NEWS RELEASE



TREB Releases Monthly Market Figures Reported By GTA REALTORS®

TORONTO, 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.

 

 

 

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

2017

2016

Sales

Average Price

New Listings

Sales

Average Price

New Listings

City of Toronto ("416")

2,885

818,201

5,051

3,703

769,712

5,097

Rest of GTA ("905")

4,233

754,139

9,852

6,012

758,367

8,234

GTA

7,118

780,104

14,903

9,715

762,691

13,331

 

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

Sales

Average Price

416

905

Total

416

905

Total

Detached

812

2,323

3,135

1,287,765

910,488

1,008,207

Yr./Yr. % Change

-25.0%

-31.4%

-29.8%

-1.1%

-4.0%

-2.5%

Semi-Detached

284

410

694

948,309

636,829

764,293

Yr./Yr. % Change

-17.0%

-27.4%

-23.5%

5.2%

4.7%

6.3%

Townhouse

284

867

1,151

742,845

592,381

629,507

Yr./Yr. % Change

-21.1%

-22.2%

-22.0%

8.0%

7.0%

7.4%

Condo Apartment

1,485

540

2,025

555,004

435,142

523,041

Yr./Yr. % Change

-21.4%

-33.0%

-24.9%

20.9%

21.0%

21.8%

 

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

 

Composite (All Types)

Single-Family Detached

Single-Family Attached

Townhouse

Apartment

TREB Total

9.72%

5.43%

5.43%

14.17%

23.05%

Halton Region

10.20%

7.25%

8.03%

15.28%

21.65%

Peel Region

9.98%

7.33%

7.41%

13.07%

19.65%

City of Toronto

13.29%

3.90%

6.03%

15.54%

24.57%

York Region

3.61%

1.91%

0.53%

13.03%

20.08%

Durham Region

8.09%

7.61%

5.68%

11.20%

12.48%

Orangeville

18.90%

18.65%

18.44%

-

-

South Simcoe County1

11.12%

10.63%

12.98%

-

-

Source: Toronto Real Estate Board

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