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More Moderate Price Growth in June
TORONTO, July 6, 2017 – Greater Toronto Area REALTORS reported 7,974 sales through
TREB’s MLS System in June 2017 – down by 37.3 per cent in comparison to June 2016.
The number of new residential listings entered into TREB’s MLS System, at 19,614, was up by
15.9 per cent compared to June 2016. While this annual rate of growth was sizeable, it
represented a more moderate annual rate of growth compared to May 2017, when new listings
were up by 48.9 per cent year-over-year.
“We are in a period of flux that often follows major government policy announcements pointed
at the housing market. On one hand, consumer survey results tell us many households are very
interested in purchasing a home in the near future, but some of these would-be buyers seem to
be temporarily on the sidelines waiting to see the real impact of the Ontario Fair Housing Plan.
On the other hand, we have existing home owners who are listing their home because they feel
price growth may have peaked. The end result has been a better supplied market and a
moderating annual pace of price growth,” said Mr. Syrianos.
Annual growth rates for MLS® HPI benchmark prices have moderated over the past two
months, but remain strong. The MLS® HPI composite benchmark price was up by 25.3 per
cent on a year-over-year basis in June. June’s average selling price for all home types
combined for the TREB market area was $793,915, representing a 6.3 per cent increase
compared to the same month in 2016. A better supplied market has certainly been a key factor
influencing the moderation in price growth.
“Recent Ipsos survey results suggest that home buying activity in the GTA will remain strong
moving forward. The year-over-year dip in home sales we have experienced over the last two
months seem to be the result of would-be buyers putting their decision to purchase temporarily
on hold while they monitor the impact of the Fair Housing Plan. On the supply side of the
market, it certainly looks as though buyers will benefit from more choice in the second half of
2017 compared to the same period in 2016,”said Jason Mercer, TREB’s Director of Market
Analysis and Service Channels.
Active Listings Increase in May
TORONTO, June 5, 2017 – Toronto Real Estate Board President Larry Cerqua announced that
Greater Toronto Area REALTORS reported 10,196 sales through TREB’s MLS System in May
2017 – down by 20.3 per cent compared to 12,790 sales reported in May 2016. Sales of
detached homes were down by 26.3 per cent. Sales of condominium apartments were down by
6.4 per cent.
Active listings – the number of properties available for sale at the end of May – were up by 42.9
per cent compared to the lowest level in 15 years recorded in May 2016, but remained below
the average and peak during that period. The number increased considerably for low-rise home
types including detached and semi-detached houses and townhouses. Active listings for
condominium apartments were down compared to May 2016.
“Home buyers definitely benefitted from a better supplied market in May, both in comparison to
the same time last year and to the first four months of 2017. However, even with the robust
increase in active listings, inventory levels remain low. At the end of May, we had less than two
months of inventory. This is why we continued to see very strong annual rates of price growth,
albeit lower than the peak growth rates earlier this year,” said Mr. Cerqua.
Selling prices continued to increase strongly in May compared to the same month in 2016. The
MLS HPI Composite Benchmark price was up by 29 per cent year-over-year. The average
selling price for all home types combined for the TREB Market Area as a whole was up by 14.9
per cent to $863,910. Year-over-year price increases were greater for condominium
apartments compared to low-rise home types. This likely reflects the fact that the low-rise
market segments benefitted most from the increase in listings.
“The actual, or normalized, effect of the Ontario Fair Housing Plan remains to be seen. In the
past, some housing policy changes have initially led to an overreaction on the part of
homeowners and buyers, which later balanced out. On the listings front, the increase in active
listings suggests that homeowners, after a protracted delay, are starting to react to the strong
price growth we’ve experienced over the past year by listing their home for sale to take
advantage of these equity gains,” said Jason Mercer, TREB’s Director of Market Analysis.
Strong Growth in New Listings in April
TORONTO, ONTARIO, May 3, 2017 – Toronto Real Estate Board President Larry Cerqua
announced that Greater Toronto Area REALTORS entered 33.6 per cent more new listings
into TREB's MLS® System in April 2017, at 21,630, compared to the same month in 2016.
New listings were up by double-digits for all low-rise home types, including detached and
semi-detached houses and townhouses. New listings for condominium apartments were at the
same level as last year.
Total sales for the TREB market area as a whole amounted to 11,630 – down 3.2 per cent
year-over-year. One issue underlying this decline was the fact that Easter fell in April in 2017
versus March in 2016, which resulted in fewer working days this year compared to last and,
historically, most sales are entered into TREB's MLS System on working days.
"The fact that we experienced extremely strong growth in new listings in April means that
buyers benefitted from considerably more choice in the marketplace. It is too early to tell
whether the increase in new listings was simply due to households reacting to the strong
double-digit price growth reported over the past year or if some of the increase was also a
reaction to the Ontario government's recently announced Fair Housing Plan," said Mr. Cerqua.
The MLS® Home Price Index (HPI) Composite Benchmark Price was up by 31.7 per cent year over-year
in April 2017. Similarly, the average selling price for all home types combined was
up by 24.5 per cent to $920,791.
