New Listings Up by 9.4%, Sales Down by 35% (3rd Consecutive Month), Average Selling Price Up by 2.6%. All Categories of Homes Witnessed Price Increase, particularly Condos

Toronto Real Estate Board President Tim Syrianos announced today, October 4, 2017 that Greater Toronto Area REALTORS® reported 6,379 sales through TREB’s MLS® System in September 2017.  This result was down by 35% compared to September 2016.
The number of new listings entered into TREB’s MLS® System amounted to 16,469 in September – up by 9.4% year-over-year.
“The improvement in listings in September compared to a year earlier suggests that home owners are anticipating an uptick in sales activity as we move through the fall.  Consumer polling undertaken for TREB in the spring suggested that buying intentions over the next year remain strong.  As we move through the fourth quarter we could see some buyers moving off the sidelines, taking advantage of a better-supplied marketplace,” said Mr. Syrianos.
The average selling price in September 2017 was $775,546 – up 2.6% compared to September 2016.
“With more balanced market conditions, the pace of year-over-year price growth was more moderate in September compared to a year ago.  However, the exception was the condominium apartment market segment, where average sales prices were up by more than 20% compared to last year.  Tighter market conditions for condominium apartments follows consumer polling results from the spring that pointed toward a shift to condos in terms of buyer intentions,” said Jason Mercer, TREB’s Director of Market Analysis.

For more extensive and detailed info, please use the following "TREB Market Watch" link: http://www.trebhome.com/market_news/market_watch/2017/mw1709.pdf