AUGUST 2017 Housing Market Figures

Real Estate News

September 6, 2017 — Toronto Real Estate Board President Tim Syrianos announced that Greater Toronto Area REALTORS® reported 6,357 home sales through TREB’s MLS® System in August 2017. This result was down by 34.8 per cent compared to August 2016.

The number of new listings entered into TREB’s MLS® System, at 11,523, was down by 6.7 per cent year-over-year and was at the lowest level for August since 2010.

“Recent reports suggest that economic conditions remain strong in the GTA. Positive economic news coupled with the slower pace of price growth we are now experiencing could prompt an improvement in the demand for ownership housing, over and above the regular seasonal bump, as we move through the fall,” continued Mr. Syrianos.

The average selling price for all home types combined was $732,292 – up by three per cent compared to August 2016. This growth was driven by the semi-detached, townhouse and condominium apartment market segments that continued to experience high single-digit or double digit year-over-year average price increases.

The MLS® Home Price Index composite benchmark, which accounts for typical home types throughout TREB’s market area, was up by 14.3 per cent year-over-year in August. The fact that MLS® HPI growth outstripped average price growth, points to fewer high-end home sales this year compared to last.

“The relationship between sales and listings in the marketplace today suggests a balanced market. If current conditions are sustained over the coming months, we would expect to see year-over-year price growth normalize slightly above the rate of inflation. However, if some buyers move from the sidelines back into the marketplace, as TREB consumer research suggests may happen, an acceleration in price growth could result if listings remain at current levels,” said Jason Mercer, TREB’s Director of Market Analysis.

 

 

Summary of TorontoMLS Sales and Average Price August 1 – 31, 2017

2017 2016
Sales Average Price New Listings Sales Average Price New Listings
City of Toronto (“416”) 2,480 726,712 3,603 3,402 677,564 4,457
Rest of GTA (“905”) 3,877 735,861 7,920 6,346 728,890 7,889
GTA 6,357 732,292 11,523 9,748 710,978 12,346
 

TorontoMLS Sales & Average Price By Home Type August 1 – 31, 2017

Sales Average Price
416 905 Total 416 905 Total
Detached 561 2,017 2,578 1,191,052 906,592 968,494
Yr./Yr. % Change -34.8% -43.2% -41.6% -1.2% -0.1% 0.3%
Semi-Detached 180 408 588 895,361 635,669 715,167
Yr./Yr. % Change -13.0% -37.1% -31.3% 15.4% 7.0% 12.1%
Townhouse 238 852 1,090 682,177 582,953 604,618
Yr./Yr. % Change -33.1% -25.7% -27.5% 11.0% 8.7% 8.9%
Condo Apartment 1,476 520 1,996 540,169 416,081 507,841
Yr./Yr. % Change -24.5% -36.4% -28.0% 20.9% 18.9% 21.4%
 

August 2017 Year-Over-Year Per Cent Change in the MLS® HPI

Composite (All Types) Single-Family Detached Single-Family Attached Townhouse Apartment
TREB Total 14.25% 10.54% 9.74% 20.15% 26.09%
Halton Region 12.69% 10.66% 11.34% 15.11% 21.21%
Peel Region 14.64% 11.67% 11.18% 19.97% 25.65%
City of Toronto 16.71% 8.15% 9.31% 22.85% 27.35%
York Region 10.23% 9.15% 6.28% 22.26% 23.97%
Durham Region 15.27% 14.95% 12.72% 21.41% 17.57%
Orangeville 21.98% 21.87% 22.52%
South Simcoe County1 13.14% 12.39% 16.88%
Source: TREB
1South Simcoe includes Adjala-Tosorontio, Bradford West Gwillimbury, Essa, Innisfil and New Tecumseth