Greater Toronto Area REALTORS® reported 6,357 home sales through TREB’s MLS® System in August 2017, which is down by 34.8 per cent compared to August 2016.
The average selling price $732,292 for all home types combined, up by three per cent compared to last year, was driven by the semi-detached, townhouse and condominium apartment market segments that continued to experience high single-digit or double digit year-over-year average price increases.
Recent reports suggest that economic conditions remain strong in the GTA. Positive economic news coupled with the slower pace of price growth we are now experiencing could prompt an improvement in the demand for ownership housing, over and above the regular seasonal bump, as we move through the fall,
said Tim Syrianos, Toronto Real Estate Board President.
The number of new listings entered into TREB’s MLS® System, at 11,523, was down by 6.7 per cent year-over-year and was at the lowest level for August since 2010. However, the relationship between sales and listings in the marketplace today suggests a balanced market. As Jason Mercer, TREB’s Director of Market Analysis, said:
If current conditions are sustained over the coming months, we would expect to see year-over-year price growth normalize slightly above the rate of inflation. However, 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.