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TORONTO, 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.

 

‘Puzzling’ Toronto real estate market could frustrate push for price fix, CMHC says
By GREG QUINN
OTTAWA—Justin Trudeau’s Liberal government has been under pressure to rein in runaway home prices, but a study by the national housing agency suggests the prime minister will struggle to exert control over the real estate market in Canada’s largest city.

 

More House-Flippers Than Foreign Buyers In Toronto Real Estate
By Better Dwelling
Better Dwelling: Toronto real estate inventory has been increasing over the past few months, and we wanted to see what kind of sellers we`re looking at. An analysis of properties listed for sale in the City of Toronto show that over 6 per cent were bought less than 18 months ago. While some have ask prices that might prove profitable, we estimate one in three of these listings are currently looking at a loss.

 

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