According to the Toronto Real Estate Board (TREB), Greater Toronto Area realtors reported 7,118 home sales in October 2017, representing an above-average increase of nearly 12 per cent between September and October, indicating stronger fall market conditions.
On a year-over-year basis, October sales were down compared to the 9,715 transactions that took place in October 2016. Total sales throughout 2017 so far amount to 80,198, down on a year-over-year basis from 99,233.
“Every year we generally see a jump in sales between September and October,” said Tim Syrianos, TREB president, in a press release. “However, this year that increase was more pronounced than usual compared to the previous 10 years. So, while the number of transactions was still down relative to last year’s record pace, it certainly does appear that sales momentum is picking up.”
The MLS Home Price Index Composite benchmark price climbed 9.7 per cent compared to October 2016. Annual rates of price growth were strongest for townhomes and condominium apartments. The average selling price for a home in October was $780,104, an increase of 2.3 per cent compared to the October 2016 average of $762,691.
“The housing market in the GTA has been impacted by a number of policy changes at the provincial and federal levels,” said Jason Mercer, TREB’s director of market analysis. “Similar to the track followed in the Greater Vancouver Area, it appears that the psychological impact of the Fair Housing Plan, including the tax on foreign buyers, is starting to unwind.”
“TREB will be undertaking its annual consumer polling process over the last two months of 2017. This polling will include research into the impact of recent and proposed government policy changes on consumer intentions to buy and sell homes in the GTA, including the impacts of the new OSFI guideline and a potential vacancy tax in the City of Toronto,” added Syrianos. “In addition, TREB continues to work with different levels of government on solutions to the long-term housing supply issues in the region.”