September 2017 GTA REALTORS® Release Monthly Resale Housing Figures

Toronto Real Estate Board President Tim Syrianos announced that Greater Toronto Area REALTORS® reported 6,379 sales through TREB’s MLS® System in September 2017.  This result was down by 35 per cent 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 per cent 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 per cent compared to September 2016.  The MLS® Home Price Index (HPI) composite benchmark was up by 12.2 per cent on a year-over-year basis.  A key reason for the difference in annual growth rates between the average price and the MLS® HPI composite is the fact that detached homes – the most expensive market segment on average – accounted for a smaller share of overall transactions this year compared to last.

“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 and benchmark sales prices were up by more than 20 per cent 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.

Source: The Toronto Real Estate Board

August 2017 GTA REALTORS® Release Monthly Resale Housing Figures

Toronto Real Estate Board President Tim Syrianos announced that Greater Toronto Area REALTORS® reported 6,357 home sales through TREB’s MLS® System in August 2017.  This result was down by 34.8 per cent compared to August 2016.

The number of new listings entered into TREB’s MLS® System, at 11,523, was down by 6.7 per cent year-over-year and was at the lowest level for August since 2010.

“Recent reports suggest that economic conditions remain strong in the GTA.  Positive economic news coupled with the slower pace of price growth we are now experiencing could prompt an improvement in the demand for ownership housing, over and above the regular seasonal bump, as we move through the fall,” continued Mr. Syrianos.

The average selling price for all home types combined was $732,292 – up by three per cent compared to August 2016.  This growth was driven by the semi-detached, townhouse and condominium apartment market segments that continued to experience high single-digit or double digit year-over-year average price increases.

The MLS® Home Price Index composite benchmark, which accounts for typical home types throughout TREB’s market area, was up by 14.3 per cent year-over-year in August.  The fact that MLS® HPI growth outstripped average price growth, points to fewer high-end home sales this year compared to last.

“The relationship between sales and listings in the marketplace today suggests a balanced market.  If current conditions are sustained over the coming months, we would expect to see year-over-year price growth normalize slightly above the rate of inflation.  However, if some buyers move from the sidelines back into the marketplace, as TREB consumer research suggests may happen, an acceleration in price growth could result if listings remain at current levels,” said Jason Mercer, TREB’s Director of Market Analysis.

 Source: The Toronto Real Estate Board

July 2017 GTA REALTORS® Release Monthly Resale Housing Figures

Toronto Real Estate Board President Tim Syrianos announced that Greater Toronto Area REALTORS® reported 5,921 residential transactions through TREB’s MLS® System in July 2017. This result was down by 40.4 per cent on a year-over-year basis, led by the detached market segment – both in the City of Toronto and surrounding regions.

While sales were down, the number of new listings reported were only slightly (+5.1 per cent) above last year’s level.

“A recent release from the Ontario government confirmed TREB’s own research which found that foreign buyers represented a small proportion of overall home buying activity in the GTA. Clearly, the year-over-year decline we experienced in July had more to do with psychology, with would-be home buyers on the sidelines waiting to see how market conditions evolve,” said Mr. Syrianos.

“Summer market statistics are often not the best indicators of housing market conditions. We generally see an uptick in sales following Labour Day, as a greater cross-section of would-be buyers and sellers start to consider listing and/or purchasing a home. As we move through the fall, we should start to get a better sense of the impacts of the Fair Housing Plan and higher borrowing costs,” said TREB CEO John DiMichele.

The MLS® Home Price Index (HPI) Composite Benchmark price was up by 18 per cent on a year-over-year basis. However, the Composite Benchmark was down by 4.6 per cent relative to June. Monthly MLS® HPI declines were driven more so by single-family home types. The average selling price for all home types combined was up by five per cent year-over-year to $746,218.

“Home buyers benefitted from more choice in the market this July compared to the same time last year. This was reflected in home prices and home price growth. 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. The recent changes in the sales and price trends have masked the fact that housing supply remains an issue in the GTA,” said Jason Mercer, TREB’s Director of Market Analysis.

