Once the stats are released, one of the first things we do is compare the numbers to last year. While September 2016 was unprecedentedly hot and frenetic, this September has been calm and cool. The bad news? Sales last month were down 35 per cent compared to a year ago. The good news? New listings were up 9 per cent, meaning that supply and demand are moving towards a balanced market! Here's the Toronto Real Estate Board's analysis:
October 4, 2017 --Toronto Real Estate Board President Tim Syrianos announced that Greater Toronto Area REALTORS® reported 6,379 sales through TREB's MLS® System in September 2017. This result was down by 35 per cent compared to September 2016.
The number of new listings entered into TREB's MLS® System amounted to 16,469 in September – up by 9.4 per cent year-over-year.
"The improvement in listings in September compared to a year earlier suggests that home owners are anticipating an uptick in sales activity as we move through the fall. Consumer polling undertaken for TREB in the spring suggested that buying intentions over the next year remain strong. As we move through the fourth quarter we could see some buyers moving off the sidelines, taking advantage of a better-supplied marketplace," said Mr. Syrianos.
The average selling price in September 2017 was $775,546 – up 2.6 per cent compared to September 2016. The MLS® Home Price Index (HPI) composite benchmark was up by 12.2 per cent on a year-over-year basis. A key reason for the difference in annual growth rates between the average price and the MLS® HPI composite is the fact that detached homes – the most expensive market segment on average – accounted for a smaller share of overall transactions this year compared to last.
"With more balanced market conditions, the pace of year-over-year price growth was more moderate in September compared to a year ago. However, the exception was the condominium apartment market segment, where average and benchmark sales prices were up by more than 20 per cent compared to last year. Tighter market conditions for condominium apartments follows consumer polling results from the spring that pointed toward a shift to condos in terms of buyer intentions," said Jason Mercer, TREB's Director of Market Analysis.
If you'd like to see more in depth figures - by housing type and/or geographical area - here's the complete set of September 2017 TREB Stats!
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