NEWS RELEASE



TREB Releases Monthly Market Figures Reported By GTA REALTORS®

TORONTO, January 4, 2018 -- Toronto Real Estate Board President Tim Syrianos announced that Greater Toronto Area REALTORS® reported 92,394 sales through TREB’s MLS® System in 2017.  This total was down 18.3 per cent compared to the record set in 2016.

Record sales in Q1 were followed by a decline in Q2 and Q3 after the Ontario Fair Housing Plan (FHP) was announced.  The pace of sales picked up in Q4, as the impact of the FHP started to wane, and some buyers arguably brought forward their home purchase in response to the new OSFI stress test guidelines effective January 1, 2018.

“Much of the sales volatility in 2017 was brought about by government policy decisions.  Research from TREB, the provincial government and Statistics Canada showed that foreign home buying was not a major driver of sales in the GTA. However, the Ontario Fair Housing Plan, which included a foreign buyer tax, had a marked psychological impact on the marketplace.  Looking forward, government policy could continue to influence consumer behavior in 2018, as changes to federal mortgage lending guidelines come into effect,” said Mr. Syrianos.

The average selling price for 2017 as a whole was $822,681 – up 12.7 per cent compared to 2016.  This annual growth was driven more so by extremely tight market conditions during the first four months of the year.  In the latter two-thirds of 2017, fewer sales combined with increased listings resulted in slower price growth.  In December, the MLS® Home Price Index (HPI) Composite Benchmark was up by 7.2 per cent year over year, and the overall average selling price was up by 0.7 per cent year over year.

“It is interesting to note that home price growth in the second half of 2017 differed substantially depending on market segment.  The detached market segment – the most expensive on average – experienced the slowest pace of growth as many buyers looked to less expensive options.  Conversely, the condominium apartment segment experienced double-digit growth, as condos accounted for a growing share of transactions,” said Jason Mercer, TREB’s Director of Market Analysis.

“TREB will have much more to say about the year to come on January 30 when we will release our third annual Market Year in Review and Outlook Report.  The report will feature an outlook for home sales and prices; new Ipsos consumer survey results covering buying intentions, including insights on new federal mortgage lending guidelines; new research on housing supply options surrounding the ‘missing middle,’ and important new reports on the movement of people and goods throughout the GTA,” added Mr. Syrianos.

 

2017 Summary of TREB MLS® Sales and Average Price

 

 

 

 

 

 

 

Calendar Year

2017

2016

Sales

Average Price

New Listings

Sales

Average Price

New Listings

City of Toronto ("416")

35,183

834,138

59,520

41,090

740,633

58,638

Rest of GTA ("905")

57,211

815,635

118,969

71,950

723,672

95,592

GTA

92,394

822,681

178,489

113,040

729,837

154,230

Source: Toronto Real Estate Board

 

2017 TREB MLS® Sales & Average Price  By Home Type

 

 

 

 

 

 

 

Calendar Year 2017

Sales

Average Price

416

905

Total

416

905

Total

Detached

9,461

31,875

41,336

1,420,046

1,003,645

1,098,951

Yr./Yr. % Change

-23.3%

-22.9%

-23.0%

13.4%

12.6%

12.8%

Semi-Detached

2,903

5,533

8,436

991,138

673,423

782,756

Yr./Yr. % Change

-15.5%

-22.9%

-20.5%

15.0%

15.4%

16.2%

Townhouse

3,266

11,025

14,291

721,884

620,059

643,330

Yr./Yr. % Change

-21.0%

-14.5%

-16.1%

15.0%

17.4%

16.5%

Condo Apartment

19,287

7,587

26,874

545,826

427,704

512,478

Yr./Yr. % Change

-7.5%

-14.4%

-9.6%

23.0%

21.5%

23.1%

Source: Toronto Real Estate Board

 

Summary of TREB MLS®  Sales and Average Price

 

 

 

 

 

 

 

December 1 - 31, 2017

2017

2016

Sales

Average Price

New Listings

Sales

Average Price

New Listings

City of Toronto ("416")

1,970

741,684

2,139

2,095

710,724

1,661

Rest of GTA ("905")

2,960

730,587

4,191

3,210

742,785

2,505

GTA

4,930

735,021

6,330

5,305

730,124

4,166

Source: Toronto Real Estate Board

 

TREB MLS® Sales & Average Price  By Home Type

 

 

 

 

 

 

 

December 1 - 31, 2017

Sales

Average Price

416

905

Total

416

905

Total

Detached

454

1,484

1,938

1,250,235

910,216

989,870

Yr./Yr. % Change

-13.4%

-13.7%

-13.6%

-2.8%

-2.4%

-2.5%

Semi-Detached

172

314

486

903,658

635,999

730,726

Yr./Yr. % Change

25.5%

-1.3%

6.8%

11.5%

0.9%

6.7%

Townhouse

199

667

866

649,294

575,894

592,761

Yr./Yr. % Change

17.1%

10.6%

12.0%

-2.4%

1.5%

0.7%

Condo Apartment

1,125

437

1,562

532,700

430,001

503,968

Yr./Yr. % Change

-8.8%

-11.4%

-9.5%

14.1%

14.5%

14.4%

Source: Toronto Real Estate Board

 

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

 

Composite (All Types)

Single-Family Detached

Single-Family Attached

Townhouse

Apartment

TREB Total

7.19%

2.33%

2.81%

10.96%

21.83%

Halton Region

6.71%

3.15%

5.87%

12.19%

18.58%

Peel Region

7.71%

5.18%

4.29%

9.23%

19.31%

City of Toronto

11.67%

1.77%

4.26%

13.43%

23.34%

York Region

-0.04%

-1.93%

-3.20%

8.63%

18.23%

Durham Region

6.69%

6.21%

4.60%

6.97%

17.20%

Orangeville

13.48%

13.39%

13.29%

-

-

South Simcoe County1

3.67%

3.16%

7.02%

-

-

Source: Toronto Real Estate Board

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