Now that we have a firm foot in 2018, I wanted us to take a look back at the annual sales for 2017.
Overall for the year, 92,394 home sales were reported through the TREB MLS.
Compared to the record-setting year in 2016, the number of home sales in 2017 was down 18.3%, but the average price of a home climbed up 12.7%.
While sales had fallen for seven months since May 2017, the GTA market showed signs of recovery in the past few months with sales in December having the smallest monthly decline since the introduction of the 15% foreign home-buyer tax and the Ontario Fair Housing Plan in April.
The upward swing in the number of sales could also be a result of buyers securing a home before the new mortgage rules started on January 1, 2018.
On January 30, 2018, TREB will be releasing 2017 year-end review which will also include an outlook for 2018 home sales and prices, new research on the housing supply and a report on the “missing middle.”