Market Overview

TREB Releases Monthly Market Figures Reported by GTA Realtors®

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TORONTO, Dec. 05, 2017 (GLOBE NEWSWIRE) -- Toronto Real Estate Board President Tim Syrianos announced that Greater Toronto Area REALTORS® reported 7,374 transactions through TREB's MLS® System in November 2017. This result was up compared to October 2017, bucking the regular seasonal trend.  On a year-over-year basis, sales were down by 13.3 per cent compared to November 2016.

New listings entered into TREB's MLS® System in November 2017 amounted to 14,349 – up by 37.2 per cent compared to November 2016, when the supply of listings was very low from a historic perspective.

"We have seen an uptick in demand for ownership housing in the GTA this fall, over and above the regular seasonal trend.  Similar to the Greater Vancouver experience, the impact of the Ontario Fair Housing Plan and particularly the foreign buyer tax may be starting to wane.  On top of this, it is also possible that the upcoming changes to mortgage lending guidelines, which come into effect in January, have prompted some households to speed up their home buying decision," said Mr. Syrianos.

The MLS® Home Price Index (HPI) composite benchmark price was up by 8.4 per cent on a year-over-year basis in November 2017.  The average selling price for all home types combined was down by two per cent compared to November 2016, due in large part to a smaller share of detached home sales versus last year.  On a year-to-date basis, the average selling price was up by 13.4 per cent compared to the same period last year.  High density home types continued to lead the way in terms of price growth, with the average condominium apartment price up by double-digits compared to November 2016.

"Changes in market conditions have not been uniform across market segments.  In line with insights from consumer polling undertaken by Ipsos in the spring, we are still seeing seller's market conditions for townhouses and condominium apartments in many neighbourhoods versus more balanced market conditions for detached and semi-detached houses.  We will have more insights to share about consumer intentions for 2018 at the end of January when TREB releases its third annual Market Year in Review and Outlook report," said Jason Mercer, TREB's Director of Market Analysis.

Continued…

Summary of TREB MLS®  Sales and Average Price November 1 - 30, 2017
  2017 2016
  Sales Average Price New Listings Sales Average Price New Listings
City of Toronto ("416") 2,978 802,220 4,881 3,353 790,580 4,048
Rest of GTA ("905") 4,396 734,347 9,468 5,150 768,309 6,408
GTA 7,374 761,757 14,349 8,503 777,091 10,456


TREB MLS® Sales & Average Price  By Home Type November 1 - 30, 2017
  Sales Average Price
  416   905   Total 416   905   Total
             
Detached 812   2,319   3,131   1,276,184   898,605   996,527  
Yr./Yr. % Change -18.9 % -19.2 % -19.1 % -5.1 % -6.2 % -5.8 %
Semi-Detached 267   474   741   904,711   632,631   730,668  
Yr./Yr. % Change -4.0 % -7.4 % -6.2 % -0.7 % 2.2 % 1.2 %
Townhouse 281   908   1,189   760,501   586,601   627,700  
Yr./Yr. % Change -17.6 % -6.4 % -9.3 % 12.3 % 2.7 % 4.8 %
Condo Apartment 1,606   604   2,210   555,396   414,782   516,965  
Yr./Yr. % Change -6.1 % -12.3 % -7.9 % 17.7 % 10.6 % 16.4 %
November 2017 Year-Over-Year Per Cent Change in the MLS® HPI
  Composite (All Types) Single-Family Detached Single-Family Attached Townhouse Apartment
TREB Total 8.41 % 4.04 % 4.51 % 11.70 % 21.62 %
Halton Region 7.56 % 5.25 % 7.20 % 10.69 % 14.74 %
Peel Region 9.37 % 6.86 % 6.71 % 11.44 % 18.77 %
City of Toronto 12.33 % 2.86 % 5.72 % 13.53 % 23.53 %
York Region 1.92 % 0.22 % -1.31 % 9.83 % 19.47 %
Durham Region 7.29 % 6.90 % 4.74 % 10.05 % 12.02 %
Orangeville 15.97 % 15.46 % 16.10 % -   -  
South Simcoe County1 8.25 % 7.72 % 11.58 % -   -  
1South Simcoe includes Adjala-Tosorontio, Bradford West Gwillimbury, Essa, Innisfil and New Tecumseth
Year-to-Date Summary of TREB MLS® Sales and Average Price
  2017 2016  
  Sales Average Price New Listings Sales Average Price New Listings
City of Toronto ("416") 33,236 839,572 57,399 38,995 742,240 56,977  
Rest of GTA ("905") 54,277 820,283 114,881 68,740 722,780 93,087  
GTA 87,513 827,608 172,280 107,735 729,823 150,064  
Year-to-Date TREB MLS® Sales & Average Price  By Home Type
  Sales Average Price
  416   905   Total 416   905   Total
Detached 9,017   30,403   39,420   1,428,217   1,008,280   1,104,337  
Yr./Yr. % Change -26.9 % -26.4 % -26.5 % 14.1 % 13.1 % 13.3 %
Semi-Detached 11,978   36,628   48,606   1,047,365   727,862   806,597  
Yr./Yr. % Change 338.4 % 601.3 % 511.0 % 5.1 % 7.7 % 2.6 %
Townhouse 3,435   7,179   10,614   862,220   583,568   673,748  
Yr./Yr. % Change -5.6 % 9.4 % 4.0 % 17.1 % 18.4 % 16.2 %
Condo Apartment 3,069   10,365   13,434   726,555   622,869   646,556  
Yr./Yr. % Change -25.8 % -19.7 % -21.1 % 15.7 % 17.9 % 17.1 %
Source: Toronto Real Estate Board            

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

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 49,000 residential and commercial TREB Members serve consumers in the Greater Toronto Area.  TREB is Canada's largest real estate board.

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