Toronto & GTA MLS® Home Sales - June, 2017: Sales Down; Prices Strong; Inventory Spikes

Toronto, Ontario, July 6, 2017 - The Toronto Real Estate Board’s monthly MarketWatch statistical report was released today showing that Toronto & GTA / Greater Toronto Area Realtors® reported 7,974 residential property sales through TREB’s MLS® system last month, down a whopping 37.3% versus June 2016’s 12,725. This came on the heels of the Ontario Government’s “Fair Housing Plan” announced in the second half of April and a 3.2% drop in the number of sales that month versus one year earlier. May, 2017 saw a 20.3 drop in the number of sales reported versus May, 2016. Chart - Toronto & GTA Home Sales & Average Price by Major Home Type 2017-06

The number of homes sold fell hard across the entire TREB area in June, though prices continued to rise. The Total Active Listings figure spiked 59.6% compared to the same one year earlier as the pace of sales slowed but more sellers elected to list their properties to take advantage of the spike in prices.

In the City of Toronto - “The 416” - 848 Detached homes sold, down 42.9%, at an average sale price of $1,386,524, up 10.1%. All figures quoted are year-over-year comparisons unless otherwise noted. In the balance of the GTA - “The 905" - 2,602 Detached homes sold in June, down 45.7%, at an average selling price of $948,099, up 6.2%. Chart - Toronto & GTA Home Sales Year-Over-Year Summary @ 2017-06.png

Condo Apartment sales also suffered, though not to the same degree as the Freehold group, and Condo prices remained in their strong uptrend despite the lower sales numbers. In Metropolitan Toronto, 1,702 Condo Apartments sold in June, off 21.7% versus last June, at an average sale price of $552,679, up 23.2%. In the balance of the Greater Toronto Area, 669 of the units sold through the Toronto MLS, down 27.6%, at an average price of $436,097, up 21.4%.

Said newly elected Toronto Real Estate Board President Tim Syrianos in the report, “We are in a period of flux that often follows major government policy announcements pointed at the housing market. On one Chart - Toronto & GTA Home Sales Historic Annual Stats to 2017-06.png 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…”

TREB’s Director of Market Analysis, Jason Mercer, concurred: ”…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…”

The average time it took to sell a home in Toronto and the GTA was 15 Days on Market…identical to last June.

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