Wednesday, November 15, 2017
Market Watch for October 2017
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.
Toronto MLS Market Watch for September 2017
GTA REALTORS® RELEASE SEPTEMBER RESALE HOUSING MARKET
FIGURES -www.TREBhome.com TORONTO, ONTARIO, October 4, 2017 – Toronto Real
Estate Board President Tim Syrianos announced that Greater Toronto Area
REALTORS® reported 6,379 sales through TREB’s MLS® System in September 2017.
This result was down by 35 per cent compared to September 2016. The number of
new listings entered into TREB’s MLS® System amounted to 16,469 in September –
up by 9.4 per cent year-over-year. “The improvement in listings in September
compared to a year earlier suggests that home owners are anticipating an uptick
in sales activity as we move through the fall. Consumer polling undertaken for
TREB in the spring suggested that buying intentions over the next year remain
strong. As we move through the fourth quarter we could see some buyers moving
off the sidelines, taking advantage of a better-supplied marketplace,” said Mr.
Syrianos. The average selling price in September 2017 was $775,546 – up 2.6 per
cent compared to September 2016. The MLS® Home Price Index (HPI) composite
benchmark was up by 12.2 per cent on a year-over-year basis. A key reason for
the difference in annual growth rates between the average price and the MLS®
HPI composite is the fact that detached homes – the most expensive market
segment on average – accounted for a smaller share of overall transactions this
year compared to last. “With more balanced market conditions, the pace of
year-over-year price growth was more moderate in September compared to a year
ago. However, the exception was the condominium apartment market segment, where
average and benchmark sales prices were up by more than 20 per cent compared to
last year. Tighter market conditions for condominium apartments follows
consumer polling results from the spring that pointed toward a shift to condos
in terms of buyer intentions,” said Jason Mercer, TREB’s Director of Market
Analysis
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