There were 6,357 residential sales reported through Toronto Real Estate Board's MLS System by Greater Toronto Area Realtors last month. This figure represents a decrease of 34.8 per cent in comparison to a year earlier (August 2016). In August 2016, there were 9,748 residential sales.
According to statistics, the number of new listings entered into Toronto Real Estate Board's MLS System in August 2017 stood at 11,523. This figure represents a decline of 6.7 per cent on a year-over-year basis. New Listings was at the lowest level for August 2017 since the year 2010.
TREB President Tim Syrianos stated that recent reports indicate that economic conditions remain strong throughout the Greater Toronto Area. He mentioned that strong economic conditions combined with the slower pace of price growth that we are currently experiencing could create an improvement in demand for housing ownership as we move through the fall.
The MLS Home Price Index Composite Benchmark of all home types increased by 14.3 per cent last month on a year-over-year basis. The average selling price for all home types was $732,292 last month. This number represents an increase of 3 per cent from August 2016.
This increase in the average selling price last month comes after semi-detached homes, townhouses and condo units experienced high single-digit or double-digit average price increases from an year earlier. In August 2016, the average selling price for all home types combined was $710,978.
TREB's Director of Market Analysis, Jason Mercer mentioned that the relationship between listings and sales in the current marketplace suggests a balanced market.
He stated that if the current market conditions remain over the upcoming months, we would expect to see year-over-year price growth return to a normal state, slightly over the rate of inflation.
Reference: Toronto Real Estate Board