By: Tim Syrianos, president of TREB
The figures of the housing market in October have been released by TREB. The numbers show an above-average increase of nearly 12 percent between September and October, indicating stronger declining market conditions.
Annual sales declined in October compared to 9,715 transactions in October 2016. Total sales reported during the first 10 months of 2017 were 80,198 compared to 99,233 for the same period in 2016.
Each year we generally see an increase in sales between September and October. This year, however, this increase was more pronounced than usual compared to the previous ten years. Although the number of transactions was still lower than last year’s record rate, it seems certain that sales momentum is improving.
The MLS® Home Price Index Composite benchmark price increased by 9.7% year-on-year in October. The annual price increases were strongest for mansions and apartment complexes. The average sales price for October transactions was $ 780,104, an increase of 2.3% compared to the average of $ 762,691 in October 2016.
TREB will carry out its annual consumer survey in the last two months of 2017. This poll will include research into the impact of recent and proposed changes in government policy on consumers’ intentions to buy and sell homes in GTA, including the impact of the new supervisory directive on financial institutions (OSFI) and a possible vacancy tax in the city of Toronto. In addition, TREB continues to work with various levels of government on solutions to problems with long-term housing problems in the region.
If you have any questions, talk to a Toronto Real Estate Board Professional Member REALTOR® for further assistance and guidance