Home sales slide but average price sneaks up 3% in year

Home sales slide but average price sneaks up 3% in year”

The term "soft landing" has been getting its fair share of airplay as the trend of declining housing prices and overall sales continues through summer in the Greater Toronto Area.

Meanwhile, actual home prices are slightly up: the average price for a home in Toronto is $732,292, a three per cent increase from August 2016. The number of new home listings also fell by 6.8 per cent in August compared to a year ago, which TREB said is the lowest level for August since 2010.

The board's home price index composite benchmark, which is meant to smooth out variations and accounts for typical home types throughout TREB's market area, was up by 14.3 per cent on a year-over-year basis in August.

Like the residential market, TREB President Tim Syrianos expects future economic growth in the region will fuel further demand for commercial space, suggesting that "recent data suggests that the Canadian and southern Ontario economies are on solid footing and are poised for further growth over the next year". The report did not break down sales by price range, hence there was no specific information for the luxury market. He added that if current conditions are sustained, there would likely be a return to price growth above inflation on a year-over-year basis, according to a statement Wednesday.

In addition the report noted that the Multiple Listing Service's Home Price Index composite benchmark, which accounts for typical homes in the area, was up by 14.3% year-over-year in August.

The Toronto Real Estate Board says the number of residential properties sold in August was down 34.8 per cent from the same month past year, but the average price was up modestly. "However, if some buyers move from the sidelines back into the marketplace, as [the Toronto Real Estate Board's] consumer research suggests may happen, an acceleration in price growth could result if listings remain at current levels".

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