"It was encouraging to see a very strong year-over-year increase in new listings. If new
listings growth continues to outpace sales growth moving forward, we will start to see more
balanced market conditions. It will likely take a number of months to unwind the substantial
pent-up demand that has built over the past two years. Expect annual rates of price growth to
remain well-above the rate of inflation as we move through the spring and summer months,"
said Jason Mercer, TREB's Director of Market Analysis.
Sales Up and Listings Down in February
March 3, 2017 -- Toronto Real Estate Board President Larry Cerqua announced that Greater Toronto Area REALTORS reported 8,014 residential sales through TREB's MLS System in February 2017. Despite the fact that February 2016 had one more day due to the leap year day, this result was up on a year-over-year basis by 5.7 per cent compared to 7,583 sales reported last year.
"The February statistics tell me that many Greater Toronto Area households continue to view home ownership as a great long-term investment. The high demand for ownership housing we're seeing is broad-based, with strong sales growth for most low-rise home types and condominium apartments. This makes sense given the results of a recent consumer survey undertaken for TREB by Ipsos, which found an even split between intending first-time buyers and existing homeowners who indicated that they were planning on purchasing a home in 2017," said Cerqua.
While the demand for ownership housing grew over the past year, new listings entered into TREB's MLS System in February were down on a year-over-year basis by 12.5 per cent to 9,834.
The MLS HPI Composite Benchmark Price was up by 23.8 per cent compared to February 2016. Similarly, the average selling price was up by 27.7 per cent year-over-year to $875,983. Annual rates of price growth continued to be strongest for low-rise home types, particularly detached houses. Growth rates for condominium apartment prices were also in the double digits, likely a result of strong demand from first-time buyers.
"The listing supply crunch we are experiencing in the GTA has undoubtedly led to the doubledigit home price increases we are now experiencing on a sustained basis, both in the low-rise and high-rise market segments. Until we see a marked increase in the number of homes available for sale, expect very strong annual rates of price growth to continue," said Jason Mercer, TREB's Director of Market Analysis.
North Toronto (Sherwood and Broadway)
2016 Sales January - December.
2016 Sales January - December.
Strong Start to 2017
TORONTO, ONTARIO, February 3, 2017- Toronto Real Estate Board President Larry Cerqua
announced that Greater Toronto Area REALTORS reported 5,188 residential transactions
through TREB's MLS® System in January 2017. This result was up by 11.8 per cent compared
to 4,640 sales reported in January 2016. Annual rates of sales growth were higher for
condominium apartments than for low-rise home types.
January 2017 picked up where 2016 left off: sales were up on a year-over-year basis while the
number of new listings was down by double-digit annual rates for most major home types.
"Home ownership continues to be a great investment and remains very important to the
majority of GTA households. As we move through 2017, we expect the demand for ownership
housing to remain strong, including demand from first-time buyers who, according to a recent
Ipsos survey, could account for more than half of transactions this year. However, many of
these would-be buyers will have problems finding a home that meets their needs in a market
with very little inventory," said Cerqua.
The MLS Home Price Index (HPI) Composite Benchmark price was up by 21.8 per cent on a
year-over-year basis in January. Similarly, over the same period, the average selling price was
up by 22.3 per cent to $770,745, with double-digit gains in the average prices for all major
“The number of active listings on TREB’s MLS System at the end of January was essentially
half of what was reported as available at the same time last year. That statistic, on its own,
tells us that there is a serious supply problem in the GTA – a problem that will continue to play
itself out in 2017. The result will be very strong price growth for all home types again this
year,” said Jason Mercer, TREB’s Director of Market Analysis.
Record Sales in 2016
TORONTO, ONTARIO, January 5, 2017 – Toronto Real Estate Board President Larry Cerqua
announced that 2016 was a second consecutive record year for home sales. Greater Toronto
Area REALTORS reported 113,133 home sales through TREB’s MLS System – up by 11.8
per cent compared to 2015. The calendar year 2016 result included 5,338 sales in December
– an annual increase of 8.6 per cent.
The strongest annual rate of sales growth in 2016 was experienced for condominium
apartments followed by detached homes.
“A relatively strong regional economy, low unemployment and very low borrowing costs kept
the demand for ownership housing strong in the GTA, as the region’s population continued to
grow in 2016,” said Mr. Cerqua.
The annual rate of growth for the MLS Home Price Index (HPI) in the TREB market area
accelerated throughout 2016 – from 10.7 per cent in January 2016 to 21 per cent in December
2016. The overall average selling price for calendar year 2016 was $729,922 – up 17.3 per
cent compared to 2015. The pace of the annual rate of growth for the average selling price
also picked up throughout the year, including a climb of 20 per cent in December.
“Price growth accelerated throughout 2016 as the supply of listings remained very constrained.
Active listings at the end of December were at their lowest point in a decade-and-a-half. Total
new listings for 2016 were down by almost four per cent. In 2016, we saw policy changes and
policy debates pointed at the demand side of the market. If we want to see a sustained
moderation in the pace of price growth, what we really need is more policy focus on issues
impacting the lack of homes available for sale,” said Jason Mercer, TREB’s Director of Market