Source: The Toronto Real Estate Board

July 2017 GTA REALTORS® Release Mid-Month Resale Housing Figures

Greater Toronto Area REALTORS® reported 2,670 residential transactions through TREB’s MLS® System during the first 14 days of July 2017. This result was down 39.3 per cent compared to the same period in 2016. The greatest year-over-year decline in sales was noted for the detached market segment. The lowest annual rate of decline was noted for the condominium apartment market segment.

The number of new listings entered into the system was up by 6.5 per cent year-over-year. While still up compared to last year, the annual rate of growth for new listings has declined markedly, from over 40 per cent in mid-May, and over 20 per cent in mid-June, to less than seven per cent in mid-July.

With sales down and new listings up year-over-year, the market was better supplied compared to last year. This translated into a more moderate 6.5 per cent annual growth rate for the average selling price, which was $760,356 for all home types combined.

When breaking down average price growth by geography, an interesting dichotomy has developed between the City of Toronto and the surrounding ‘905’ area code regions for some market segments. The annual growth rate for the average detached price in the ‘416’ area code was 12.1 per cent, compared to 2.7 per cent for the ‘905’ regions. The annual growth rate for the average condominium apartment price was 30.5 per cent in the ‘416’ area code versus 12.4 per cent in the surrounding ‘905’ regions.

Source: The Toronto Real Estate Board

June 2017 GTA REALTORS® Release Monthly Resale Housing Figures

Greater Toronto Area REALTORS® reported 7,974 sales through TREB’s MLS® System in June 2017 – down by 37.3 per cent in comparison to June 2016.

The number of new residential listings entered into TREB’s MLS® System, at 19,614, was up by 15.9 per cent compared to June 2016. While this annual rate of growth was sizeable, it
represented a more moderate annual rate of growth compared to May 2017, when new listings were up by 48.9 per cent year-over-year.

“We are 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,” said Mr. Syrianos.

Annual growth rates for MLS® HPI benchmark prices have moderated over the past two months, but remain strong. The MLS® HPI composite benchmark price was up by 25.3 per
cent on a year-over-year basis in June. June’s average selling price for all home types combined for the TREB market area was $793,915, representing a 6.3 per cent increase compared to the same month in 2016. A better supplied market has certainly been a key factor influencing the moderation in price growth.

“Recent Ipsos survey results suggest that home buying activity in the GTA will remain strong moving forward. The year-over-year dip in home sales we have experienced over the last two months seem to be the result of would-be buyers putting their decision to purchase temporarily on hold while they monitor the impact of the Fair Housing Plan. On the supply side of the market, it certainly looks as though buyers will benefit from more choice in the second half of 2017 compared to the same period in 2016,”said Jason Mercer, TREB’s Director of Market Analysis and Service Channels.

Source: The Toronto Real Estate Board

June 2017 GTA REALTORS® Release Mid-Month Resale Housing Figures

Greater Toronto Area REALTORS® reported 2,999 transactions through TREB’s MLS® System during the first 14 days of June 2017. This result was down by 50 per cent in comparison to the same time period in June 2016. The decline in sales was greatest for detached houses followed by other low-rise home types.

The number of new listings through the first two weeks of June was up on a year-over-year basis to 9,988 – a 22 per cent increase compared to the same time period in 2016. It is worth noting, however, that the annual growth rate for new listings did moderate compared to May. Growth in new listings was much stronger in the regions surrounding the City of Toronto, where low-rise home types are most common. In the City of Toronto, where the concentration of condominium apartments is higher, new listings growth was much more subdued.

The condominium apartment market remains relatively tight. The average selling price continued to increase compared to 2016 – up by 6.7 per cent to $808,847 for all home types combined. GTA-wide, the strongest average annual rate of growth was for the condominium apartment segment – up by 25.5 per cent compared to the first 14 days of 2016. The average selling price for detached houses was up by 7.7 per cent year-over-year.

