NEWS RELEASE



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