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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