Market Overview

GTA REALTORS® Release Resale Housing Market Statistics

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TORONTO, April 05, 2017 (GLOBE NEWSWIRE) -- 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  

Greater Toronto REALTORS® are passionate about their work. They are governed by a strict Code of Ethics and share a state-of-the-art Multiple Listing Service®. Over 47,000 residential and commercial TREB Members serve consumers in the Greater Toronto Area.  TREB  is Canada's largest real estate board.

www.TREBhome.com

Media Inquiries:  
Mary Gallagher
Senior Manager Public Affairs  
(416) 443-8158 
maryg@trebnet.com

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