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TORONTO, January 4, 2018 -- Toronto Real Estate Board President Tim Syrianos announced that Greater Toronto Area REALTORS® reported 92,394 sales through TREB’s MLS® System in 2017.  This total was down 18.3 per cent compared to the record set in 2016.

Record sales in Q1 were followed by a decline in Q2 and Q3 after the Ontario Fair Housing Plan (FHP) was announced.  The pace of sales picked up in Q4, as the impact of the FHP started to wane, and some buyers arguably brought forward their home purchase in response to the new OSFI stress test guidelines effective January 1, 2018.

“Much of the sales volatility in 2017 was brought about by government policy decisions.  Research from TREB, the provincial government and Statistics Canada showed that foreign home buying was not a major driver of sales in the GTA. However, the Ontario Fair Housing Plan, which included a foreign buyer tax, had a marked psychological impact on the marketplace.  Looking forward, government policy could continue to influence consumer behavior in 2018, as changes to federal mortgage lending guidelines come into effect,” said Mr. Syrianos.

The average selling price for 2017 as a whole was $822,681 – up 12.7 per cent compared to 2016.  This annual growth was driven more so by extremely tight market conditions during the first four months of the year.  In the latter two-thirds of 2017, fewer sales combined with increased listings resulted in slower price growth.  In December, the MLS® Home Price Index (HPI) Composite Benchmark was up by 7.2 per cent year over year, and the overall average selling price was up by 0.7 per cent year over year.

“It is interesting to note that home price growth in the second half of 2017 differed substantially depending on market segment.  The detached market segment – the most expensive on average – experienced the slowest pace of growth as many buyers looked to less expensive options.  Conversely, the condominium apartment segment experienced double-digit growth, as condos accounted for a growing share of transactions,” said Jason Mercer, TREB’s Director of Market Analysis.

“TREB will have much more to say about the year to come on January 30 when we will release our third annual Market Year in Review and Outlook Report.  The report will feature an outlook for home sales and prices; new Ipsos consumer survey results covering buying intentions, including insights on new federal mortgage lending guidelines; new research on housing supply options surrounding the ‘missing middle,’ and important new reports on the movement of people and goods throughout the GTA,” added Mr. Syrianos.

 

Toronto’s luxury housing market hits rough patch as sales slump

By JANET MCFARLAND

Toronto`s luxury-home sector was hit hard by the market downturn in the second half of 2017 as sales of high-end detached houses slumped and the condominium sector slowed its torrid pace of growth. A new Sotheby`s report on the luxury market shows sales of homes worth more than $1-million in the Greater Toronto Area fell by 56 per cent in the second half of 2017 compared with the booming first half of the year and by 33 per cent compared to the second half of 2016.

 

`Year of the condo` dominates 2017 Toronto luxury market

By TESS KALINOWSKI

High-end real estate has continued to sell and appreciate while the rest of the Toronto area property market endured a rockier year, says the CEO of Sotheby`s International Realty Canada. Brad Henderson predicted a less choppy year in the real estate market overall for 2018. But, he said, he expects the substantial gains made in the super-luxury homes category — properties selling for $4 million and more — to continue in Toronto, particularly in the condo sector with luxury buyers less vulnerable to interest rate and mortgage rule changes.

 

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