GTA REALTORS® RELEASE SEPTEMBER RESALE HOUSING MARKET FIGURES

TORONTO, 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.

 

Summary of TorontoMLS Sales and Average Price September 1 – 30, 2017
2017 2016
Sales Average Price New Listings Sales Average Price New Listings
City of Toronto (“416”) 2,510 809,591 5,535 3,571 766,464 5,684
Rest of GTA (“905”) 3,869 753,459 10,934 6,259 750,063 9,366
GTA 6,379 775,546 16,469 9,830 756,021 15,050
TorontoMLS Sales & Average Price  By Home Type September 1 – 30, 2017
Sales Average Price
416 905 Total 416 905 Total
Detached 642 2,138 2,780 1,355,234 912,921 1,015,067
Yr./Yr. % Change -41.0% -40.3% -40.4% 4.4% -1.7% 0.0%
Semi-Detached 255 384 639 935,467 630,797 752,379
Yr./Yr. % Change -15.3% -37.5% -30.2% 5.2% 3.7% 7.4%
Townhouse 230 768 998 685,016 586,731 609,382
Yr./Yr. % Change -39.9% -32.5% -34.4% 4.8% 8.6% 7.1%
Condo Apartment 1,362 498 1,860 554,069 428,360 520,411
Yr./Yr. % Change -23.2% -37.0% -27.5% 24.0% 16.6% 23.2%
September 2017 Year-Over-Year Per Cent Change in the MLS® HPI
Composite (All Types) Single-Family Detached Single-Family Attached Townhouse Apartment
TREB Total 12.22% 8.56% 7.80% 16.47% 24.22%
Halton Region 13.37% 12.30% 10.64% 15.24% 18.35%
Peel Region 12.15% 9.12% 9.40% 16.55% 22.44%
City of Toronto 15.28% 6.63% 8.70% 17.95% 25.98%
York Region 6.20% 4.87% 2.83% 16.28% 21.51%
Durham Region 11.04% 10.88% 8.71% 13.72% 14.52%
Orangeville 19.33% 18.95% 20.59%
South Simcoe County1 13.07% 13.05% 13.95%
Source: Toronto Real Estate Board
1South Simcoe includes Adjala-Tosorontio, Bradford West Gwillimbury, Essa, Innisfil and New Tecumseth

 

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