GTA REALTORS® Release Monthly Resale Market Watch Report

CBJ Newsmakers

GREATER TORONTO, Nov. 05, 2018 (GLOBE NEWSWIRE) — Toronto Real Estate Board President Garry Bhaura announced year-over-year increases in home sales and average sale prices reported through TREB’s MLS® System in October 2018.

Greater Toronto Area REALTORS® reported 7,492 sales through TREB’s MLS® System in October 2018 – a six per cent increase compared to October 2017.  On a preliminary seasonally adjusted basis, sales were down by one per cent compared to September 2018.

The average sale price for October 2018 was up 3.5 per cent on a year-over-year basis to $807,340. After preliminary seasonal adjustment, the average selling price was up one per cent compared to September 2018.  The MLS® Home Price Index (HPI) Composite Benchmark was up by 2.6 per cent compared to October 2017.  Price growth continued to be driven be the condominium apartment and higher density low-rise market segments. 

“Annual sales growth has been positive since the late spring.  While the OSFI stress test and higher borrowing costs have kept sales below 2016’s record pace, many households in the Greater Toronto Area remain upbeat on home ownership as a quality long-term investment.  A strong regional economy and steady population growth will continue to support the demand for housing ownership as we move into 2019,” said Mr. Bhaura.

There were 14,431 new Listings entered into TREB’s MLS® System in October 2018 – down 2.7 per cent compared to October 2017. The fact that sales were up and new listings were down year-over-year in October suggests that market conditions became tighter.

“Annual sales growth has outstripped annual growth in new listings for the last five months, underpinning the fact that listings supply remains an issue in the Greater Toronto Area.  With municipal elections in the rear view mirror, all levels of government need to concentrate on policies that could remove impediments to a better-supplied housing market, including facilitating the development of a broader array of medium density housing choices,” said Jason Mercer, TREB’s Director of Market Analysis.

“TREB remains committed to high quality housing research.  We will be releasing our fourth annual Market Year in Review and Outlook Report at the beginning of February 2019.  The report will include updated consumer survey results, including home buying intentions for 2019, and exciting new research related to housing supply,” added Mr. Bhaura.

Summary of TREB MLS®  Sales and Average Price October 1 – 31, 2018
  2018 2017
  Sales Average Price New Listings Sales Average Price New Listings
City of Toronto (“416″) 3,031 869,870 5,292 2,863 819,124 5,035
Rest of GTA (“905″) 4,461 764,855 9,139 4,206 754,041 9,802
GTA 7,492 807,340 14,431 7,069 780,400 14,837

TREB MLS® Sales & Average Price  By Home Type October 1 – 31, 2018
  Sales Average Price
  416 905 Total 416 905 Total
             
Detached 882 2,446 3,328 1,311,265 914,179 1,019,416
Yr./Yr. % Change 10.1% 6.0% 7.1% 1.4% 0.4% 1.0%
Semi-Detached 331 443 774 1,026,829 659,622 816,657
Yr./Yr. % Change 17.0% 9.7% 12.7% 8.1% 3.4% 6.6%
Townhouse 272 882 1,154 766,718 621,564 655,777
Yr./Yr. % Change -3.5% 2.2% 0.8% 2.9% 4.9% 4.1%
Condo Apartment 1,519 608 2,127 603,153 461,013 562,523

 

October 2018 Year-Over-Year Per Cent Change in the MLS® HPI
  Composite (All
Types)
Single-Family
Detached
Single-Family
Attached
Townhouse Apartment
TREB Total 2.64% -0.40% 1.48% 3.59% 9.56%
Halton Region 0.82% -0.67% 1.86% 4.46% 3.98%
Peel Region 4.26% 3.16% 3.37% 3.12% 9.76%
City of Toronto 7.01% 1.94% 5.33% 5.62% 10.92%
York Region -4.70% -6.14% -5.42% -0.29% 4.44%
Durham Region 1.55% 1.35% 2.46% 1.02% 3.79%
Orangeville 0.80% 0.73% -0.04% - -
South Simcoe County1 -0.92% -0.57% -0.67% - -
Source: Toronto Real Estate Board 1South Simcoe includes Adjala-Tosorontio, Bradford West Gwillimbury, Essa, Innisfil and New Tecumseth

Annual Summary of TREB MLS® Sales and Average Price Year-to-Date
  2018 2017
  Sales Average Price New Listings Sales Average Price New Listings
City of Toronto (“416″) 25,853 838,637 46,274 30,235 843,298 52,509
Rest of GTA (“905″) 41,619 758,460 94,701 49,826 827,574 105,353
GTA 67,472 789,181 140,975 80,061 833,512 157,862

Annual TREB MLS® Sales & Average Price  By Home Type Year-to-Date 2018
  Sales Average Price
  416   905   Total 416   905   Total
Detached 6,869   22,448   29,317   1,330,513   915,844   1,013,001  
Yr./Yr. % Change -16.1%   -20.0%   -19.1%   -7.9%   -9.9%   -9.0%  
Semi-Detached 2,245   4,011   6,256   999,029   658,560   780,739  
Yr./Yr. % Change -8.9%   -15.3%   -13.1%   -0.7%   -3.2%   -1.4%  
Townhouse 2,475   8,559   11,034   743,231   606,982   637,543  
Yr./Yr. % Change -11.2%   -9.4%   -9.8%   2.8%   -3.1%   -1.7%  
Condo Apartment 14,093   5,701   19,794   592,897   450,070   551,761  
Yr./Yr. % Change -14.9%   -12.9%   -14.3%   8.6%   5.0%   7.6%  
Source: Toronto Real Estate Board            

Seasonally Adjusted TREB MLS® Sales and Average Price1  
  Sales Month-over-Month
% Chg.
Average Price Month-over-Month %
Chg.
October ’17 7,155 3.1% $786,238 0.5%
November ’17 8,176 14.3% $777,036 -1.2%
December ’17 8,779 7.4% $783,611 0.8%
January ’18 6,593 -24.9% $769,509 -1.8%
February ’18 6,073 -7.9% $746,897 -2.9%
March ’18 5,741 -5.5% $752,402 0.7%
April ’18 5,669 -1.3% $752,203 0.0%
May ’18 5,870 3.5% $762,728 1.4%
June ’18 6,634 13.0% $786,914 3.2%
July ’18 7,080 6.7% $808,044 2.7%
August ’18 7,137 0.8% $805,637 -0.3%
September ’18 6,987 -2.1% $802,793 -0.4%
October ’18 6,920 -1.0% $810,881 1.0%
Source: Toronto Real Estate Board; CREA Seasonal Adjustment
A TREB Primer on Seasonality and Seasonal Adjustment: click here
   
1 Preliminary seasonal adjustment undertaken by the Canadian Real Estate Association (CREA).  Removing normal seasonal variations allows for more meaningful analysis of monthly changes and underlying trends.

For additional information:
Mary Gallagher, Senior Manager, Public Affairs, Toronto Real Estate Board at maryg@trebnet.com, (416) 443-8158

www.TREBhome.com

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