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Cindie Carr-Harris
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Bosley Real Estate Ltd., Brokerage
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TORONTO REAL ESTATE BOARD FEBRUARY MARKET WATCH
Saturday, 10 March 2018, 03:25:00 PM

ONTARIO, March 6, 2018 – Toronto Real Estate Board President Tim

Syrianos announced that Greater Toronto Area REALTORS® reported 5,175 residential

transactions through TREB’s MLS® System in February 2018. This result was down 34.9

percent compared to the record 7,955 sales reported in February 2017.

The number of new listings entered into TREB’s MLS® System totaled 10,520, a 7.3 per

cent increase compared to the 9,801 new listings entered in February 2017. However, the

level of new listings remained below the average for the month of February for the

previous 10 years.

“When TREB released its Outlook for 2018, the forecast anticipated a slow start to the

year compared to the historically high sales count reported in the winter and early spring

of 2017. Prospective home buyers are still coming to terms with the psychological impact

of the Fair Housing Plan, and some have also had to reevaluate their plans due to the new

OFSI-mandated mortgage stress test guidelines and generally higher borrowing costs,”

said Mr. Syrianos.

The MLS® Home Price Index Composite Benchmark was up by 3.2 per cent on a yearover-

year basis for the TREB market area as a whole. This growth was driven by the

apartment and townhouse market segments, with annual benchmark price increases of

18.8 per cent and 7.5 per cent respectively. Single-family detached and attached

benchmark prices were down slightly compared to February 2017. The overall average

selling price for February sales was down 12.4% year-over-year to $767,818. However,

putting aside the price spike reported in the first quarter of 2017, it is important to note that

February’s average price remained 12 per cent higher than the average reported for

February 2016, which represents an annualized increase well above the rate of inflation

for the past two years.

“As we move further into the spring and summer months, growth in sales and selling

prices is expected to pick up relative to last year. Expect stronger price growth to continue

in the comparatively more affordable townhouse and condominium apartment segments.

This being said, listings supply will likely remain below average in many neighbourhoods

in the GTA, which, over the long-term, could further hamper affordability,” said Jason

Mercer, TREB’s Director of Market Analysis.

 

 

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