Toronto Real Estate Board

Toronto Real Estate Board

February 03, 2017 06:00 ET

GTA REALTORS® Release Monthly Resale Housing Market Figures

TORONTO, ONTARIO--(Marketwired - Feb. 3, 2017) - Toronto Real Estate Board President Larry Cerqua announced that Greater Toronto Area REALTORS® reported 5,188 residential transactions through TREB's MLS® System in January 2017. This result was up by 11.8 per cent compared to 4,640 sales reported in January 2016. Annual rates of sales growth were higher for condominium apartments than for low-rise home types.

January 2017 picked up where 2016 left off: sales were up on a year-over-year basis while the number of new listings was down by double-digit annual rates for most major home types.

"Home ownership continues to be a great investment and remains very important to the majority of GTA households. As we move through 2017, we expect the demand for ownership housing to remain strong, including demand from first-time buyers who, according to a recent Ipsos survey, could account for more than half of transactions this year. However, many of these would-be buyers will have problems finding a home that meets their needs in a market with very little inventory," said Cerqua.

The MLS® Home Price Index (HPI) Composite Benchmark price was up by 21.8 per cent on a year-over-year basis in January. Similarly, over the same period, the average selling price was up by 22.3 per cent to $770,745, with double-digit gains in the average prices for all major home types.

"The number of active listings on TREB's MLS® System at the end of January was essentially half of what was reported as available at the same time last year. That statistic, on its own, tells us that there is a serious supply problem in the GTA - a problem that will continue to play itself out in 2017. The result will be very strong price growth for all home types again this year," said Jason Mercer, TREB's Director of Market Analysis.

Summary of TorontoMLS Sales and Average Price January 1 - 31, 2017
2017 2016
Sales Average Price New Listings Sales Average Price New Listings
City of Toronto ("416") 1,904 727,928 2,886 1,684 635,702 3,737
Rest of GTA ("905") 3,284 795,569 4,452 2,956 627,055 5,169
GTA 5,188 770,745 7,338 4,640 630,193 8,906
TorontoMLS Sales & Average Price By Home Type January 1 - 31, 2017
Sales Average Price
416 905 Total 416 905 Total
Detached 466 1,795 2,261 1,336,640 999,102 1,068,670
Yr./Yr. % Change -5.5% 11.9% 7.8% 26.8% 27.8% 26.3%
Semi-Detached 118 305 423 902,688 661,545 728,814
Yr./Yr. % Change -3.3% -6.7% -5.8% 26.4% 28.5% 28.1%
Townhouse 183 594 777 658,349 604,263 617,001
Yr./Yr. % Change 7.6% 7.0% 7.2% 26.1% 27.8% 27.4%
Condo Apartment 1,125 511 1,636 471,409 379,169 442,598
Yr./Yr. % Change 26.8% 26.5% 26.7% 13.1% 18.5% 14.5%
January 2017 Year-Over-Year Per Cent Change in the MLS® HPI
Composite (All Types) Single-Family Detached Single-Family Attached Townhouse Apartment
TREB Total 21.82% 25.32% 22.74% 22.71% 18.70%
Halton Region 22.63% 22.85% 23.54% 21.53% -
Peel Region 22.66% 23.17% 24.76% 22.58% 20.63%
City of Toronto 16.33% 23.54% 20.41% 21.28% 20.99%
York Region 21.34% 29.03% 26.23% 18.69% 13.89%
Durham Region 26.43% 26.30% 26.16% 35.34% 25.94%
Orangeville 24.80% 24.99% 21.18% - -
South Simcoe County1 28.46% 28.16% 29.91% - -
Source: Toronto Real Estate Board
1South 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 46,000 residential and commercial TREB Members serve consumers in the Greater Toronto Area. TREB is Canada's largest real estate board.

www.TREBhome.com

Contact Information

  • Media Inquiries:
    Mary Gallagher
    Senior Manager Public Affairs
    (416) 443-8158
    maryg@trebnet.com