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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