Real estate in Toronto + the GTA is in a period of flux that often follows major government policy announcements pointed at the housing market. On one hand, consumer survey results tell us many households are very interested in purchasing a home in the near future, but some of these would-be buyers seem to be temporarily on the sidelines waiting to see the real impact of the Ontario Fair Housing Plan. On the other hand, we have existing home owners who are listing their home because they feel price growth may have peaked. The end result has been a better supplied market and a moderating annual pace of price growth.
Here is our June 2017 Market Report, a quick resale housing market analysis with key stats for Toronto + the GTA ?.
>> Don’t forget to check out the complete monthly Toronto + GTA Resale Housing Market Figures report released by TREB for a comprehensive breakdown of all statistics recapped in our monthly market review.
June 2017 Market Report, Forecast Update and New IPSOS Consumer Survey Highlights:
- TREB MLS® sales were down by 37.3 per cent year-over-year in June. Over the same period, the number of new listings was up by 15.9 per cent – a deceleration in the annual growth rate compared to May.
- The MLS® Home Price Index (HPI) composite benchmark price was up by 25.3 per cent on a year-over-year basis in June, but on a month-over-month basis the composite benchmark price was down.
- The average selling price for all home types combined was 793,915 up 6.3 per cent compared to June 2016.
- Looking forward, calendar-year TREB MLS® sales are expected to range between 89,000 and 100,000 – down from the record level recorded in 2016.
- A recent consumer survey conducted by Ipsos following the announcement of the Ontario Fair Housing Plan suggests that home buying intentions for the next 12 months remain strong and in line with past survey results from the fall of 2015 and 2016.
- The results from a recent Ipsos survey of intending home sellers supports recent trends in TREB MLS® data pointing to elevated levels of listings compared to 2016.
- An increased supply of listings coupled with a dip in home sales will result in a more moderate year-over-year pace of price growth in the second half of 2017, but the calendar year growth rate for 2017 will remain in the double-digits.