GTA REALTORS® Release Monthly Resale Housing Market Figures

Toronto, Ontario, CANADA


TORONTO, June 05, 2017 (GLOBE NEWSWIRE) -- 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.

The supply of listings was up strongly over the same period.  Active listings – the number of properties available for sale – at the end of May were up by 42.9 per cent compared to the record low a year earlier.  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.

TREB MLS® Active Residential Listings at Month-End
Month/YearActive Listings at Month-End
May 200321,747
May 200422,484
May 200524,875
May 200626,220
May 200723,739
May 200827,267
May 200921,524
May 201025,414
May 201118,481
May 201220,462
May 201322,677
May 201420,679
May 201518,585
May 201612,931
May 201718,477


Summary of TorontoMLS Sales and Average Price May 1 - 31, 2017
 20172016
 SalesAverage PriceNew ListingsSalesAverage PriceNew Listings
City of Toronto ("416")3,926899,7288,4514,612782,5516,745
Rest of GTA ("905")6,270841,48317,3868,178734,92710,611
GTA10,196863,91025,83712,790752,10017,356
 

TorontoMLS Sales & Average Price  By Home Type May 1 - 31, 2017
 SalesAverage Price
 416905Total416905Total
Detached1,1463,6114,7571,503,8681,025,8931,141,041
Yr./Yr. % Change-26.1%-26.4%-26.3%16.6%15.0%15.6%
Semi-Detached3485829301,062,318682,565824,667
Yr./Yr. % Change-14.1%-27.1%-22.7%27.2%16.1%22.9%
Townhouse3671,1461,513741,211629,229656,392
Yr./Yr. % Change-24.3%-15.9%-18.1%18.0%19.2%18.4%
Condo Apartment2,0388162,854564,808448,867531,659
Yr./Yr. % Change-4.3%-11.1%-6.4%27.7%29.0%28.4%

May 2017 Year-Over-Year Per Cent Change in the MLS® HPI
 Composite (All
Types)
Single-Family
Detached
Single-Family
Attached
TownhouseApartment 
TREB Total28.98%28.76%26.23%30.25%31.85% 
Halton Region28.39%28.10%28.07%30.01% 
Peel Region29.88%28.85%28.39%32.49%33.27% 
City of Toronto26.10%24.82%22.10%27.05%31.03% 
York Region29.19%30.17%26.37%18.87%33.97% 
Durham Region33.33%32.75%30.82%39.21%43.42% 
Orangeville34.91%34.56%36.05%- 
South Simcoe
County1
36.73%36.85%33.28%- 
 1South Simcoe includes Adjala-Tosorontio, Bradford West Gwillimbury, Essa, Innisfil & New Tecumseth 

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®. Over 48,000 residential and commercial TREB Members serve consumers in the Greater Toronto Area.  TREB  is Canada’s largest real estate board.


        

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