Market Watch

Strong Start to 2017

February 3, 2017 – Toronto Real Estate Board President Larry Cerqua announced that Greater Toronto Area REALTORS^® reported 5,188 residential transactions through TREB’s MLS^® System in January 2017. This result was up by 11.8 per cent compared to 4,640 sales reported in January 2016. Annual rates of sales growth were higher for condominium apartments than for low-rise home types.

January 2017 picked up where 2016 left off: sales were up on a year-over-year basis while the number of new listings was down by double-digit annual rates for most major home types.

“Home ownership continues to be a great investment and remains very important to the majority of GTA households. As we move through 2017, we expect the demand for ownership housing to remain strong, including demand from first-time buyers who, according to a recent Ipsos survey, could account for more than half of transactions this year. However, many of these would-be buyers will have problems finding a home that meets their needs in a market with very little inventory,” said Cerqua.

The MLS^® Home Price Index (HPI) Composite Benchmark price was up by 21.8 per cent on a year-over-year basis in January. Similarly, over the same period, the average selling price was up by 22.3 per cent to $770,745, with double-digit gains in the average prices for all major home types.

“The number of active listings on TREB’s MLS^® System at the end of January was essentially half of what was reported as available at the same time last year. That statistic, on its own, tells us that there is a serious supply problem in the GTA – a problem that will continue to play itself out in 2017. The result will be very strong price growth for all home types again this year,” said Jason Mercer, TREB’s Director of Market Analysis.

Sales Up and Listings Down in February

TORONTO, March 3, 2017 – 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.
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.

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.

“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.

Tight Market Conditions Continue in March

TORONTO, April 5, 2017 – Toronto Real Estate Board President Larry Cerqua announced that Greater Toronto Area REALTORS^® reported 12,077 residential sales through TREB’s MLS^® System in March 2017. This result represented a 17.7 per cent increase compared to the 10,260 sales reported in March 2016. For the TREB market area as a whole, annual sales growth was strongest for condominium apartments and detached houses.

The number of new listings also increased on a year-over-year basis, at 17,051 – a 15.2 per cent increase compared to March 2016. The strongest growth in new listings was experienced in the detached market segment. While new listings were up strongly compared to last year, the rate new listings growth was still lower than the rate of sales growth. As a result, GTA market conditions continued to tighten.

“It has been encouraging to see that policymakers have not implemented any knee-jerk policies regarding the GTA housing market. Different levels of government are holding consultations with market stakeholders and TREB has participated and will continue to participate in these discussions. Policy makers must remember that it is the interplay between the demand for and supply of listings that influences price growth,” said Mr. Cerqua.

Strong competition between buyers continued to cause high levels of price growth in all major market segments. The MLS^® Home Price Index (HPI) Composite Benchmark Price was up by 28.6 per cent year-over-year. For the TREB market area as a whole, the average selling price was up by 33.2 per cent, with similar annual rates of growth in the low-rise and condominium apartment segments.

“Annual rates of price growth continued to accelerate in March as growth in sales outstripped growth in listings. A substantial period of months in which listings growth is greater than sales growth will be required to bring the GTA housing market back into balance. As policy makers seek to achieve this balance, it is important that an evidence-based approach is followed,” said Jason Mercer, TREB’s Director of Market Analysis.

Strong Growth in New Listings in April

TORONTO, ONTARIO, May 3, 2017 – 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 year-over-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.

Active Listings Increase in May

TORONTO, June 5, 2017 – 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.

Active listings – the number of properties available for sale at the end of May – were up by 42.9 per cent compared to the lowest level in 15 years recorded in May 2016, but remained below the average and peak during that period. 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.

More Moderate Price Growth in June

TORONTO, July 6, 2017 – 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.

Market Continued to Adjust in July

TORONTO, ONTARIO, August 3, 2017 – 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 yearover-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.

GTA REALTORS® Release August Stats

TORONTO, ONTARIO, September 6, 2017 – 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.

GTA REALTORS® Release September Stats

TORONTO, ONTARIO, October 4, 2017 – 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.