Source: Toronto Real Estate Board

May 2017 GTA REALTORS® Release Monthly Resale Housing Figures

Toronto Real Estate Board President Larry Cerqua announced that Greater Toronto Area REALTORS® reported 10,196 sales through TREB’s MLS® System in May 2017 – down by 20.3 per cent compared to 12,790 sales reported in May 2016.  Sales of detached homes were down by 26.3 per cent.  Sales of condominium apartments were down by 6.4 per cent.

The supply of listings was up strongly over the same period.  Active listings – the number of properties available for sale – at the end of May were up by 42.9 per cent compared to the record low a year earlier.  The number increased considerably for low-rise home types including detached and semi-detached houses and townhouses.  Active listings for condominium apartments were down compared to May 2016.

“Home buyers definitely benefitted from a better supplied market in May, both in comparison to the same time last year and to the first four months of 2017.  However, even with the robust increase in active listings, inventory levels remain low.  At the end of May, we had less than two months of inventory.  This is why we continued to see very strong annual rates of price growth, albeit lower than the peak growth rates earlier this year,” said Mr. Cerqua.

Selling prices continued to increase strongly in May compared to the same month in 2016.  The MLS® HPI Composite Benchmark price was up by 29 per cent year-over-year.  The average selling price for all home types combined for the TREB Market Area as a whole was up by 14.9 per cent to $863,910.  Year-over-year price increases were greater for condominium apartments compared to low-rise home types.  This likely reflects the fact that the low-rise market segments benefitted most from the increase in listings.

“The actual, or normalized, effect of the Ontario Fair Housing Plan remains to be seen.  In the past, some housing policy changes have initially led to an overreaction on the part of homeowners and buyers, which later balanced out.  On the listings front, the increase in active listings suggests that homeowners, after a protracted delay, are starting to react to the strong price growth we’ve experienced over the past year by listing their home for sale to take advantage of these equity gains,” said Jason Mercer, TREB’s Director of Market Analysis.

Source: The Toronto Real Estate Board

May 2017 GTA REALTORS® Release Mid-Month Resale Housing Figures

Greater Toronto Area REALTORS® reported 5,021 transactions through TREB’s MLS® System during the first 14 days of May 2017. This result was down by 16 per cent in comparison to the same time period in May 2016. The decline in sales was greatest for low-rise home types, including detached and semi-detached houses and townhouses.
The number of new listings was up by 46.9 per cent year-over-year to 12,626, compared to 8,596 new listings entered during the first two weeks of May 2016. Growth in new listings was strongest for low-rise home types. From a geographic perspective, year-over-year growth in new listings was much stronger in the GTA regions surrounding the City of Toronto compared to the City itself.

Growth in average selling prices remained very strong compared to last year. Through the first 14 days of May, the average selling price for all home types combined was $890,284 – up 17.3 per cent compared to the same period in 2016. For the TREB Market Area as a whole, the strongest rates of price growth were reported for condominium apartments, at 28.5 per cent. However, annual rates of price growth for low-rise home types remained strong as well – ranging from 16.7 per cent for detached houses to 25.5 per cent for semi-detached houses.

While we have certainly experienced a better supplied market over the past two months, inventory levels remain low in many neighbourhoods, hence the continuation of double-digit rates of price growth. If we continue to see new listings growth outstripping sales growth we could see the pace of price growth slow further.

Source: The Toronto Real Estate Board

April 2017 GTA REALTORS® Release Monthly Resale Housing Figures

Toronto Real Estate Board President Larry Cerqua announced that Greater Toronto Area REALTORS® entered 33.6 per cent more new listings into TREB’s MLS® System in April 2017, at 21,630, compared to the same month in 2016. New listings were up by double-digits for all low-rise home types, including detached and semi-detached houses and townhouses. New listings for condominium apartments were at the same level as last year.

Total sales for the TREB market area as a whole amounted to 11,630 – down 3.2 per cent year-over-year. One issue underlying this decline was the fact that Easter fell in April in 2017 versus March in 2016, which resulted in fewer working days this year compared to last and, historically, most sales are entered into TREB’s MLS® System on working days.

“The fact that we experienced extremely strong growth in new listings in April means that buyers benefitted from considerably more choice in the marketplace. It is too early to tell whether the increase in new listings was simply due to households reacting to the strong double-digit price growth reported over the past year or if some of the increase was also a reaction to the Ontario government’s recently announced Fair Housing Plan,” said Mr. Cerqua.

