August 2017 Market Statistics
Written On September 8, 2017
Greater Toronto Area REALTORS® reported 6,357 home sales through TREB’s MLS® System in August 2017, down by 34.8% compared to August 2016.
The number of new listings added to the TREB’s MLS® System was 11,523, down by 6.7% year-over-year, and was at the lowest level for August since 2010.
“Recent reports suggest that economic conditions remain strong in the GTA. Positive economic news coupled with the slower pace of price growth we are now experiencing could prompt an improvement in the demand for ownership housing, over and above the regular seasonal bump, as we move through the fall,” continued Mr. Syrianos.
The average selling price for all home types combined was $732,292, up by 3% compared to August 2016. This growth was primarily driven by the semi-detached, townhouse and condominium apartment market segments which experienced high single-digit or double digit year-over-year average price increases.
“The relationship between sales and listings in the marketplace today suggests a balanced market. If current conditions are sustained over the coming months, we would expect to see year-over-year price growth normalize slightly above the rate of inflation. However, if some buyers move from the sidelines back into the marketplace, as TREB consumer research suggests may happen, an acceleration in price growth could result if listings remain at current levels,” said Jason Mercer, TREB’s Director of Market Analysis.
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