Market Overview

GTA REALTORS® Release September Resale Housing Market Figures

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TORONTO, Oct. 04, 2017 (GLOBE NEWSWIRE) -- 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    
     

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

TREB is Canada's largest real estate board. Over 48,000 residential and commercial TREB Members serve consumers in the Greater Toronto Area.  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®.

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