ONTARIO, May 3, 2017 –The Toronto Real Estate Board has examined property
assessment and land registry data in Ontario and has concluded that foreign buyer ownership, as
well as speculation by foreign and domestic buyers and multiple ownership in the Greater Golden
Horseshoe housing market remains low.
TREB is releasing their analysis of this data at the same time as TREB President Larry Cerqua
announces that Greater Toronto Area REALTORS® entered 33.6 per cent more new listings into
TREB's MLS® System in April 2017, at 21,630, compared to the same month in 2016. New listings
were up by double-digits for all low-rise home types, including detached and semi-detached
houses and townhouses. New listings for condominium apartments were at the same level as last
Total sales for the TREB market area as a whole amounted to 11,630 – down 3.2 per cent yearover-
year. One issue underlying this decline was the fact that Easter fell in April in 2017 versus
March in 2016, which resulted in fewer working days this year compared to last and, historically,
most sales are entered into TREB's MLS® System on working days.
"The fact that we experienced extremely strong growth in new listings in April means that buyers
benefitted from considerably more choice in the marketplace. It is too early to tell whether the
increase in new listings was simply due to households reacting to the strong double-digit price
growth reported over the past year or if some of the increase was also a reaction to the Ontario
Government's recently announced Fair Housing Plan," said Mr. Cerqua.
The MLS® Home Price Index (HPI) Composite Benchmark Price was up by 31.7 per cent yearover-
year in April 2017. Similarly, the average selling price for all home types combined was up by
24.5 per cent to $920,791.
"It was encouraging to see a very strong year-over-year increase in new listings. If new listings
growth continues to outpace sales growth moving forward, we will start to see more balanced
market conditions. It will likely take a number of months to unwind the substantial pent-up demand
that has built over the past two years. Expect annual rates of price growth to remain well-above the
rate of inflation as we move through the spring and summer months," said Jason Mercer, TREB's
Director of Market Analysis.
TORONTO, ONTARIO, April 5, 2017– Toronto Real Estate Board President Larry Cerqua
announced that Greater Toronto Area REALTORS® reported 12,077 residential sales through
TREB’s MLS® System in March 2017. This result represented a 17.7 per cent increase compared
to the 10,260 sales reported in March 2016. For the TREB market area as a whole, annual sales
growth was strongest for condominium apartments and detached houses.
The number of new listings also increased on a year-over-year basis, at 17,051 – a 15.2 per cent
increase compared to March 2016. The strongest growth in new listings was experienced in the
detached market segment. While new listings were up strongly compared to last year, the rate
new listings growth was still lower than the rate of sales growth. As a result, GTA market
conditions continued to tighten.
“It has been encouraging to see that policymakers have not implemented any knee-jerk policies
regarding the GTA housing market. Different levels of government are holding consultations with
market stakeholders and TREB has participated and will continue to participate in these
discussions. Policy makers must remember that it is the interplay between the demand for and
supply of listings that influences price growth,” said Mr. Cerqua.
Strong competition between buyers continued to cause high levels of price growth in all major
market segments. The MLS® Home Price Index (HPI) Composite Benchmark Price was up by
28.6 per cent year-over-year. For the TREB market area as a whole, the average selling price was
up by 33.2 per cent, with similar annual rates of growth in the low-rise and condominium apartment
“Annual rates of price growth continued to accelerate in March as growth in sales outstripped
growth in listings. A substantial period of months in which listings growth is greater than sales
growth will be required to bring the GTA housing market back into balance. As policy makers seek
to achieve this balance, it is important that an evidence-based approach is followed,” said Jason
Mercer, TREB’s Director of Market Analysis.
TORONTO, ONTARIO, February 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
"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.
TORONTO, ONTARIO, January 5, 2017 – Toronto Real Estate Board President Larry
Cerqua announced that 2016 was a second consecutive record year for home sales.
Greater Toronto Area REALTORS® reported 113,133 home sales through TREB’s MLS®
System – up by 11.8 per cent compared to 2015. The calendar year 2016 result included
5,338 sales in December – an annual increase of 8.6 per cent.
The strongest annual rate of sales growth in 2016 was experienced for condominium
apartments followed by detached homes.
“A relatively strong regional economy, low unemployment and very low borrowing costs
kept the demand for ownership housing strong in the GTA, as the region’s population
continued to grow in 2016,” said Mr. Cerqua.
