By: Tim Syrianos, TREB President
TREB has released its Housing Market figures for September. Results show that Greater Toronto Area REALTORS® reported 6,379 sales through TREB’s MLS® System in September 2017. This figure was down by 35 per cent compared to September 2016.
The report also indicates that the number of new listings entered into TREB’s MLS® System amounted to 16,469 in September, which is 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.
The average selling price in September 2017 was $775,546. This is a 2.6 per cent increase 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 accounted for a smaller share of overall transactions this year compared to last.
If you have questions, talk to a Toronto Real Estate Board Professional Member Realtor for further help and guidance. For updates on the real estate market, visit TREBhome.com. If commercial property is what interests you, contact a TREB Commercial Professional Member Realtor by visiting trebcommercial.com.