According to the Toronto Real Estate Board (TREB), GTA-area realtors reported 7,374 transactions through the TREB’s MLS System in November 2017. This result was up compared to October 2017, going against the regular seasonal trend. On a year-over-year basis, sales fell 13.3 per cent compared to November 2016. However, new listings in November 2017 increased 37.2 per cent year-over-year to 14,349.
“We have seen an uptick in demand for ownership housing the GTA this fall, over and above the regular seasonal trend. Similar to the Greater Vancouver experience, the impact of the Ontario Fair Housing Plan and particularly the foreign buyer tax may be starting to wane,” said Tim Syrianos, TREB president, in a press release. “On top of this, it is also possible that the upcoming changes to mortgage lending guidelines, which come into effect in January, have prompted some households to speed up their home buying decision.”
High-density home types such as condominium apartments experienced a double-digit price increase in November, with the average price of a condominium climbing 16.4 per cent compared to year-ago levels. The MLS Home Price Index (HPI) composite benchmark price was up by 8.4 per cent on an annual basis in November 2017. The average selling price for all home types combined fell by two per cent compared to November 2016, largely due to the smaller share of detached home sales this year compared to last year. Meanwhile, on a year-to-date basis, the average selling price rose 13.4 per cent compared to the same period last year.
“Changes in market conditions have not been uniform across market segments. In line with insights from consumer polling undertaken by Ipsos in the spring, we are still seeing seller’s market conditions for townhouses and condominium apartments in many neighbourhoods versus more balanced market conditions for detached and semi-detached houses,” added Jason Mercer, TREB’s director of market analysis.