GTA REALTORS® Release October Stats

TORONTO, ONTARIO, November 2, 2017 – Toronto Real Estate Board President Tim Syrianos reported 7,118 residential sales through TREB’s MLS® System in October 2017. This result represented an above-average increase between September and October of almost 12 per cent, pointing to stronger fall market conditions.

On a year-over-year basis, October sales were down compared to 9,715 transactions in October 2016. Total sales reported through the first 10 months of 2017 amounted to 80,198 – down from 99,233 for the same time period in 2016.

“Every year we generally see a jump in sales between September and October. However, this year that increase was more pronounced than usual compared to the previous ten years. So, while the number of transactions was still down relative to last year’s record pace, it certainly does appear that sales momentum is picking up,” said Mr. Syrianos.

The MLS® Home Price Index Composite benchmark price was up by 9.7 per cent on a year-over-year basis in October. Annual rates of price growth were strongest for townhouses and condominium apartments. The average selling price for October transactions was $780,104 – up by 2.3 per cent compared to the average of $762,691 in October 2016.

“The housing market in the GTA has been impacted by a number of policy changes at the provincial and federal levels. Similar to the track followed in the Greater Vancouver Area, it appears that the psychological impact of the Fair Housing Plan, including the tax on foreign buyers, is starting to unwind,” said Jason Mercer, TREB’s Director of Market Analysis.

Strong Start to 2016

TORONTO, February 3, 2016 – Toronto Real Estate Board President Mark McLean announced Greater
Toronto Area REALTORS^® reported 4,672 residential transactions through TREB’s MLS^® System in
January 2016. This result represented an 8.2 per cent increase compared to January 2015.
“It is clear that the handoff from 2015 to 2016 was a strong one. This is not surprising given
that recent polling conducted for TREB by Ipsos suggested 12 per cent of GTA households were
seriously considering the purchase of a home in 2016. Buying intentions are strong for this year
as households continue to see home ownership as an affordable long-term investment,” said
McLean.

The MLS^® Home Price Index Composite Benchmark Price for January 2016 was up by 10.7 per cent on
a year-over-year basis. The average selling price over the same period was up by 14.1 per cent.
The difference in the annual growth rates for the MLS^® HPI and average price was largely due to
a greater share of high-end detached homes sold in the regions surrounding the City of Toronto
this year compared to last. The MLS^® HPI removes the impact of shifts in the share of different
property types sold from one year to the next.

“Market conditions in January were tighter compared to a year earlier, with an annual increase
in sales up against a decline in listings. This is why growth in the MLS^® HPI benchmarks
continued to be strong, especially for singles, semis and townhouses, where there has been a
persistent lack of inventory,” said Jason Mercer, TREB’s Director of Market Analysis.

SOURCE: TORONTO REAL ESTATE BOARD

Record February Sales

TORONTO, March 3, 2016 – Toronto Real Estate Board President Mark McLean announced Greater
Toronto Area REALTORS^® reported a record number of home sales through TREB’s MLS^® System in
February 2016. There were 7,621 transactions reported this past February – up 21.1 per cent
compared to February 2015.

The number of new listings entered into TREB’s MLS^® System was also up on a year-over-year
basis, but by a lesser 8.2 per cent. The fact that the annual rate of sales growth outstripped
the annual rate of new listings growth shows a tightening of market conditions compared to last
year.

“Even after accounting for the leap year day, sales were above the previous record for February
set back in 2010. Sales were up strongly from the 15th day of the month onward as well, despite
the new federal mortgage lending guidelines coming into effect that require at least a 10 per
cent down payment on the portion of purchase prices between $500,000 and $1,000,000,” said Mr.
McLean.

Seller’s market conditions continued throughout the GTA in February. Strong competition between
buyers resulted in a healthy growth in selling prices. The MLS^® Home Price Index (HPI) Composite
Benchmark was up by 11.3 per cent year-overyear. The average selling price was up by 14.9 per
cent annually to $685,278.

