Average sale price increased, list to sales ratio increased, Days on Market decreased, # Units sold increased substantially

Attached Homes - Comparison 1st Quarter - 1999 to 1998*
(Semi, Link, Freehold & Condo Townhouse, Condo Apartment)

Month	Average List Price	Average Sell Price	Ratio	DaysOnMrkt	Units Sold
Jan 1999	$186,490	$179,817	96%	47	42
Feb 1999	$199,657	$194,937	97%	52	84
Mar 1999	$210,030	$204,306	97%	40	97
TOTAL:	$201,689	$196,165	97%	46	223

 

Month	Average List Price	Average Sell Price	Ratio	DaysOnMrkt	Units Sold
Jan 1998	$178,215	$173,75	97%	43	48
Feb 1998	$179,437	$174,683	97%	41	62
Mar 1998	$189,245	$183,621	97%	54	77
TOTAL:	$183,162	$178,125	97%	47	187

BOTTOM LINE:
Attached homes Average sale price increased, list to sales ratio stable, Days on Market decreased, # Units sold increased substantially

Detached Homes - Comparison 1st Quarter - 1999 to 1998*
(Bungalow, Splitlevel, 1 1/2 Storey, 2 Storey, 3 Storey)

Month	Average List Price	Average Sell Price	Ratio	DaysOnMrkt	Units Sold
Jan 1999	$274,962	$264,638	96%	54	59
Feb 1999	$342,665	$332,285	96%	45	115
Mar 1999	$314,122	$306,279	97%	39	187
TOTAL:	$316,815	$307,758	97%	43	361

 

Month	Average List Price	Average Sell Price	Ratio	DaysOnMrkt	Units Sold
Jan 1998	$320,414	$311,019	97%	55	81
Feb 1998	$335,208	$324,329	96%	42	140
Mar 1998	$317,570	$309,289	97%	45	171
TOTAL:	$324,457	$315,018	97%	46	392

BOTTOM LINE:
Detached homes Average sale price decrease, list to sales ratio stable, Days on Market decrease, # Units sold decreased

** ALL SALES - FIRST QUARTER 1999 **
STATISTICS BASED ON 584 SOLD LISTINGS

	LIST $	SALE $	% OF $	MKT-DAYS	ROOMS	BEDS
HIGH VALUES	1,295,000	1,295,000	109	401	12	6
LOW VALUES	99,500	90,000	85	1	4	1
MEAN (AVERAGE)	73,172	265,427	97	45	7	7
STD. DEVIATION	99,251	94,681	2	44	1	0
0 95% LOW RANGE	265,140	257,765	97	41	7	3
95% HIGH RANGE	281,204	273,089	97	49	7	3
WEIGHTED MEAN	333,895	323,927	97	18	0	0
STD. DEVIATIO	124,145	120,836	2	52	7
MEDIAN VALUES	239,900	235,000	97	29	7	3
SKEWNESS COEFF	+ 1.01	+ 0.96	+ 0.00	+ 1.09	+ 0.00	+ 0.00
MODE	189,900	185,000	98	10 158	6 303	3

***First Quarter - 1999 TRENDS***
Best described in this Article!

Bidding wars heat up Toronto's housing market Woman given $12,000 to drop out of race for High Park home There was next to nothing on the market when two anxious buyers spotted the same classic three-storey home in High Park. But when a bidding war threatened to erupt, one of the potential buyers came up with a novel suggestion. Pay me $20,000 to go away, she told her rival, and the house is yours.
Last significant bidding war was in early 1990 The rival bidder agreed, but only after she bargained her down to $12,000. She got the home - for more than $100,000 over the asking price. Welcome back to bidding wars.
Bolstered by low interest rates, which fell again yesterday, and rising consumer confidence, the Toronto housing market is showing signs of hyperactivity not seen in a decade.

``The last significant bidding wars were in late 1988, '89, and early '90 before the real estate market crashed,'' said Royal LePage Real Estate Ltd. regional vice-president Sherry Chris. Most house prices in Toronto rose in the first three months of the year, according to Royal LePage's quarterly survey of Canadian house prices. And in certain prime neighbourhoods a shortage of listings has sparked bidding wars for the second straight year, the survey found. However, Chris noted that the current flurry of activity isn't anything like the frenzy a decade ago. ``Home buyers are willing to pay fair market value and even a little above, but they're not going crazy,'' she said in a telephone interview yesterday. ``Homeowners who are over-pricing aren't seeing any activity. ``So, buyers are pretty well educated about what they should be paying.''

The bidding wars are occurring mainly in older neighbourhoods with lots of character - such as Riverdale, the Beaches, Bloor West Village, Leaside and north Toronto - over houses that have been extensively renovated, Chris said.
For example:
A house on Lascelles Blvd., in upper Forest Hill, was listed at $509,000, but went for $604,000, said ReMax Unique Real Estate agent Carolyn McEwan.
A three-storey, five-bedroom attached home on Withrow Ave., in prime Riverdale, was listed at $399,000 but sold for $450,000. Seven potential buyers bid on the property, said ReMax Hallmark Real Estate Ltd. agent Eugene Palermo.
But, while certain properties have gone for way over list price in Toronto, the biggest over-all price increases are taking place outside Toronto, the survey also showed.
Detached bungalows in Meadowvale and Streetsville jumped 22.2 per cent from $180,000 in 1998 to $220,000 this year. The jump is fuelled by a growing number of retirees looking to downsize their housing, Chris said. In Mississauga, the standard two-storey home jumped 19.5 per cent in Mississauga, from $200,000 last year to $239,000, the survey found. The area appeals to younger families who want bigger backyards and suburban lifestyle, Chris said.
In comparison, a two-storey home in the Beaches has risen 8.9 per cent to $318,000, and 7.4 per cent in Riverdale to $290,000, the survey found.
The average house price in Toronto was expected to rise just 2.9 per cent this year, to $223,000, Canada Mortgage and Housing Corp. predicted last month.
In Toronto, demand is being fuelled by the shortage of rental housing and declining mortgage rates, Chris said. Several banks announced mortgage rate cuts yesterday, bringing the five-year closed mortgage rate down to 6.95 per cent, after the Bank of Canada cut the prime lending rate.
`It's cheaper now in many cases to own a home than rent a home,'' Chris said.
But one industry insider also cautioned that real estate agents sometimes artificially stimulate bidding wars.
They'll list a property, hold showings, but refuse to accept any offers for at least four or five days. By then, the property will have attracted more than one offer.
If you are in the market, take heart Some real estate agents will under-price a property to attract multiple offers, knowing the psychology of a bidding war will boost the price over its normal market value. Of course, this strategy only works when supply is tight and the listed property is highly desirable.
If you are in the market, take heart. The shortage is expected to ease in the next few weeks as more houses come on the market.

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