Cindie Carr-Harris
Sales Representative

Bosley Real Estate Ltd., Brokerage
News
Personal Information
Search For Property
Buying Home
Selling Home
Find Your School
Useful Links
CALCULATORS
My Blog
TORONTO REAL ESTATE BOARD APRIL MARKET WATCH
Wednesday, 10 May 2017, 09:10:00 AM

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

year.

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.

 

no comments so far
adminlistingsprivacy policycontactsite map
Copyright © 2002-2017. All rights reserved.
Real Estate Marketing by Lone Wolf Technologies.
Lone Wolf Technologies