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.