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Office: 416-884-1221
Direct: 416-617-1724
Email: jsaraceni@trebnet.com

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TREB's Market Year in Review & Outlook Report

MARKET YEAR IN REVIEW: The Market in 2017

Section Summary

• Total sales reported through TREB’s MLS® System in 2017 amounted to 92,394 - down by 18.3 per cent compared to the record set in 2016.

• The overall average selling price of $822,681 was up 12.7 per cent compared to 2016. Both average price and MLS® Home Price Index (HPI) a nnual growth rates were strongest in Q1 2017.

• The pace of year-over-year price growth receded during the last two-thirds of 2017, as listings increased relative to sales. Total new listings entered into TREB’s MLS® System amounted to 178,489 – up 15.7 per cent compared to 2016.

• While the announcement of the Ontario Fair Housing Plan (FHP), including a tax on foreign buyers, was the main impetus for the change in market conditions in the spring and summer of 2017, the effect was more psychological. Multiple sources have confirmed that foreign buying activity was very low prior to the FHP and remained low afterward.

• Demand for ownership housing strengthened in Q4 2017, perhaps indicating the waning effects of the FHP, and perhaps due to new, stricter mortgage lending guidelines announced for 2018, prompting home purchases earlier than they otherwise would have taken place.

To read the entire report - you can download it in PDF and view it here

 

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Office: 416-884-1221
Direct: 416-617-1724
Email: jsaraceni@trebnet.com

RE/MAX West Signature Realty Inc., Brokerage,
96 Rexdale Boulevard
Toronto, ON, M9W 1N7

Trademarks owned or controlled by The Canadian Real Estate Association. Used under license.

The information provided herein must only be used by consumers that have a bona fide interest in the purchase, sale or lease of real estate and may not be used for any commercial purpose or any other purpose.

Information is deemed reliable but is not guaranteed accurate by TREB.

Toronto Real Estate Board - IDX Last Updated: 5/21/2018 6:31:15 AM