“Recent polling conducted for TREB by Ipsos suggested that GTA households will remain upbeat
about purchasing a home in 2016. Early sales results for January and February certainly support
this view. With strong sales up against a constrained supply of listings, home prices continued
to trend strongly upward,” said Jason Mercer, TREB’s Director of Market Analysis.

SOURCE: TORONTO REAL ESTATE BOARD

Strong Growth in Home Sales in March/Q1

TORONTO, April 5, 2016 – Toronto Real Estate Board President Mark McLean announced record TREB
MLS^® home sales for the first quarter of 2016 following a strong result for March transactions.
There were 10,326 sales in March and 22,575 sales in the first quarter. The year-over-year
growth rate for sales was 15.8 per cent for Q1 2016 and 16.2 per cent for March 2016. For the
TREB market area as a whole, double-digit year-over-year rates of sales growth were experienced
for all major home types during the first quarter.

The positive annual growth in sales was not mirrored on the listings front. The number of new
listings entered into TREB’s MLS^® System during March and the first quarter were down compared
to the same periods in 2015.

“At the beginning of 2016, TREB’s outlook for the year pointed to a strong possibility of a
second consecutive record year for home sales. This outlook was based, in part, on upbeat
consumer survey results pointing to robust home buying intentions. It is clear that these upbeat
intentions have translated into record first quarter results,” said Mr. McLean.

The MLS^® Home Price Index Composite Benchmark for March 2016 was up by 11.6 per cent compared to
March 2015. The average selling price for all home types combined was up 12.1 per cent
year-over-year in March and 13.6 per cent in the first quarter.

“Demand was clearly not an issue in the first three months of 2016, regardless of the housing
market segment being considered. The supply of listings, however, continued to aggravate many
would-be home buyers. We could have experienced even stronger sales growth were it not for the
constrained supply of listings, especially in the low-rise market segments. The resulting strong
competition between buyers has underpinned the double-digit rates of price growth experienced so
far this year,” said Jason Mercer, TREB’s Director of Market Analysis.

SOURCE: TORONTO REAL ESTATE BOARD

Record Home Sales in April

TORONTO, May 4, 2016 – Toronto Real Estate Board President Mark McLean announced that there were
12,085 sales reported through TREB’s MLS^® System in April 2016. This result, which represented a
record for the month of April, was up by 7.4 per cent in comparison to April 2015.
For the TREB market area as a whole, annual sales growth was experienced for all major home
types except semi-detached houses. In the City of Toronto, sales were down for detached and
semi-detached houses as well as townhouses on a year-over-year basis. This dip in sales in the
‘416’ area code was due to a lack of low-rise listings. Many would-be buyers were not able to
find a home that met their needs.

“While April’s sales result represented a new record for sales, that number could have been even
higher if we had benefitted from more supply. In the City of Toronto in particular, some
households have chosen not to list their home for sale because of the second substantial Land
Transfer Tax and associated administration fee. The lack of available inventory, coupled with
record sales, continued to translate into robust annual rates of price growth,” said Mr. McLean.
Home selling prices continued to trend upward in April. The MLS^® Home Price Index Composite
Benchmark was up by 12.6 per cent year-over-year. The average selling price was up by 16.2 per
cent. The higher growth rate reported for the average home price, as compared to the MLS^® HPI,
points to a greater share of high-end home sales this year compared to last.

“As we move into the busiest time of the year, in terms of sales volume, strong competition
between buyers will continue to push home prices higher. A greater supply of listings would
certainly be welcome, but we would need to see a number of consecutive months in which listings
growth outpaced sales growth before market conditions become more balanced,” said Jason Mercer,
TREB’s Director of Market Analysis.

SOURCE: TORONTO REAL ESTATE BOARD

Strong Sales Growth Continues in May

TORONTO, June 3, 2016 – Toronto Real Estate Board President Mark McLean announced that there
were 12,870 home sales reported through TREB’s MLS^® System in May 2016. This result represented
a new record for the month of May and a 10.6 per cent increase over the same period last year.
In contrast, the number of new listings was down over the same time frame by 6.4 per cent. The
decline in listings was experienced in both the low-rise and condominium apartment market
segments.