The MLS® Home Price Index (HPI) Composite Benchmark Price was up by 31.7 per cent yearover-year in April 2017. Similarly, the average selling price for all home types combined was up by 24.5 per cent to $920,791.

“It was encouraging to see a very strong year-over-year increase in new listings. If new listings growth continues to outpace sales growth moving forward, we will start to see more balanced market conditions. It will likely take a number of months to unwind the substantial pent-up demand that has built over the past two years. Expect annual rates of price growth to remain well-above the rate of inflation as we move through the spring and summer months,” said Jason Mercer, TREB’s Director of Market Analysis

Source: Toronto Real Estate Board

April 2017 GTA REALTORS® Release Mid-Month Resale Housing Figures

Greater Toronto Area REALTORS® reported 6,098 transactions through TREB’s MLS® System during the first 14 days of April 2017. This result was up by 10.8 per cent in comparison to the same time period in March 2016. Sales were up for all major home types on a year-over-year basis – both in the City of Toronto and surrounding regions making up the TREB market area.

The number of new listings was also up annually, at 8,978 compared to 7,696 – an increase of 16.7 per cent. It is interesting to note that the annual rate of increase for new listings outstripped the annual rate of increase for sales. This means that market conditions were less tight compared to last year, with sales accounting for a smaller share relative to new listings.

The overall average selling price for transactions reported during the first two weeks of April was up by 29.8 per cent compared to the first two weeks of April 2016. Looking at the TREB market area as a whole, the strongest annual average rate of price growth was experienced in the condominium apartment market segment.

Looking forward, growth in new listings will have to outstrip growth in sales for a sustained period of time in order for more balanced market conditions and, by extension, a more moderate pace of home price growth to emerge.

Source: Toronto Real Estate Board

March 2017 GTA REALTORS® Release Monthly Resale Housing Figures

Toronto Real Estate Board President Larry Cerqua announced that Greater Toronto Area REALTORS® reported 8,014 residential sales through TREB’s MLS® System in February 2017.  Despite the fact that February 2016 had one more day due to the leap year day, this result was up on a year-over-year basis by 5.7 per cent compared to 7,583 sales reported last year.

“The February statistics tell me that many Greater Toronto Area households continue to view home ownership as a great long-term investment.  The high demand for ownership housing we’re seeing is broad-based, with strong sales growth for most low-rise home types and condominium apartments.  This makes sense given the results of a recent consumer survey undertaken for TREB by Ipsos, which found an even split between intending first-time buyers and existing homeowners who indicated that they were planning on purchasing a home in 2017,” said Cerqua.

According to the recent Ipsos survey of intending GTA home buyers, first-time buyers will continue to account for much of the demand for ownership housing in Toronto and the surrounding regions.  For the GTA as a whole, 53 per cent of likely buyers indicated that they would be first-timers – up from 49 per cent a year earlier.  First-time buying intentions were highest in the City of Toronto, where 64 per cent of likely home purchasers indicated they would be first-timers – up from 56 per cent a year earlier.  The higher percentage of first-time buyers in the City of Toronto likely relates to the prevalence of condominium apartments, which are a popular entry point into home ownership.

“There has also been much speculation, both in the media and among government policymakers, about the amount of foreign buying activity in the GTA.  A recent Ipsos survey of the TREB membership on foreign buying activity suggests that the impact of foreign buyers in the GTA marketplace has been somewhat overblown.  GTA-wide, the number of transactions accounted for by foreign buyers was less than five per cent.  Furthermore, the great majority – 80 per cent, to be exact – of foreign buyers were purchasing a home as a primary residence, a home for another family member to live in, or as an investment to rent out to a tenant, which is helpful in a tight rental market,” continued Cerqua.

“To date, the provincial government and municipal governments have resisted the implementation of a foreign buyer tax in the absence of empirical evidence. The Ipsos survey of TREB Members should further solidify the argument that the solution to strong rates of price growth and related affordability concerns lies not with taxing foreign buyers more, but rather with addressing the supply of homes available for sale, or lack thereof,” added Cerqua.

