NEWS RELEASE



GTA REALTORS® RELEASE RESALE HOUSING MARKET FIGURES

TORONTO, April 5, 2017 -- Toronto Real Estate Board President Larry Cerqua announced that Greater Toronto Area REALTORS® reported 12,077 residential sales through TREB’s MLS® System in March 2017.  This result represented a 17.7 per cent increase compared to the 10,260 sales reported in March 2016.  For the TREB market area as a whole, annual sales growth was strongest for condominium apartments and detached houses.

The number of new listings also increased on a year-over-year basis, at 17,051 – a 15.2 per cent increase compared to March 2016.  The strongest growth in new listings was experienced in the detached market segment.  While new listings were up strongly compared to last year, the rate new listings growth was still lower than the rate of sales growth. As a result, GTA market conditions continued to tighten.

“It has been encouraging to see that policymakers have not implemented any knee-jerk policies regarding the GTA housing market.  Different levels of government are holding consultations with market stakeholders and TREB has participated and will continue to participate in these discussions.  Policy makers must remember that it is the interplay between the demand for and supply of listings that influences price growth,” said Mr. Cerqua.

Strong competition between buyers continued to cause high levels of price growth in all major market segments.  The MLS® Home Price Index (HPI) Composite Benchmark Price was up by 28.6 per cent year-over-year.  For the TREB market area as a whole, the average selling price was up by 33.2 per cent, with similar annual rates of growth in the low-rise and condominium apartment segments.

“Annual rates of price growth continued to accelerate in March as growth in sales outstripped growth in listings.  A substantial period of months in which listings growth is greater than sales growth will be required to bring the GTA housing market back into balance.  As policy makers seek to achieve this balance, it is important that an evidence-based approach is followed,” said Jason Mercer, TREB’s Director of Market Analysis.

 

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

2017

2016

Sales

Average Price

New Listings

Sales

Average Price

New Listings

City of Toronto ("416")

4,258

899,452

5,740

3,607

699,513

5,503

Rest of GTA ("905")

7,819

925,888

11,311

6,653

681,776

9,292

GTA

12,077

916,567

17,051

10,260

688,011

14,795

 

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

Sales

Average Price

416

905

Total

416

905

Total

Detached

1,215

4,672

5,887

1,561,780

1,124,088

1,214,422

Yr./Yr. % Change

14.3%

21.3%

19.8%

32.8%

34.3%

33.4%

Semi-Detached

334

668

1,002

1,089,605

742,501

858,202

Yr./Yr. % Change

4.4%

0.8%

1.9%

33.3%

34.4%

34.4%

Townhouse

362

1,364

1,726

761,128

690,202

705,078

Yr./Yr. % Change

-8.1%

19.1%

12.2%

22.0%

38.5%

32.9%

Condo Apartment

2,324

937

3,261

550,299

440,950

518,879

Yr./Yr. % Change

29.0%

13.0%

23.9%

32.0%

33.2%

33.1%

 

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

 

Composite (All Types)

Single-Family Detached

Single-Family Attached

Townhouse

Apartment

TREB Total

28.59%

30.53%

27.73%

28.15%

23.98%

Halton Region

28.11%

27.37%

28.59%

33.33%

-

Peel Region

30.02%

31.14%

30.64%

29.68%

24.05%

City of Toronto

24.13%

27.72%

22.45%

21.26%

24.04%

York Region

31.34%

33.60%

30.16%

20.82%

21.52%

Durham Region

31.79%

31.41%

29.45%

36.85%

32.74%

Orangeville

26.50%

26.24%

27.11%

-

-

South Simcoe County1

35.24%

36.06%

31.19%

-

-

Source: Toronto Real Estate Board

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