“It is important to point out that the strong demand that we experienced in 2016 was very
much domestic in nature. TREB recently commissioned Ipsos to survey its Members with
regard to the level and type of foreign buying activity within the Greater Toronto Area. The
results of the Ipsos survey suggest that the level of foreign buying activity is low in the
GTA. Only an estimated 4.9 per cent of GTA transactions, in which TREB Members acted
on behalf of a buyer, involved a foreign purchaser. In the City of Toronto, the share of
foreign buyers was five per cent,” continued Mr. Cerqua.
The methodology of the Ipsos research involved an online survey of the TREB
Membership hosted on the Ipsos platform. A total of 3,518 surveys were completed
between October 6 and October 21, 2016. The margin of error is ±2 percentage points 19
times out of 20. TREB will be releasing the full results of the Ipsos survey dealing with
foreign buyers on January 31, 2017, in conjunction with its Market Year in Review and
Outlook Report and related media event.
The annual rate of growth for the MLS® Home Price Index (HPI) in the TREB market area
accelerated throughout 2016 – from 10.7 per cent in January 2016 to 21 per cent in
December 2016. The overall average selling price for calendar year 2016 was $729,922 –
up 17.3 per cent compared to 2015. The pace of the annual rate of growth for the average
selling price also picked up throughout the year, including a climb of 20 per cent in
“Price growth accelerated throughout 2016 as the supply of listings remained very
constrained. Active listings at the end of December were at their lowest point in a decade-
and-a-half. Total new listings for 2016 were down by almost four per cent. In 2016, we
saw policy changes and policy debates pointed at the demand side of the market. If we
want to see a sustained moderation in the pace of price growth, what we really need is
more policy focus on issues impacting the lack of homes available for sale,” said Jason
TREB’s Market Year in Review and Outlook Report and media event will include an expert
panel and related submissions on the foundations of the housing supply issue in the GTA
and possible solutions.
With continued strong rates of price growth, housing affordability is a growing concern.
Unfortunately, the City of Toronto’s Budget Committee is considering an increase to the
Land Transfer Tax that could see buyers of average-priced homes pay another $750 to
the City, which would represent a seven per cent increase to the $11,000 that they already
pay City Hall as an upfront Land Transfer Tax closing cost. This would be on top of the
$12,000 that is also paid to the province. First-time buyers could end up paying $475
more, or, at best, be no better off, even though the province recently doubled their first
time buyer LTT rebate.
“The last thing people need is to dish out another $750, on top of the $11,000 that they
already pay City Hall. The City should be looking for ways to make housing affordability
better, not worse, especially for first-time buyers who could go backwards, or at best, be
no better off,” said Mr. Cerqua. “The Budget Committee should stop this proposal in its
tracks and instead enhance the rebate for first-time buyers.”
TORONTO, ONTARIO, December 2, 2016 - Toronto Real Estate Board President Larry
Cerqua announced that Greater Toronto Area REALTORS® reported 8,547 home sales
through TREB's MLS® System in November 2016. This result represented a 16.5 per cent
increase compared to November 2015.
For the TREB market area as a whole, sales were up on a year-over-year basis for all
major home types. The strongest annual rates of sales growth were experienced for the
townhouse and condominium apartment segments.
"Home buying activity remained strong across all market segments in November.
However, many would-be home buyers continued to be frustrated by the lack of listings,
as annual sales growth once again outstripped growth in new listings. Seller's market
conditions translated into robust rates of price growth," said Mr. Cerqua.
The MLS® Home Price Index (HPI) Composite Benchmark was up by 20.3 per cent
compared to November 2015. The average selling price at $776,684 was up by 22.7 per
cent on a year-over-year basis.
"Recent policy initiatives seeking to address strong home price growth have focused on
demand. Going forward, more emphasis needs to be placed on solutions to alleviate the
lack of inventory for all home types, especially in the low-rise market segments,” said
Jason Mercer, TREB’s Director of Market Analysis.
