Market Watch July 2017

GTA REALTORS® RELEASE JULY RESALE HOUSING MARKET FIGURES
-www.TREBhome.com
TORONTO, ONTARIO, 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.
continued…
NEWS RELEASE

-www.TREBhome.com
Page 2 of 2
-30-
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

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

Tecumseth

Media Inquiries: Mary Gallagher, Senior Manager Public Affairs
(416) 443-8158 maryg@trebnet.com
TREB is Canada’s largest real estate board. Over 48,000 residential and commercial TREB Members
serve consumers in the Greater Toronto Area. Greater Toronto REALTORS® are passionate about
their work. They are governed by a strict Code of Ethics and share a state-of-the-art Multiple Listing
Service®.

Market Watch July 2017

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