“Whether we’re talking about existing homeowners or people looking to purchase for the first
time, there is no shortage of buyers in the marketplace today. So, while the record number of
home sales through the first five months of 2016 is not necessarily surprising, it does
sometimes mask the larger story in the GTA: the shortage of listings, which has resulted in
strong upward pressure on home prices,” said Mr. McLean.

The MLS^® Home Price Index Composite Benchmark was up by 15 per cent year-overyear in May 2016.
Similarly, the average selling price for all home types combined was up by 15.7 per cent over
the same period. Low-rise home types, which remained in short supply in many GTA neighbourhoods,
experienced the strongest price growth.

“Widespread competition between buyers of singles, semis and townhouses across the GTA has
underpinned the robust annual rates of price growth experienced so far this year. With this
said, however, it is also important to understand that tighter market conditions for condominium
apartments have resulted in price growth well above the rate of inflation in this market segment
as well,” said Jason Mercer, TREB’s Director of Market Analysis.

SOURCE: TORONTO REAL ESTATE BOARD

Spring Market Capped Off with Strong June

TORONTO, ONTARIO, July 6, 2016 – Toronto Real Estate Board President Larry Cerqua announced that
Greater Toronto Area REALTORS^® reported 12,794 residential transactions through TREB’s MLS^®
System in June 2016. This result was 7.5 per cent higher than the 11,905 sales reported in June
2015. In line with the prevailing trend so far this year, the number of new listings was down by
3.8 per cent.

“As I start my term as TREB President, we are certainly in an interesting environment for
ownership housing. There is no doubt that demand is at a record level, but would-be home buyers
continue to face an uphill battle against a constrained supply of listings, which has
perpetuated strong price growth. Buyers and sellers alike continue to benefit from the value a
REALTOR^® brings to a transaction,” said Mr. Cerqua.

“As the federal, provincial and local levels of government discuss housing policy in the coming
months, issues affecting the lack of supply in the GTA should be of paramount importance. TREB
will be undertaking, and making public, results of additional research in the second half of
2016, with the goal of proactively adding to the housing policy discussion,” added Mr. Cerqua.
The MLS^® Home Price Index Composite Benchmark was up by 16 per cent on a year- overyear basis.
The average selling price for all home types combined was up by a slightly higher annual rate of
16.8 per cent to $746,546. The single-detached, semi- detached and townhouse market segments led
the way in terms of price growth.

“When TREB surveyed consumer intentions for 2016, we found that the majority of GTA households
who were likely to purchase a home continued to be pointed towards some form of ground oriented
housing. This is why we continue to see strong competition between buyers in many neighbourhoods
where supply remains constrained,” said Jason Mercer, TREB’s Director of Market Analysis.

SOURCE: TORONTO REAL ESTATE BOARD

Strong July Price Growth

TORONTO, ONTARIO, August 4, 2016 – Toronto Real Estate Board President Larry Cerqua announced
that TREB REALTOR^® Members reported 9,989 home sales through TREB’s MLS^® System in July 2016. At just shy of 10,000 transactions, this was the best result on record for the month of July.
While sales were up on a year-over-year basis, the number of new listings was down over the same
period, representing the continuation of a troubling trend in the GTA.

“GTA REALTORS^® have been working very hard on behalf of their buyer clients to help them find a
home meeting their needs. Unfortunately, listings for single-detached and semi-detached houses
and townhouses continue to be in short supply. The result has been an increase in pent-up demand
and annual rates of price increases well above the rate of inflation. Housing policy is now top
of mind for all levels of government. Policy makers need to be focusing on solutions to the
sustained lack of low-rise inventory throughout the GTA,” said Mr. Cerqua.

The MLS^® Home Price Index (HPI) Composite Benchmark was up by 16.7 per cent in July 2016
compared to the same month a year earlier. Similarly, the average selling price for all home
types combined was up by 16.6 per cent year-over-year to $709,825.

