NEWS RELEASE



GTA REALTORS® Release Monthly Resale Housing Market Figures

TORONTO, June 5, 2017 -- Toronto Real Estate Board President Larry Cerqua announced that Greater Toronto Area REALTORS® reported 10,196 sales through TREB’s MLS® System in May 2017 – down by 20.3 per cent compared to 12,790 sales reported in May 2016.  Sales of detached homes were down by 26.3 per cent.  Sales of condominium apartments were down by 6.4 per cent.

The supply of listings was up strongly over the same period.  Active listings – the number of properties available for sale – at the end of May were up by 42.9 per cent compared to the record low a year earlier.  The number increased considerably for low-rise home types including detached and semi-detached houses and townhouses.  Active listings for condominium apartments were down compared to May 2016.

“Home buyers definitely benefitted from a better supplied market in May, both in comparison to the same time last year and to the first four months of 2017.  However, even with the robust increase in active listings, inventory levels remain low.  At the end of May, we had less than two months of inventory.  This is why we continued to see very strong annual rates of price growth, albeit lower than the peak growth rates earlier this year,” said Mr. Cerqua.

Selling prices continued to increase strongly in May compared to the same month in 2016.  The MLS® HPI Composite Benchmark price was up by 29 per cent year-over-year.  The average selling price for all home types combined for the TREB Market Area as a whole was up by 14.9 per cent to $863,910.  Year-over-year price increases were greater for condominium apartments compared to low-rise home types.  This likely reflects the fact that the low-rise market segments benefitted most from the increase in listings.

“The actual, or normalized, effect of the Ontario Fair Housing Plan remains to be seen.  In the past, some housing policy changes have initially led to an overreaction on the part of homeowners and buyers, which later balanced out.  On the listings front, the increase in active listings suggests that homeowners, after a protracted delay, are starting to react to the strong price growth we’ve experienced over the past year by listing their home for sale to take advantage of these equity gains,” said Jason Mercer, TREB’s Director of Market Analysis.

 

TREB MLS® Active Residential Listings at Month-End

Month/Year

Active Listings at Month-End

May 2003

21,747

May 2004

22,484

May 2005

24,875

May 2006

26,220

May 2007

23,739

May 2008

27,267

May 2009

21,524

May 2010

25,414

May 2011

18,481

May 2012

20,462

May 2013

22,677

May 2014

20,679

May 2015

18,585

May 2016

12,931

May 2017

18,477

 

Summary of TorontoMLS Sales and Average Price May 1 - 31, 2017

2017

2016

Sales

Average Price

New Listings

Sales

Average Price

New Listings

City of Toronto ("416")

3,926

899,728

8,451

4,612

782,551

6,745

Rest of GTA ("905")

6,270

841,483

17,386

8,178

734,927

10,611

GTA

10,196

863,910

25,837

12,790

752,100

17,356

 

TorontoMLS Sales & Average Price  By Home Type May 1 - 31, 2017

Sales

Average Price

416

905

Total

416

905

Total

Detached

1,146

3,611

4,757

1,503,868

1,025,893

1,141,041

Yr./Yr. % Change

-26.1%

-26.4%

-26.3%

16.6%

15.0%

15.6%

Semi-Detached

348

582

930

1,062,318

682,565

824,667

Yr./Yr. % Change

-14.1%

-27.1%

-22.7%

27.2%

16.1%

22.9%

Townhouse

367

1,146

1,513

741,211

629,229

656,392

Yr./Yr. % Change

-24.3%

-15.9%

-18.1%

18.0%

19.2%

18.4%

Condo Apartment

2,038

816

2,854

564,808

448,867

531,659

Yr./Yr. % Change

-4.3%

-11.1%

-6.4%

27.7%

29.0%

28.4%

                                                                                                                                                                            Continued…

May 2017 Year-Over-Year Per Cent Change in the MLS® HPI

 

 

Composite (All Types)

Single-Family Detached

Single-Family Attached

Townhouse

Apartment

 

TREB Total

28.98%

28.76%

26.23%

30.25%

31.85%

 

Halton Region

28.39%

28.10%

28.07%

30.01%

-

 

Peel Region

29.88%

28.85%

28.39%

32.49%

33.27%

 

City of Toronto

26.10%

24.82%

22.10%

27.05%

31.03%

 

York Region

29.19%

30.17%

26.37%

18.87%

33.97%

 

Durham Region

33.33%

32.75%

30.82%

39.21%

43.42%

 

Orangeville

34.91%

34.56%

36.05%

-

-

 

South Simcoe County1

36.73%

36.85%

33.28%

-

-

 

1South Simcoe includes Adjala-Tosorontio, Bradford West Gwillimbury, Essa, Innisfil & New Tecumseth