1. There were 5,921 homes sold in the GTA in July 2017, down from 9,929 sales recorded in July 2016, a record amount for the month.
2. According to TREB historical data for the month, July 2017’s total was also considerably lower than any July in the last 5 years. TREB recorded 9,880 sales in July 2015, 9,198 sales in July 2014, 8,544 sales in July 2013 and 7,570 sales in July 2012.
3. There were 556 detached homes sold in the City of Toronto, also known as the 416 region, in July. That’s down 41.7% from the previous year.
4. The average sales price of a detached home in the 416 from continuing its upward march. The average detached home price was $1,304,288, up 8.5 per cent from July 2016.
5. However, the rate at which prices increased slowed markedly from previous months. For instance, between July 2015 and July 2016, the average detached home sales price in the 416 saw a 20.7 per cent increase.
6. While all housing types (detached, semi-detached, condo apartment and townhouse) saw significant year-over-year sales declines, price increases remained robust for condo apartments and townhouses. Average condo apartment prices rose 24.6 per cent year-over-year to $532,502 while the average townhouse went for $707,269 in July.
7. The MLS Home Price Index (HPI) Composite Benchmark, a steadier guide to price ebbs and flows, was up 18 per cent year-over-year in the GTA. But, on a month-over-month basis, the benchmark price was down 4.6 per cent.
8. Active listings in the GTA were up 65.3 per cent year-over-year, rising from 11,346 in July 2016 to 18,751 last month.
9. Despite this, Jason Mercer, TREB’s Director of Market Analysis, believes housing supply remains an issue in the GTA. “Looking forward, if we do see some would-be home buyers move off the sidelines and back into the market without a similar increase in new listings, we could see some of this newfound choice erode,” he says in a statement.
