According to the Toronto Real Estate Board (TREB), there were 6,379 home sales in the Greater Toronto Area in September 2017, a decline of 35 per cent year-over-year. The number of new listings in September climbed 9.4 per cent annually to 16,469.
“The improvement in listings in September compared to a year earlier suggests that home owners are anticipating an uptick in sales activity as we move through the fall,” said Tim Syrianos, TREB president, in a press release. “Consumer polling undertaken for TREB in the spring suggested that buying intentions over the next year remain strong. As we move through the fourth quarter, we could see some buyers moving off the sidelines, taking advantage of a better-supplied marketplace.”
The average selling price of a home in September 2017 was $775,546, up 2.6 per cent compared to one year before. The MLS Home Price Index (HPI) composite benchmark was up by 12.2 per cent year-over-year. One key reason for the divide in annual growth rates between the average price and MLS HPI composite is the fact that in September 2017, there were fewer transactions involving detached homes, which is the most expensive market segment on average.
“With more balanced market conditions, the pace of year-over-year price growth was more moderate in September compared to a year ago,” added Jason Mercer, TREB’s director of market analysis. “However, the exception was the condominium market segment, where average and benchmark sales prices were up by more than 20 per cent compared to last year. Together market conditions for condominium apartments follows consumer polling results from the spring that pointed toward a shift to condos in terms of buyer intentions.”