Cindie Carr-Harris
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TORONTO REALL ESTATE BOARD SEPTEMBER MARKET WATCH
Wednesday, 04 October 2017, 09:35:00 AM

TORONTO, ONTARIO, October 4, 2017 – Toronto Real Estate Board President Tim

Syrianos announced that Greater Toronto Area REALTORS® reported 6,379 sales through

TREB’s MLS® System in September 2017. This result was down by 35 per cent compared

to September 2016.

The number of new listings entered into TREB’s MLS® System amounted to 16,469 in

September – up by 9.4 per cent year-over-year.

“The improvement in listings in September compared to a year earlier suggests that home

owners are anticipating an uptick in sales activity as we move through the fall. Consumer

polling undertaken for TREB in the spring suggested that buying intentions over the next year

remain strong. As we move through the fourth quarter we could see some buyers moving off

the sidelines, taking advantage of a better-supplied marketplace,” said Mr. Syrianos.

The average selling price in September 2017 was $775,546 – up 2.6 per cent compared to

September 2016. The MLS® Home Price Index (HPI) composite benchmark was up by 12.2

per cent on a year-over-year basis. A key reason for the difference in annual growth rates

between the average price and the MLS® HPI composite is the fact that detached homes –

the most expensive market segment on average – accounted for a smaller share of overall

transactions this year compared to last.

“With more balanced market conditions, the pace of year-over-year price growth was more

moderate in September compared to a year ago. However, the exception was the

condominium apartment market segment, where average and benchmark sales prices were

up by more than 20 per cent compared to last year. Tighter market conditions for

condominium apartments follows consumer polling results from the spring that pointed

toward a shift to condos in terms of buyer intentions,” said Jason Mercer, TREB’s Director of

Market Analysis.

 

 

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