August 2017 GTA Market Sinks to New Lows!
This is the newly released report from the Toronto Real Estate Board.:
“GTA REALTORS® Release August Stats
TORONTO, ONTARIO, September 6, 2017 –
Toronto Real Estate Board President Tim Syrianos announced that Greater Toronto Area REALTORS® reported 6,357 home sales through TREB’s MLS® System in August 2017. This result was down by 34.8 per cent compared to August 2016.
The number of new listings entered into TREB’s MLS® System, at 11,523, was down by 6.7 per cent year-over-year and was at the lowest level for August since 2010.
“Recent reports suggest that economic conditions remain strong in the GTA. Positive economic news coupled with the slower pace of price growth we are now experiencing could prompt an improvement in the demand for ownership housing, over and above the regular seasonal bump, as we move through the fall,” continued Mr. Syrianos.
The average selling price for all home types combined was $732,292 – up by three per cent compared to August 2016. This growth was driven by the semi-detached, townhouse and condominium apartment market segments that continued to experience high single-digit or double digit year-over-year average price increases.
The MLS® Home Price Index composite benchmark, which accounts for typical home types throughout TREB’s market area, was up by 14.3 per cent year-over-year in August. The fact that MLS® HPI growth outstripped average price growth, points to fewer high-end home sales this year compared to last.
“The relationship between sales and listings in the marketplace today suggests a balanced market. If current conditions are sustained over the coming months, we would expect to see year-over-year price growth normalize slightly above the rate of inflation. However, if some buyers move from the sidelines back into the marketplace, as TREB consumer research suggests may happen, an acceleration in price growth could result if listings remain at current levels,” said Jason Mercer, TREB’s Director of Market Analysis.”
Average Prices for single family homes in the GTA, for all types including detached, semi-detached, townhouses and condominium apartments:
Interesting statistics! The August price is just a little less than the January price. And it is just a little higher than the end of December or beginning of January price of $730,472.
The headline would be supported by a review of the 2017 monthly reports released by the Toronto Real Estate Board.
So, things are basically holding steady this year, now that we have reached the end of August.
Where do you think we are going from here: up, down or sideways?
Brian Madigan LL.B., Broker