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GTA REALTORS® Release August Resale Housing Market Figures

9/6/2017 | Posted in Toronto Real Estate by Michael Antczak | Back to Main Blog Page

TREB News

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.

Summary of TorontoMLS Sales and Average Price August 1 - 31, 2017

 

 

2017

2016

 

 

Sales

Average Price

New Listings

Sales

Average Price

New Listings

 

City of Toronto ("416")

2,480

726,712

3,603

3,402

677,564

4,457

 

Rest of GTA ("905")

3,877

735,861

7,920

6,346

728,890

7,889

 

GTA

6,357

732,292

11,523

9,748

710,978

12,346

 

TorontoMLS Sales & Average Price  By Home Type August 1 - 31, 2017

 

Sales

Average Price

 

416

905

Total

416

905

Total

             

Detached

561

2,017

2,578

1,191,052

906,592

968,494

Yr./Yr. % Change

-34.8%

-43.2%

-41.6%

-1.2%

-0.1%

0.3%

Semi-Detached

180

408

588

895,361

635,669

715,167

Yr./Yr. % Change

-13.0%

-37.1%

-31.3%

15.4%

7.0%

12.1%

Townhouse

238

852

1,090

682,177

582,953

604,618

Yr./Yr. % Change

-33.1%

-25.7%

-27.5%

11.0%

8.7%

8.9%

Condo Apartment

1,476

520

1,996

540,169

416,081

507,841

Yr./Yr. % Change

-24.5%

-36.4%

-28.0%

20.9%

18.9%

21.4%

August 2017 Year-Over-Year Per Cent Change in the MLS® HPI

 

 

Composite  (All Types)

Single-Family  Detached

Single-Family Attached

Townhouse

Apartment

 

TREB Total

14.25%

10.54%

9.74%

20.15%

26.09%

 

Halton Region

12.69%

10.66%

11.34%

15.11%

21.21%

 

Peel Region

14.64%

11.67%

11.18%

19.97%

25.65%

 

City of Toronto

16.71%

8.15%

9.31%

22.85%

27.35%

 

York Region

10.23%

9.15%

6.28%

22.26%

23.97%

 

Durham Region

15.27%

14.95%

12.72%

21.41%

17.57%

 

Orangeville

21.98%

21.87%

22.52%

-

-

 

South Simcoe County¹

13.14%

12.39%

16.88%

-

-

 

¹ South Simcoe includes Adjala-Tosorontio, Bradford West Gwillimbury, Essa, Innisfil and New Tecumseth

Source: Toronto Real Estate Board

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