August 2017 Market Stats

September 7, 2017

Toronto appears to be following in the footsteps of Vancouver, where over the past year a market correction occurred in part as a result of government legislation intended on cooling the housing market.  However, strengthening of the economy and consumer confidence, as evidenced in the Bank of Canada’s recent move away from years of emergency-level interest rates, has the potential to influence buoyancy in the traditional Fall Market. Jason Mercer, TREB’s Director of Market Analysis says, “If some buyers move from the sidelines back into the marketplace, as TREB consumer research suggests may happen, an acceleration in price growth could result if listings remain at current levels.”  Should the month of September perform at an average level of the past 5 years, the current inventory would be absorbed in 2 months.


Market Continued to Adjust in July

On August 4, 2017

Sales reported in the Toronto Real Estate Board (TREB) MLS System for July 2017 were down by just over 40% on a year-over-year basis. The average selling price for all home types combined was up by 5% compared to July 2016, but has dropped $175,000 since April. The number of new listings rose by 5.1% while active listings were up significantly from July 2016, benefiting buyers with more choice in the market, at least for the short term based on current pace of sales activity.