TORONTO, ONTARIO, November 2, 2017 – Toronto Real Estate Board President Tim
Syrianos reported 7,118 residential sales through TREB’s MLS® System in October 2017.
This result represented an above-average increase between September and October of
almost 12 per cent, pointing to stronger fall market conditions.
On a year-over-year basis, October sales were down compared to 9,715 transactions in
October 2016. Total sales reported through the first 10 months of 2017 amounted to
80,198 – down from 99,233 for the same time period in 2016.
“Every year we generally see a jump in sales between September and October. However,
this year that increase was more pronounced than usual compared to the previous ten
years. So, while the number of transactions was still down relative to last year’s record
pace, it certainly does appear that sales momentum is picking up,” said Mr. Syrianos.
The MLS® Home Price Index Composite benchmark price was up by 9.7 per cent on a
year-over-year basis in October. Annual rates of price growth were strongest for
townhouses and condominium apartments. The average selling price for October
transactions was $780,104 – up by 2.3 per cent compared to the average of $762,691 in
“The housing market in the GTA has been impacted by a number of policy changes at the
provincial and federal levels. Similar to the track followed in the Greater Vancouver Area,
it appears that the psychological impact of the Fair Housing Plan, including the tax on
foreign buyers, is starting to unwind,” said Jason Mercer, TREB’s Director of Market
“TREB will be undertaking its annual consumer polling process over the last two months of
2017. This polling will include research into the impact of recent and proposed
government policy changes on consumer intentions to buy and sell homes in the GTA,
including the impacts of the new OSFI guideline and a potential vacancy tax in the City of
Toronto. In addition, TREB continues to work with different levels of government on
solutions to the long-term housing supply issues in the region,” added Mr. Syrianos.