“Relatively strong labour market conditions, above-inflation average income growth, and record
low borrowing costs have kept many households confident about purchasing a home. As long as very
strong buying intentions are up against an extreme shortage of listings, expect home price
growth to greatly outpace the rate of inflation,” said Jason Mercer, TREB’s Director of Market
Analysis.

SOURCE: TORONTO REAL ESTATE BOARD

Strong Sales & Price Growth in August

TORONTO, ONTARIO, September 7, 2016 – Toronto Real Estate Board President Larry Cerqua announced
that Greater Toronto Area REALTORS^® reported a record 9,813 sales through TREB’s MLS^® System in
August 2016.

While this sales result was 23.5 per cent above the number of transactions reported for August
2015, it is important to note that the majority of sales are reported on working days and there
were two additional working days in August 2016 compared to 2015. When the year-over-year
discrepancy in working days is accounted for, the annual percentage change in sales is closer to
13 per cent.

“The conditions underlying strong demand for ownership housing remained in place, including a
relatively strong regional economy, growth in average earnings and low borrowing costs.
Unfortunately, we did not see any relief on the listings front, with the number of new listings
down compared to last year. This situation continued to underpin very strong home price growth,
irrespective of home type or area,” said Mr. Cerqua.

The MLS^® Home Price Index (HPI) Composite Benchmark for August 2016 was up by 17.2 per cent on a
year-over-year basis. Similarly, the average selling price for all home types combined was up by
17.7 per cent on an annual basis to $710,410. Both the MLS^® HPI benchmarks and average prices
for low-rise home types were up by double digits percentage-wise.

“Population in the GTA continues to grow. The resulting growth in households coupled with
favourable economic conditions and low borrowing costs means that we remain on track for another
record year for home sales. Against this backdrop, TREB will also be releasing new third-party
research, and consumer and REALTOR^® survey results throughout the fall and winter, with
discussions focusing on foreign buying activity and issues affecting the supply of ownership
housing,” said Jason Mercer, TREB’s Director of Market Analysis.

SOURCE: TORONTO REAL ESTATE BOARD

Sales Growth Continues in September

TORONTO, ONTARIO, October 5, 2016 – Toronto Real Estate Board President Larry Cerqua announced that Greater Toronto Area REALTORS^® reported 9,902 sales through TREB’s MLS^® System in September 2016. This result was up by 21.5 per cent compared to September 2015.

For the region as a whole, strong annual rates of sales growth were experienced for all major home types. The pace of detached sales growth was slower in the City of Toronto and the number of semi-detached sales was down compared to last year. In both cases, the year-over-year dip in new listings was likely the issue.

“We continued to see strong demand for ownership housing up against a short supply of listings in the Greater Toronto Area in September. The sustained lack of inventory in many neighbourhoods across the GTA continued to underpin high rates of price growth for all home types,” said Mr. Cerqua.

Both the MLS^® Home Price Index (HPI) Composite Benchmark and the average selling price for all home types combined were up strongly on a year-over-year basis in September. The MLS^® HPI Composite Benchmark grew by 18 per cent compared to September 2015. The average selling price was up by 20.4 per cent to $755,755. It is important to remember that the MLS^® HPI provides a price growth measure for a benchmark home, thereby allowing for an apples-to-apples comparison from one year to the next. The average selling price can be influenced by changes in both market conditions and the mix of homes sold.

“The Toronto Real Estate Board will be closely monitoring how the recent changes to Federal mortgage lending guidelines and capital gains tax exemption rules impact the housing market in the Greater Toronto Area. While these changes are pointed at the demand for ownership housing, it is important to note that much of the upward pressure on home prices in the GTA has been based on the declining inventory of homes available for sale,” said Jason Mercer, TREB’s Director of Market Analysis.

