More Moderate Price Growth in June
Greater Toronto Area REALTORS® reported 7,974 sales through TREB’s MLS® System in June 2017 – down by 37.3 per cent in comparison to June 2016.
The number of new residential listings entered into TREB’s MLS® System, at 19,614, was up by 15.9 per cent compared to June 2016. While this annual rate of growth was sizeable, it represented a more moderate annual rate of growth compared to May 2017, when new listings were up by 48.9 per cent year-over-year.
“We are in a period of flux that often follows major government policy announcements pointed at the housing market. On one hand, consumer survey results tell us many households are very interested in purchasing a home in the near future, but some of these would-be buyers seem to be temporarily on the sidelines waiting to see the real impact of the Ontario Fair Housing Plan. On the other hand, we have existing home owners who are listing their home because they feel price growth may have peaked. The end result has been a better supplied market and a moderating annual pace of price growth,” said Mr. Syrianos.
Annual growth rates for MLS® HPI benchmark prices have moderated over the past two months, but remain strong. The MLS® HPI composite benchmark price was up by 25.3 per cent on a year-over-year basis in June. June’s average selling price for all home types combined for the TREB market area was $793,915, representing a 6.3 per cent increase compared to the same month in 2016. A better supplied market has certainly been a key factor influencing the moderation in price growth.
“Recent Ipsos survey results suggest that home buying activity in the GTA will remain strong moving forward. The year-over-year dip in home sales we have experienced over the last two months seem to be the result of would-be buyers putting their decision to purchase temporarily on hold while they monitor the impact of the Fair Housing Plan. On the supply side of the market, it certainly looks as though buyers will benefit from more choice in the second half of 2017 compared to the same period in 2016,”said Jason Mercer, TREB’s Director of Market Analysis and Service Channels.
CLICK HERE to download the full June 2017 Toronto Real Estate Board Market Update.
About the Toronto Real Estate Board
The Toronto Real Estate Board was founded in 1920 by a small group of real estate practitioners. Today, as Canada's largest real estate board, TREB serves more than 45,000 Members.
Toronto Real Estate Board REALTORS® are passionate about their work. They're highly trained experts who have all the tools and skills to help you buy or sell your home.
They're marketing professionals who know how to make your home more saleable. And they know what questions to ask when you're considering buying a home.
They're up to date on the most current market conditions so they can counsel you through all the important decisions. And they negotiate for you to maximize your return. Get peace of mind with a real estate professional.
Let us know what you think, send all your feedback to: firstname.lastname@example.org
If you have any questions or concerns about the Toronto Real Estate Board ("TREB") complaint process as it relates to the conduct of TREB Members, please email your comments to email@example.com
About Royal LePage Vision
Founded in 2003, Royal LePage Vision, in Toronto, is a multiple award-winning brokerage with a strong contingent of high-performing agents. Our strength over the past 13 years is rooted in technology and how innovation translates to exceptional service.
From top to bottom our brokerage is built on making it easier for our Realtors to succeed in real estate while staying consistently connected to the office. With a strong emphasis on training, for both our support staff & Realtors, each one of our Realtors has the support and tools to be effective in their market.
If you would like to learn more about the difference VISION makes, please give us a call at 416-321-2228 or visit moveuptoroyallepage.com.