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.