Toronto Real Estate News and Market Update

Latest news about real estate related information, home sales and price changes in the Greater Toronto Area. We publish news releases twice a month, including a full statistical update on market conditions at the beginning of each month.

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GTA REALTORS® Release September Stats

Monthly Real Estate Report - September 2017

 

TORONTO, ONTARIO, October 4, 2017 – Toronto Real Estate Board President Tim Syrianos announced that Greater Toronto Area REALTORS® reported 6,379 sales through TREB’s MLS® System in September 2017. This result was down by 35 per cent compared to September 2016.

The number of new listings entered into TREB’s MLS® System amounted to 16,469 in September – up by 9.4 per cent year-over-year.

“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. 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,” said Mr. Syrianos.

The average selling price in September 2017 was $775,546 – up 2.6 per cent compared to September 2016. The MLS® Home Price Index (HPI) composite benchmark was up by 12.2 per cent on a year-over-year basis. A key reason for the difference in annual growth rates between the average price and the MLS® HPI composite is the fact that detached homes – the most expensive market segment on average – accounted for a smaller share of overall transactions this year compared to last.

“With more balanced market conditions, the pace of year-over-year price growth was more moderate in September compared to a year ago. However, the exception was the condominium apartment market segment, where average and benchmark sales prices were up by more than 20 per cent compared to last year. Tighter market conditions for condominium apartments follows consumer polling results from the spring that pointed toward a shift to condos in terms of buyer intentions,” said Jason Mercer, TREB’s Director of Market Analysis.

Toronto MLS® Home Sales & Average Price By Major Home Type

September 2017

Toronto MLS® Home Sales and Average Price By Major Home Type
 

Toronto MLS® Home Sales Activity, Average Price & Year-Over-Year Summary

September 2017

Toronto MLS® Home Sales and Average Price Activity
 

Toronto MLS® Average Resale Home Price

September 2017
Monthly with Three Previous Years for Comparison

Toronto MLS® Average Resale Home Price - September 2017
 

Toronto MLS® Sales

September 2017
Monthly with Three Previous Years for Comparison

Toronto MLS® Sales - September 2017
 

Source: Toronto Real Estate Board


Average Condo Price Up Year-Over-Year in Q2 '17

Toronto Condo Market Report - 2nd Quarter 2017

 

TORONTO, ONTARIO, July 24, 2017 – Toronto Real Estate Board President Tim Syrianos announced the release of TREB’s Q2 2017 Condo Market Report. Greater Toronto Area REALTORS® reported 8,223 condominium apartment sales reported through TREB’s MLS® System between April and the end of June. This result was down by eight per cent compared to 8,942 sales reported in Q2 2016.

New listings of condominium apartments were up slightly on a year-over-year basis by 0.7 per cent to 13,682.

“Despite the recent dip in overall GTA home sales, the condominium apartment market was quite resilient, especially when compared to low-rise market segments. Condo apartment sales accounted for a greater share of overall transactions during the spring compared to the same period last year. Market conditions also remained tight, which resulted in the continuation of strong annual rates of price growth,” said Mr. Syrianos.

The average selling price for condominium apartments increased by 28.1 per cent compared to Q2 2016. The average selling price for the TREB market area as a whole was $532,032, with the average price in the City of Toronto higher, at $566,513.

“Recent consumer survey results from Ipsos suggest that condominium apartments will continue to gain in popularity with home buyers over the next year. This makes sense, given that many households, especially first-time buyers looking to live in the City of Toronto, have turned their attention in increasing numbers to less expensive forms of ownership housing,” said Jason Mercer, TREB’s Director of Market Analysis.

Condominium Apartment Market Summary - Q2 2016

  Condominium Apartment Market Summary - 2nd Quarter 2017
 

Source: Toronto Real Estate Board


Strong Growth in Average Rents in Q2 2017

Toronto Condo Rental Market Report - 2nd Quarter 2017

 

TORONTO, ONTARIO, July 24, 2017 – Toronto Real Estate Board President Tim Syrianos announced the continuation of very tight conditions in the condominium apartment rental market in the second quarter of 2017.

The number of rental transactions reported through TREB’s MLS® System remained in line with Q2 2016 levels, while the number of units listed at some point during the quarter declined yearover- year. Average annual rates of rent growth for one- and two-bedroom condominium apartments were over eight per cent.

“The Greater Toronto Area continues to be a very attractive place to live for many people, some of whom choose to rent. While rental demand remained very strong from a historic perspective in the second quarter, the supply of available rental units remained constrained, and average rents continued to grow well-above current and expected future rates of inflation,” said Mr. Syrianos.

“It is clear that we continue to suffer from a lack of available rental units. The Fair Housing Plan announced by the Government of Ontario committed to measures designed to increase housing supply. Conversely, the Fair Housing Plan also expanded rent controls, which could preclude investment in rental properties, thereby further constricting supply. With different policy components potentially at odds, it will be interesting to see the eventual impact of the Fair Housing Plan on the rental market in the GTA,” continued Mr. Syrianos.

The average one-bedroom condominium apartment rent was up by 8.8 per cent year-over-year in the second quarter to $1,861 per month. The average two-bedroom rent was up by 8.7 per cent to $2,533.

“Competition between would-be renters increased in the second quarter of this year relative to the same time period in 2016. This meant that average rents increased by much more than the rate of inflation. In addition, the annual pace of rent growth also increased compared to Q2 2016, reflecting the fact that, generally speaking, it has become harder to find a place to rent this year compared to last,” said Jason Mercer, TREB’s Director of Market Analysis.

Rental Market Summary Q2 2017

  Condo Rental Market Summary - 2nd Quarter 2017
 

Source: Toronto Real Estate Board