Market Overview

CORRECTING and REPLACING - TREB Releases Monthly Market Figures Reported by GTA Realtors®

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TORONTO, Nov. 02, 2017 (GLOBE NEWSWIRE) -- 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

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

Over 49,000 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®. TREB  is Canada's largest real estate board.

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