October Home Sales Up Year-Over-Year

November 3, 2016 – Toronto Real Estate Board President Larry Cerqua announced that Greater Toronto Area REALTORS^® reported a record 9,768 sales through TREB’s MLS^® System in October 2016 – up by 11.5 per cent compared to October 2015. For the TREB market area as a whole, the largest annual rate of sales growth was in the condominium apartment market segment. Detached home sales were up by 10 per cent year-over-year, driven predominantly by transactions in the regions surrounding Toronto.

“The record pace of GTA home sales continued in October, with strong growth observed throughout the month. As we move through November and December, we will be watching the sales and listings trends closely, in light of the recent policy changes announced by the Federal Minister of Finance. TREB will once again be conducting consumer survey work, in order to report on home buying intentions for 2017,” said Mr. Cerqua.

The MLS^® Home Price Index Composite Benchmark was up by 19.7 per cent on a year-over- year basis in October 2016. Similarly, the average selling price for all home types combined was $762,975 – up 21.1 per cent over the same time period. Double-digit increases were experienced for all major home types for the TREB Market Area as a whole.

“New listings were up slightly in October compared to last year, but not nearly enough to offset the strong sales growth. This meant that seller’s market conditions continued to prevail as buyers of all home types experienced intense competition in the marketplace. Until we experience sustained relief in the supply of listings, the potential for strong annual rates of price growth will persist, especially in the low-rise market segments,” said Jason Mercer, TREB’s Director of Market Analysis.

Tight Market Conditions in November

TORONTO, December 2, 2016 – Toronto Real Estate Board President Larry
Cerqua announced that Greater Toronto Area REALTORS® reported 8,547 home
sales through TREB’s MLS® System in November 2016. This result represented a
16.5 per cent increase compared to November 2015.

For the TREB market area as a whole, sales were up on a year-over-year basis for
all major home types. The strongest annual rates of sales growth were
experienced for the townhouse and condominium apartment segments.

“Home buying activity remained strong across all market segments in November.
However, many would-be home buyers continued to be frustrated by the lack of
listings, as annual sales growth once again outstripped growth in new listings.
Seller’s market conditions translated into robust rates of price growth,” said Mr.
Cerqua.

The MLS® Home Price Index (HPI) Composite Benchmark was up by 20.3 per
cent compared to November 2015. The average selling price at $776,684 was up
by 22.7 per cent on a year-over-year basis.

“Recent policy initiatives seeking to address strong home price growth have
focused on demand. Going forward, more emphasis needs to be placed on
solutions to alleviate the lack of inventory for all home types, especially in the
low-rise market segments,” said Jason Mercer, TREB’s Director of Market
Analysis.

Record Sales in 2016

TORONTO, ONTARIO, January 5, 2017 – Toronto Real Estate Board President Larry Cerqua
announced that 2016 was a second consecutive record year for home sales. Greater Toronto
Area REALTORS® reported 113,133 home sales through TREB’s MLS® System – up by 11.8
per cent compared to 2015. The calendar year 2016 result included 5,338 sales in December
– an annual increase of 8.6 per cent.

The strongest annual rate of sales growth in 2016 was experienced for condominium
apartments followed by detached homes.

“A relatively strong regional economy, low unemployment and very low borrowing costs kept
the demand for ownership housing strong in the GTA, as the region’s population continued to
grow in 2016,” said Mr. Cerqua.

The annual rate of growth for the MLS® Home Price Index (HPI) in the TREB market area
accelerated throughout 2016 – from 10.7 per cent in January 2016 to 21 per cent in December
2016. The overall average selling price for calendar year 2016 was $729,922 – up 17.3 per
cent compared to 2015. The pace of the annual rate of growth for the average selling price
also picked up throughout the year, including a climb of 20 per cent in December.

“Price growth accelerated throughout 2016 as the supply of listings remained very constrained.
Active listings at the end of December were at their lowest point in a decade-and-a-half. Total
new listings for 2016 were down by almost four per cent. In 2016, we saw policy changes and
policy debates pointed at the demand side of the market. If we want to see a sustained
moderation in the pace of price growth, what we really need is more policy focus on issues
impacting the lack of homes available for sale,” said Jason Mercer, TREB’s Director of Market
Analysis.