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Port Stanley News RSS Feed  Regional GTA REALTORS® Release Resale Housing Market Statistics

Regional

Toronto Real Estate Board

Toronto, April 05, 2017 - Toronto Real Estate Board President Larry Cerqua announced that Greater Toronto Area REALTORS® reported 12,077 residential sales through TREB's MLS® System in March 2017. This result represented a 17.7 per cent increase compared to the 10,260 sales reported in March 2016. For the TREB market area as a whole, annual sales growth was strongest for condominium apartments and detached houses.

The number of new listings also increased on a year-over-year basis, at 17,051 – a 15.2 per cent increase compared to March 2016. The strongest growth in new listings was experienced in the detached market segment. While new listings were up strongly compared to last year, the rate new listings growth was still lower than the rate of sales growth. As a result, GTA market conditions continued to tighten.

"It has been encouraging to see that policymakers have not implemented any knee-jerk policies regarding the GTA housing market. Different levels of government are holding consultations with market stakeholders and TREB has participated and will continue to participate in these discussions. Policy makers must remember that it is the interplay between the demand for and supply of listings that influences price growth," said Mr. Cerqua.

Strong competition between buyers continued to cause high levels of price growth in all major market segments. The MLS® Home Price Index (HPI) Composite Benchmark Price was up by 28.6 per cent year-over-year. For the TREB market area as a whole, the average selling price was up by 33.2 per cent, with similar annual rates of growth in the low-rise and condominium apartment segments.

"Annual rates of price growth continued to accelerate in March as growth in sales outstripped growth in listings. A substantial period of months in which listings growth is greater than sales growth will be required to bring the GTA housing market back into balance. As policy makers seek to achieve this balance, it is important that an evidence-based approach is followed," said Jason Mercer, TREB's Director of Market Analysis.

Summary of TorontoMLS Sales and Average Price - March 1 - 31, 2017
    2017      2016   
  Sales  Average Price  New Listings  Sales  Average Price  New Listings 
City of Toronto ("416")  4,258  899,452   5,740   3,607  699,513  5,503 
Rest of GTA ("905")  7,819  925,888  11,311  6,653  681,776  9,292  
GTA  12,077  916,567  17,051  10,260  688,011  14,795 
TorontoMLS Sales & Average Price By Home Type - March 1 - 31, 2017
  Sales      Average Price     
  416  905   Total  416   905  Total 
Detached  1,215  4,672  5,887  1,561,780  1,124,088  1,214,422  
Yr./Yr. % Change  14.3 %  21.3 %  19.8 %  32.8 %  34.3 %  33.4 % 
Semi-Detached  334  668  1,002  1,089,605  742,501  858,202 
Yr./Yr. % Change  4.4 %  0.8 %  1.9 %  33.3 %  34.4 %  34.4 % 
Townhouse  362  1,364  1,726  761,128  690,202  705,078 
Yr./Yr. % Change  -8.1 %  19.1 %  12.2 %  22.0 %  38.5 %  32.9 % 
Condo Apartment   2,324  937  3,261  550,299  440,950  518,879 
Yr./Yr. % Change  29.0 %  13.0 %  23.9 %  32.0 %  33.2 %  33.1 % 

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

  Composite (All Types)  Single-Family Detached  Single-Family Attached  Townhouse  Apartment  
TREB Total  28.59 %  30.53 %  27.73 %  28.15 %  23.98 % 
Halton Region  28.11 %  27.37 %  28.59 %  33.33 % 
Peel Region  30.02 %  31.14 %  30.64 %  29.68 %  24.05 % 
City of Toronto  24.13 %  27.72 %  22.45 %  21.26 %  24.04 % 
York Region  31.34 %  33.60 %  30.16 %  20.82 %  21.52 % 
Durham Region  31.79 %  31.41 %  29.45 %  36.85 %  32.74 % 
Orangeville  26.50 %  26.24 %  27.11 % 
South Simcoe County*  35.24 %  36.06 %  31.19 % 
Source: Toronto Real Estate Board
*South Simcoe includes Adjala-Tosorontio, Bradford West Gwillimbury, Essa, Innisfil and 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 47,000 residential and commercial TREB Members serve consumers in the Greater Toronto Area. TREB is Canada's largest real estate board.

www.TREBhome.com
Last Updated: Wednesday, 05 April 2017 09:38:19 AM EST

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