2017 TREB MLS Average Price Increase
Greater Toronto Area REALTORS© reported 92, 394 sales through TREB’s MLS® in 2017 with a difference of 18.3 per cent compared to the record set in 2016. Record sales in Q1 were followed by a lower sales volatility in Q2 and Q3 after the Ontario Fair Housing Plan (FHP) was announced. As the impact of the FHP started to wane, sales in Q4 increased as a 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 Tim Syrianos, president, Toronto Real Estate Board.
The average selling price for 2017 increased 12.7 per cent, to $822, 681, compared to 2016. This growth was driven by the tight market conditions during the first four months. Fewer sales combined with increased listings resulted in slower price growth in the latter two-thirds of 2017. 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.
To read the detailed Market Watch, December 2017 report HERE. [Link: http://www.trebhome.com/market_news/market_watch/2017/mw1712.pdf]
To read the Annual Sales and Average Price report HERE. [Link: http://www.trebhome.com/market_news/market_watch/historic_stats/pdf/Historic_1712.pdf]
All images sourced from Market Watch 2017.