TORONTO, ONTARIO, August 3, 2017 – Toronto Real Estate Board President Tim
Syrianos announced that Greater Toronto Area REALTORS® reported 5,921 residential
transactions through TREB’s MLS® System in July 2017. This result was down by 40.4
per cent on a year-over-year basis, led by the detached market segment – both in the City
of Toronto and surrounding regions.
While sales were down, the number of new listings reported were only slightly (+5.1 per
cent) above last year’s level.
“A recent release from the Ontario government confirmed TREB’s own research which
found that foreign buyers represented a small proportion of overall home buying activity in
the GTA. Clearly, the year-over-year decline we experienced in July had more to do with
psychology, with would-be home buyers on the sidelines waiting to see how market
conditions evolve,” said Mr. Syrianos.
“Summer market statistics are often not the best indicators of housing market conditions.
We generally see an uptick in sales following Labour Day, as a greater cross-section of
would-be buyers and sellers start to consider listing and/or purchasing a home. As we
move through the fall, we should start to get a better sense of the impacts of the Fair
Housing Plan and higher borrowing costs,” said TREB CEO John DiMichele.
The MLS® Home Price Index (HPI) Composite Benchmark price was up by 18 per cent on
a year-over-year basis. However, the Composite Benchmark was down by 4.6 per cent
relative to June. Monthly MLS® HPI declines were driven more so by single-family home
types. The average selling price for all home types combined was up by five per cent
year-over-year to $746,218.
“Home buyers benefitted from more choice in the market this July compared to the same
time last year. This was reflected in home prices and home price growth. Looking
forward, if we do see some would-be home buyers move off the sidelines and back into
the market without a similar increase in new listings, we could see some of this newfound
choice erode. The recent changes in the sales and price trends have masked the fact that
housing supply remains an issue in the GTA,” said Jason Mercer, TREB’s Director of