TORONTO, November 3, 2016 – Toronto Real Estate Board President Larry Cerqua
announced that Greater Toronto Area REALTORS® reported a record 9,768 sales
through TREB’s MLS® System in October 2016 – up by 11.5 per cent compared to
October 2015. For the TREB market area as a whole, the largest annual rate of sales
growth was in the condominium apartment market segment. Detached home sales were
up by 10 per cent year-over-year, driven predominantly by transactions in the regions
“The record pace of GTA home sales continued in October, with strong growth observed
throughout the month. As we move through November and December, we will be
watching the sales and listings trends closely, in light of the recent policy changes
announced by the Federal Minister of Finance. TREB will once again be conducting
consumer survey work, in order to report on home buying intentions for 2017,” said Mr.
The MLS® Home Price Index Composite Benchmark was up by 19.7 per cent on a yearover-
year basis in October 2016. Similarly, the average selling price for all home types
combined was $762,975 – up 21.1 per cent over the same time period. Double-digit
increases were experienced for all major home types for the TREB Market Area as a
“New listings were up slightly in October compared to last year, but not nearly enough to
offset the strong sales growth. This meant that seller’s market conditions continued to
prevail as buyers of all home types experienced intense competition in the marketplace.
Until we experience sustained relief in the supply of listings, the potential for strong annual
rates of price growth will persist, especially in the low-rise market segments,” said Jason
TORONTO, October 5, 2016 - Toronto Real Estate Board President Larry Cerqua
announced that Greater Toronto Area REALTORS® reported 9,902 sales through TREB’s
MLS® System in September 2016. This result was up by 21.5 per cent compared to
For the region as a whole, strong annual rates of sales growth were experienced for all
major home types. The pace of detached sales growth was slower in the City of Toronto
and the number of semi-detached sales was down compared to last year. In both cases,
the year-over-year dip in new listings was likely the issue.
“We continued to see strong demand for ownership housing up against a short supply of
listings in the Greater Toronto Area in September. The sustained lack of inventory in
many neighbourhoods across the GTA continued to underpin high rates of price growth for
all home types,” said Mr. Cerqua.
Both the MLS® Home Price Index (HPI) Composite Benchmark and the average selling
price for all home types combined were up strongly on a year-over-year basis in
September. The MLS® HPI Composite Benchmark grew by 18 per cent compared to
September 2015. The average selling price was up by 20.4 per cent to $755,755. It is
important to remember that the MLS® HPI provides a price growth measure for a
benchmark home, thereby allowing for an apples-to-apples comparison from one year to
the next. The average selling price can be influenced by changes in both market
conditions and the mix of homes sold.
“The Toronto Real Estate Board will be closely monitoring how the recent changes to
Federal mortgage lending guidelines and capital gains tax exemption rules impact the
housing market in the Greater Toronto Area. While these changes are pointed at the
demand for ownership housing, it is important to note that much of the upward pressure
on home prices in the GTA has been based on the declining inventory of homes available
for sale,” said Jason Mercer, TREB’s Director of Market Analysis.
TORONTO, ONTARIO, September 7, 2016 – Toronto Real Estate Board President Larry
Cerqua announced that Greater Toronto Area REALTORS® reported a record 9,813 sales
through TREB’s MLS® System in August 2016.
While this sales result was 23.5 per cent above the number of transactions reported for
August 2015, it is important to note that the majority of sales are reported on working days
and there were two additional working days in August 2016 compared to 2015. When the
year-over-year discrepancy in working days is accounted for, the annual percentage
change in sales is closer to 13 per cent.
“The conditions underlying strong demand for ownership housing remained in place,
including a relatively strong regional economy, growth in average earnings and low
borrowing costs. Unfortunately, we did not see any relief on the listings front, with the
number of new listings down compared to last year. This situation continued to underpin
very strong home price growth, irrespective of home type or area,” said Mr. Cerqua.
The MLS® Home Price Index (HPI) Composite Benchmark for August 2016 was up by
17.2 per cent on a year-over-year basis. Similarly, the average selling price for all home
types combined was up by 17.7 per cent on an annual basis to $710,410. Both the MLS®
HPI benchmarks and average prices for low-rise home types were up by double digits
“Population in the GTA continues to grow. The resulting growth in households coupled
with favourable economic conditions and low borrowing costs means that we remain on
track for another record year for home sales. Against this backdrop, TREB will also be
releasing new third-party research, and consumer and REALTOR® survey results
throughout the fall and winter, with discussions focusing on foreign buying activity and
issues affecting the supply of ownership housing,” said Jason Mercer, TREB’s Director of