While the demand for ownership housing grew over the past year, new listings entered into TREB’s MLS® System in February were down on a year-over-year basis by 12.5 per cent to 9,834. This continues a pattern we saw throughout much of 2016, with the sales trend pointing up while the listings trend has been down, which has resulted in a contraction of the inventory of homes available for sale. TREB’s average months of inventory trend for February was at one month, while in many neighbourhoods across the GTA, inventory can now be measured in weeks rather than months.

“The listing supply crunch we are experiencing in the GTA has undoubtedly led to the double-digit home price increases we are now experiencing on a sustained basis, both in the low-rise and high-rise market segments. Until we see a marked increase in the number of homes available for sale, expect very strong annual rates of price growth to continue,” said Jason Mercer, TREB’s Director of Market Analysis.

The MLS® HPI Composite Benchmark Price was up by 23.8 per cent compared to February 2016. Similarly, the average selling price was up by 27.7 per cent year-over-year to $875,983. Annual rates of price growth continued to be strongest for low-rise home types, particularly detached houses. Growth rates for condominium apartment prices were also in the double digits, likely a result of strong demand from first-time buyers.

“Over the past year, we have reached a point where government policies that target only the demand side of the market, whether we’re talking about foreign buyers or further changes to mortgage lending guidelines, will not be enough to balance market conditions and moderate the pace of price growth,” continued Mercer.

“In 2017, policymakers at all three levels of government must turn their attention to the supply of homes available for sale. They should consider revisiting land-use designations in built-up areas to allow for a greater diversity of home types, streamlining development approvals and permitting processes, and looking at ways to incentivize landowners to develop their land,” suggested Cerqua.

A panel of industry experts was on hand at TREB’s recent Economic Summit, which served as a launch for TREB’s Market Year in Review & Outlook Report 2017, to share their take on the growing housing supply crisis in the GTA. Discussing the nature and scope of the crisis as well as possible solutions, the implications were clear: there is a housing supply crisis and the only way to solve it would be coordinated and innovative solutions by the government, private and not-for-profit sectors.

This and other issues, including a market outlook for 2017 and the impact of transit infrastructure and housing affordability were discussed at the Economic Summit and are touched on in the report. To learn more about the Economic Summit or to read a copy of TREB’s Market Year in Review & Outlook Report 2017, please visit www.TREBhome.com

March 2017 GTA REALTORS® Release Mid-Month Resale Housing Figures

Greater Toronto Area REALTORS® reported 5,238 home sales through TREB’s MLS® System during the first 14 days of March 2017. This result was up by 16.4 per cent in comparison to the first two weeks of March 2016, when 4,500 home sales were reported.

The strongest annual rate of sales growth was experienced for the condominium apartment market segment.

However, double-digit annual rates of growth were also reported for detached houses and townhouses.

New listings reported by REALTORS® during the first half of March were down by more than four per cent compared to the same period in 2016. As the trend of declining listings and increasing sales continued, market conditions tightened further with the end result being further acceleration in the annual average rate of price growth.

The average selling price for all home types combined was $935,296 during the first two weeks of March 2017, representing a 35.1 per cent increase compared to March 2016. While the detached market segment experienced the highest annual average rate of price growth, at 37 per cent for the TREB market area as a whole, it is important to note that growth rates were above 30 per cent for all major home types including condominium apartments.

Source: Toronto Real Estate Board

February 2017 GTA REALTORS® Release Monthly Resale Housing Figures

Toronto Real Estate Board President Larry Cerqua announced that Greater Toronto Area REALTORS® reported 8,014 residential sales through TREB’s MLS® System in February 2017.  Despite the fact that February 2016 had one more day due to the leap year day, this result was up on a year-over-year basis by 5.7 per cent compared to 7,583 sales reported last year.

