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Toronto Real Estate Market Update – Summer 2017
Market 2017

The Toronto real estate market is always a popular topic of conversations. But recent developments have more people asking what direction the market is headed. Unfortunately the media has been adding fuel to the fire with headlines such as: “Toronto sales tank…” (The Toronto Star) and “Toronto home prices plunge as buyers retreat…” (The Globe and Mail). It’s clear no one can predict the future, so in the absence of a crystal ball it’s best to rely on statistics, industry forecasts and common sense.

Although the Toronto real estate market is experiencing somewhat of a stagnant summer, in my opinion it will bounce back to a “sellers market” at the beginning of next year. For buyers out there, now is definitely the best time to take advantage of the “buyers market” when you still can negotiate better price and terms.

“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.

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HomeLife/Realty One Ltd.
Real Estate Brokerage*

501 Parliament St. Toronto, ON M4X 1P3

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