Wednesday, September 6, 2017
GTA REALTORS® RELEASE AUGUST 2017 RESALE HOUSING MARKET FIGURES
TORONTO, ONTARIO, September 6, 2017 – Toronto Real Estate
Board President Tim Syrianos announced that Greater Toronto Area REALTORS®
reported 6,357 home sales through TREB’s MLS® System in August 2017. This
result was down by 34.8 per cent compared to August 2016. The number of new
listings entered into TREB’s MLS® System, at 11,523, was down by 6.7 per cent
year-over-year and was at the lowest level for August since 2010. “Recent
reports suggest that economic conditions remain strong in the GTA. Positive
economic news coupled with the slower pace of price growth we are now
experiencing could prompt an improvement in the demand for ownership housing,
over and above the regular seasonal bump, as we move through the fall,”
continued Mr. Syrianos. The average selling price for all home types combined
was $732,292 – up by three per cent compared to August 2016. This growth was
driven by the semi-detached, townhouse and condominium apartment market
segments that continued to experience high single-digit or double digit
year-over-year average price increases. The MLS® Home Price Index composite
benchmark, which accounts for typical home types throughout TREB’s market area,
was up by 14.3 per cent year-over-year in August. The fact that MLS® HPI growth
outstripped average price growth, points to fewer high-end home sales this year
compared to last. “The relationship between sales and listings in the
marketplace today suggests a balanced market. If current conditions are
sustained over the coming months, we would expect to see year-over-year price
growth normalize slightly above the rate of inflation. However, if some buyers
move from the sidelines back into the marketplace, as TREB consumer research
suggests may happen, an acceleration in price growth could result if listings
remain at current levels,” said Jason Mercer, TREB’s Director of Market
Analysis.
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