TORONTO, ONTARIO, November 2, 2017 – Toronto Real Estate
Board President Tim Syrianos reported 7,118 residential sales through TREB’s
MLS® System in October 2017. This result represented an above-average increase
between September and October of almost 12 per cent, pointing to stronger fall
market conditions. On a year-over-year basis, October sales were down compared
to 9,715 transactions in October 2016. Total sales reported through the first
10 months of 2017 amounted to 80,198 – down from 99,233 for the same time
period in 2016. “Every year we generally see a jump in sales between September
and October. However, this year that increase was more pronounced than usual
compared to the previous ten years. So, while the number of transactions was
still down relative to last year’s record pace, it certainly does appear that
sales momentum is picking up,” said Mr. Syrianos. The MLS® Home Price Index
Composite benchmark price was up by 9.7 per cent on a year-over-year basis in
October. Annual rates of price growth were strongest for townhouses and
condominium apartments. The average selling price for October transactions was
$780,104 – up by 2.3 per cent compared to the average of $762,691 in October
2016. “The housing market in the GTA has been impacted by a number of policy
changes at the provincial and federal levels. Similar to the track followed in
the Greater Vancouver Area, it appears that the psychological impact of the
Fair Housing Plan, including the tax on foreign buyers, is starting to unwind,”
said Jason Mercer, TREB’s Director of Market Analysis. “TREB will be
undertaking its annual consumer polling process over the last two months of
2017. This polling will include research into the impact of recent and proposed
government policy changes on consumer intentions to buy and sell homes in the
GTA, including the impacts of the new OSFI guideline and a potential vacancy
tax in the City of Toronto. In addition, TREB continues to work with different
levels of government on solutions to the long-term housing supply issues in the
region,” added Mr. Syrianos.
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