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.
Homeownership in the Greater Toronto Area (GTA) became more affordable in March 2025 compared to the previous year. On average, both borrowing costs and home prices have declined over the past year, making monthly payments more manageable for households looking to buy a home. “Homeownership has become more affordable over the past 12 months, and we expect further rate cuts this spring. Buyers will also benefit from increased choice, giving them greater negotiating power. Once consumers feel confident in the economy and their job security, home buying activity should improve,” said Toronto Regional Real Estate Board (TRREB) President Elechia Barry-Sproule. “Given the current trade uncertainty and the upcoming federal election, many households are likely taking a wait-and-see approach to home buying. If trade issues are solved or public policy choices help mitigate the impact of tariffs, home sales will likely increase. Home buyers need to feel their employment situation is solid before ...
Comments