Cindie Carr-Harris
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TORONTO REAL ESTATE BOARD JANUARY MARKET WATCH
Friday, 03 February 2017, 12:45:00 PM

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

types.

"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.

 

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