“The February statistics tell me that many Greater Toronto Area households continue to view home ownership as a great long-term investment.  The high demand for ownership housing we’re seeing is broad-based, with strong sales growth for most low-rise home types and condominium apartments.  This makes sense given the results of a recent consumer survey undertaken for TREB by Ipsos, which found an even split between intending first-time buyers and existing homeowners who indicated that they were planning on purchasing a home in 2017,” said Cerqua.

According to the recent Ipsos survey of intending GTA home buyers, first-time buyers will continue to account for much of the demand for ownership housing in Toronto and the surrounding regions.  For the GTA as a whole, 53 per cent of likely buyers indicated that they would be first-timers – up from 49 per cent a year earlier.  First-time buying intentions were highest in the City of Toronto, where 64 per cent of likely home purchasers indicated they would be first-timers – up from 56 per cent a year earlier.  The higher percentage of first-time buyers in the City of Toronto likely relates to the prevalence of condominium apartments, which are a popular entry point into home ownership.

“There has also been much speculation, both in the media and among government policymakers, about the amount of foreign buying activity in the GTA.  A recent Ipsos survey of the TREB membership on foreign buying activity suggests that the impact of foreign buyers in the GTA marketplace has been somewhat overblown.  GTA-wide, the number of transactions accounted for by foreign buyers was less than five per cent.  Furthermore, the great majority – 80 per cent, to be exact – of foreign buyers were purchasing a home as a primary residence, a home for another family member to live in, or as an investment to rent out to a tenant, which is helpful in a tight rental market,” continued Cerqua.

“To date, the provincial government and municipal governments have resisted the implementation of a foreign buyer tax in the absence of empirical evidence. The Ipsos survey of TREB Members should further solidify the argument that the solution to strong rates of price growth and related affordability concerns lies not with taxing foreign buyers more, but rather with addressing the supply of homes available for sale, or lack thereof,” added Cerqua.

While the demand for ownership housing grew over the past year, new listings entered into TREB’s MLS® System in February were down on a year-over-year basis by 12.5 per cent to 9,834. This continues a pattern we saw throughout much of 2016, with the sales trend pointing up while the listings trend has been down, which has resulted in a contraction of the inventory of homes available for sale. TREB’s average months of inventory trend for February was at one month, while in many neighbourhoods across the GTA, inventory can now be measured in weeks rather than months.

“The listing supply crunch we are experiencing in the GTA has undoubtedly led to the double-digit home price increases we are now experiencing on a sustained basis, both in the low-rise and high-rise market segments. Until we see a marked increase in the number of homes available for sale, expect very strong annual rates of price growth to continue,” said Jason Mercer, TREB’s Director of Market Analysis.

The MLS® HPI Composite Benchmark Price was up by 23.8 per cent compared to February 2016. Similarly, the average selling price was up by 27.7 per cent year-over-year to $875,983. Annual rates of price growth continued to be strongest for low-rise home types, particularly detached houses. Growth rates for condominium apartment prices were also in the double digits, likely a result of strong demand from first-time buyers.

“Over the past year, we have reached a point where government policies that target only the demand side of the market, whether we’re talking about foreign buyers or further changes to mortgage lending guidelines, will not be enough to balance market conditions and moderate the pace of price growth,” continued Mercer.

“In 2017, policymakers at all three levels of government must turn their attention to the supply of homes available for sale. They should consider revisiting land-use designations in built-up areas to allow for a greater diversity of home types, streamlining development approvals and permitting processes, and looking at ways to incentivize landowners to develop their land,” suggested Cerqua.

A panel of industry experts was on hand at TREB’s recent Economic Summit, which served as a launch for TREB’s Market Year in Review & Outlook Report 2017, to share their take on the growing housing supply crisis in the GTA. Discussing the nature and scope of the crisis as well as possible solutions, the implications were clear: there is a housing supply crisis and the only way to solve it would be coordinated and innovative solutions by the government, private and not-for-profit sectors.

This and other issues, including a market outlook for 2017 and the impact of transit infrastructure and housing affordability were discussed at the Economic Summit and are touched on in the report. To learn more about the Economic Summit or to read a copy of TREB’s Market Year in Review & Outlook Report 2017, please visit www.TREBhome.com

 Source: Toronto Real Estate Board