GTA REALTORS® release monthly resale housing market figures for January 2017

== TREB NEWS RELEASE ==


Source: Toronto Real Estate Board
TORONTO, February 3, 2017



                            Watch this video for Market Figures for January 201

GTA REALTORS® RELEASE MONTHLY RESALE HOUSING MARKET FIGURES

TORONTO, February 3, 2017 -- Toronto Real Estate Board President Larry Cerqua announced that Greater Toronto Area REALTORS® reported 5,188 residential transactions through TREB's MLS® System in January 2017. This result was up by 11.8 percent compared to 4,640 sales reported in January 2016. Annual rates of sales growth were higher for condominium apartments than for low-rise home types.

January 2017 picked up where 2016 left off: sales were up on a year-over-year basis while the number of new listings was down by double-digit annual rates for most major home types.

"Home ownership continues to be a great investment and remains very important to the majority of GTA households. As we move through 2017, we expect the demand for ownership housing to remain strong, including demand from first-time buyers who, according to a recent Ipsos survey, could account for more than half of transactions this year. However, many of these would-be buyers will have problems finding a home that meets their needs in a market with very little inventory," said Cerqua.

The MLS® Home Price Index (HPI) Composite Benchmark price was up by 21.8 percent on a year-over-year basis in January.  Similarly, over the same period, the average selling price was up by 22.3 percent to $770,745, with double-digit gains in the average prices for all major home types.

“The number of active listings on TREB’s MLS® System at the end of January was essentially half of what was reported as available at the same time last year.  That statistic, on its own, tells us that there is a serious supply problem in the GTA – a problem that will continue to play itself out in 2017.  The result will be very strong price growth for all home types again this year,” said Jason Mercer, TREB’s Director of Market Analysis.


Summary of TorontoMLS Sales and Average Price January 1 - 31, 2017
2017
2016
Sales
Average Price
New Listings
Sales
Average Price
New Listings
City of Toronto ("416")
1,904
727,928
2,886
1,684
635,702
3,737
Rest of GTA ("905")
3,284
795,569
4,452
2,956
627,055
5,169
GTA
5,188
770,745
7,338
4,640
630,193
8,906


TorontoMLS Sales & Average Price  By Home Type January 1 - 31, 2017
Sales
Average Price
416
905
Total
416
905
Total
Detached
466
1,795
2,261
1,336,640
999,102
1,068,670
Yr./Yr. % Change
-5.5%
11.9%
7.8%
26.8%
27.8%
26.3%
Semi-Detached
118
305
423
902,688
661,545
728,814
Yr./Yr. % Change
-3.3%
-6.7%
-5.8%
26.4%
28.5%
28.1%
Townhouse
183
594
777
658,349
604,263
617,001
Yr./Yr. % Change
7.6%
7.0%
7.2%
26.1%
27.8%
27.4%
Condo Apartment
1,125
511
1,636
471,409
379,169
442,598
Yr./Yr. % Change
26.8%
26.5%
26.7%
13.1%
18.5%
14.5%


January 2017 Year-Over-Year Per Cent Change in the MLS® HPI

Composite (All Types)
Single-Family Detached
Single-Family Attached
Townhouse
Apartment
TREB Total
21.82%
25.32%
22.74%
22.71%
18.70%
Halton Region
22.63%
22.85%
23.54%
21.53%
-
Peel Region
22.66%
23.17%
24.76%
22.58%
20.63%
City of Toronto
16.33%
23.54%
20.41%
21.28%
20.99%
York Region
21.34%
29.03%
26.23%
18.69%
13.89%
Durham Region
26.43%
26.30%
26.16%
35.34%
25.94%
Orangeville
24.80%
24.99%
21.18%
-
-
South Simcoe County1
28.46%
28.16%
29.91%
-
-
Source: Toronto Real Estate Board
1South Simcoe includes Adjala-Tosorontio, Bradford West Gwillimbury, Essa, Innisfil and New Tecumseth

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