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GTA REALTORS® RELEASE JULY RESALE HOUSING MARKET FIGURES

TORONTO, August 3, 2017 -- Toronto Real Estate Board President Tim Syrianos announced that Greater Toronto Area REALTORS® reported 5,921 residential transactions through TREB’s MLS® System in July 2017.  This result was down by 40.4 per cent on a year-over-year basis, led by the detached market segment – both in the City of Toronto and surrounding regions.

While sales were down, the number of new listings reported were only slightly (+5.1 per cent) above last year’s level.

“A recent release from the Ontario government confirmed TREB’s own research which found that foreign buyers represented a small proportion of overall home buying activity in the GTA.  Clearly, the year-over-year decline we experienced in July had more to do with psychology, with would-be home buyers on the sidelines waiting to see how market conditions evolve,” said Mr. Syrianos.

“Summer market statistics are often not the best indicators of housing market conditions.  We generally see an uptick in sales following Labour Day, as a greater cross-section of would-be buyers and sellers start to consider listing and/or purchasing a home.  As we move through the fall, we should start to get a better sense of the impacts of the Fair Housing Plan and higher borrowing costs,” said TREB CEO John DiMichele.

The MLS® Home Price Index (HPI) Composite Benchmark price was up by 18 per cent on a year-over-year basis.  However, the Composite Benchmark was down by 4.6 per cent relative to June.  Monthly MLS® HPI declines were driven more so by single-family home types.  The average selling price for all home types combined was up by five per cent year-over-year to $746,218.

“Home buyers benefitted from more choice in the market this July compared to the same time last year.  This was reflected in home prices and home price growth.  Looking forward, if we do see some would-be home buyers move off the sidelines and back into the market without a similar increase in new listings, we could see some of this newfound choice erode.  The recent changes in the sales and price trends have masked the fact that housing supply remains an issue in the GTA,” said Jason Mercer, TREB’s Director of Market Analysis.


Summary of TorontoMLS Sales and Average Price July 1 - 31, 2017


2017

2016


Sales

Average Price

New Listings

Sales

Average Price

New Listings

City of Toronto ("416")

2,303

759,441

4,499

3,485

690,597

4,859

Rest of GTA ("905")

3,618

737,801

9,672

6,444

721,218

8,623

GTA

5,921

746,218

14,171

9,929

710,471

13,482


TorontoMLS Sales & Average Price  By Home Type July 1 - 31, 2017


Sales

Average Price


416

905

Total

416

905

Total








Detached

556

1,878

2,434

1,304,288

910,348

1,000,336

Yr./Yr. % Change

-41.7%

-48.9%

-47.4%

8.5%

2.4%

4.9%

Semi-Detached

169

414

583

869,227

636,844

704,207

Yr./Yr. % Change

-39.9%

-38.1%

-38.6%

1.3%

8.0%

5.2%

Townhouse

212

762

974

707,269

581,541

608,907

Yr./Yr. % Change

-38.2%

-36.1%

-36.5%

20.7%

11.3%

13.5%

Condo Apartment

1,345

495

1,840

532,502

418,191

501,750

Yr./Yr. % Change

-28.3%

-36.5%

-30.7%

24.6%

16.6%

23.2%


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


Composite (All Types)

Single-Family Detached

Single-Family Attached

Townhouse

Apartment

TREB Total

18.00%

14.93%

13.54%

25.29%

27.87%

Halton Region

13.96%

11.59%

12.10%

23.70%

20.79%

Peel Region

18.73%

15.59%

15.23%

23.83%

28.58%

City of Toronto

20.10%

13.12%

12.88%

26.54%

29.36%

York Region

15.12%

14.88%

11.22%

29.39%

23.67%

Durham Region

20.88%

20.68%

17.87%

25.54%

24.42%

Orangeville

26.91%

27.08%

27.03%

-

-

South Simcoe County1

19.93%

19.35%

21.62%

-

-

Source: Toronto Real Estate Board

1South Simcoe includes Adjala-Tosorontio, Bradford West Gwillimbury, Essa, Innisfil and New Tecumseth


Market Continued to Adjust in July

August 3, 2017 -- Toronto Real Estate Board President Tim Syrianos announced that Greater Toronto Area REALTORS® reported 5,921 residential transactions through TREB's MLS® System in July 2017. This result was down by 40.4 per cent on a yearover- year basis, led by the detached market segment – both in the City of Toronto and surrounding regions.While sales were down, the number of new listings reported were only slightly (+5.1 per cent) above last year's level.

"A recent release from the Ontario government confirmed TREB's own research which found that foreign buyers represented a small proportion of overall home buying activity in the GTA. Clearly, the year-over-year decline we experienced in July had more to do with psychology, with would-be home buyers on the sidelines waiting to see how market conditions evolve," said Mr. Syrianos.

"Summer market statistics are often not the best indicators of housing market conditions. We generally see an uptick in sales following Labour Day, as a greater cross-section of would-be buyers and sellers start to consider listing and/or purchasing a home. As we move through the fall, we should start to get a better sense of the impacts of the Fair Housing Plan and higher borrowing costs," said TREB CEO John DiMichele.

The MLS® Home Price Index (HPI) Composite Benchmark price was up by 18 per cent on a year-over-year basis. However, the Composite Benchmark was down by 4.6 per cent relative to June. Monthly MLS® HPI declines were driven more so by single-family home types. The average selling price for all home types combined was up by five per cent year-over-year to $746,218.

"Home buyers benefitted from more choice in the market this July compared to the same time last year. This was reflected in home prices and home price growth. Looking forward, if we do see some would-be home buyers move off the sidelines and back into the market without a similar increase in new listings, we could see some of this newfound choice erode. The recent changes in the sales and price trends have masked the fact that housing supply remains an issue in the GTA," said Jason Mercer, TREB's Director of Market Analysis.

GTA REALTORS® Release August Stats

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.

GTA REALTORS® RELEASE SEPTEMBER RESALE HOUSING MARKET FIGURES

TORONTO, October 4, 2017 -- 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
























TREB RELEASES MONTHLY MARKET FIGURES REPORTED BY GTA REALTORS®

TORONTO, November 2, 2017 -- 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

TREB RELEASES MONTHLY MARKET FIGURES REPORTED BY GTA REALTORS®

TORONTO, December 5, 2017 -- 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.


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


Annual TREB MLS® Sales & Average Price  By Home Type


Calendar Year


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

2,732

5,223

7,955

996,613

675,578

785,832

Yr./Yr. % Change

-20.5%

-27.2%

-25.1%

15.6%

15.8%

16.6%

Townhouse

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%

Condo Apartment

18,172

7,153

25,325

546,592

427,558

512,971

Yr./Yr. % Change

-12.8%

-19.3%

-14.8%

23.2%

21.5%

23.2%

Source: Toronto Real Estate Board