TREB Releases Resale Market Figures as Reported by GTA Realtors®

CBJ Newsmakers

TORONTO, Jan. 04, 2019 (GLOBE NEWSWIRE) — Toronto Real Estate Board President Garry Bhaura announced that Greater Toronto Area REALTORS® reported a total of 77,426 residential transactions through TREB’s MLS® System in 2018.  This result represented a 16.1 per cent decline compared to 92,263 sales reported in 2017.  Total new listings entered into TREB’s MLS® System were down by 12.7 per cent over the same period to 155,823.

The overall average selling price for 2018 transactions, at $787,300, was down by 4.3 per cent year-over-year for all home types combined across the TREB market area.

Home prices were up very slightly in the City of Toronto and down in the surrounding GTA regions.  This dichotomy reflects the fact that the condominium apartment segment, which accounted for a large proportion of sales in the City of Toronto, performed better from a pricing perspective than the detached market segment.  The average price for condominium apartment sales across the TREB market area was up by 7.8 per cent year-over-year.

“Higher borrowing costs coupled with the new mortgage stress test certainly prompted some households to temporarily move to the sidelines to reassess their housing options.  With this said, it is important to note that market conditions were improved in the second half of the year, both from a sales and pricing standpoint,” said Garry Bhaura, TREB President.

“After spiking in 2017, new listings receded markedly in 2018.  In many neighbourhoods, despite fewer sales from a historic perspective, some buyers still struggled to find a home meeting their needs.  The result was a resumption of a moderate year-over-year pace of home price growth in the second half of the year.  Price growth was strongest for less-expensive home types, as many home buyers sought more affordable home ownership options,” said Jason Mercer, TREB’s Director of Market Analysis and Service Channels.

On February 6, TREB will be releasing its fourth annual Market Year-in-Review and Outlook Report.  The report will feature the latest results from the Ipsos surveys of existing home owners and intending home buyers.  The surveys will cover off home buying intentions, impacts of recent government policy decisions, interesting information on investment property ownership, renovation spending and mortgage trends.  The report will also contain information on the new home and commercial real estate markets.  New research on mid-density housing by the Ryerson Centre for Urban Research and Land Development and a study on transit-supportive development by the Pembina Institute will also be presented.

Summary of TREB MLS® Sales and Average Price December 1 – 31, 2018
  2018 2017
  Sales Average Price New Listings Sales Average Price New Listings
City of Toronto (“416″) 1,473 762,627 1,426 1,953 740,721 2,133
Rest of GTA (“905″) 2,308 742,237 2,882 2,923 730,922 4,156
GTA 3,781 750,180 4,308 4,876 734,847 6,289

TREB MLS® Sales & Average Price By Home Type December 1 – 31, 2018
  Sales Average Price
  416 905  Total 416  905  Total
             
Detached 340  1,250  1,590  1,145,892  891,095 945,580 
Yr./Yr. % Change -24.1% -14.8% -17.0% -8.0% -2.2% -4.4%
Semi-Detached 116  226  342  939,859  661,186  755,707 
Yr./Yr. % Change -32.6% -26.6% -28.8% 4.0% 3.9% 3.2%
Townhouse 162  455  617  714,456  591,851  624,042 
Yr./Yr. % Change -18.2% -31.1% -28.1% 10.0% 2.9% 5.3%
Condo Apartment 848  337  1,185  594,381  454,135  554,497 
Yr./Yr. % Change -23.9% -21.8% -23.4% 11.4% 5.8% 9.9%

Seasonally Adjusted TREB MLS® Sales and Average Price1  
  Sales Month-over-Month
% Chg.
Average Price Month-over-Month
% Chg.
December ’17 8,690 11.8% $783,611 0.8%
January ’18 6,660 -23.4% $769,509 -1.8%
February ’18 6,100 -8.4% $746,897 -2.9%
March ’18 6,040 -1.0% $752,402 0.7%
April ’18 5,916 -2.1% $752,203 0.0%
May ’18 5,684 -3.9% $762,728 1.4%
June ’18 6,554 15.3% $786,914 3.2%
July ’18 6,917 5.5% $808,044 2.7%
August ’18 6,986 1.0% $805,637 -0.3%
September ’18 6,945 -0.6% $802,976 -0.3%
October ’18 6,844 -1.5% $808,794 0.7%
November ’18 6,615 -3.3% $804,725 -0.5%
December ’18 6,649 0.5% $796,813 -1.0%

December 2018 Year-Over-Year Per Cent Change in the MLS® HPI
  Composite (All
Types)
Single-Family
Detached
Single-Family
Attached
Townhouse Apartment
TREB Total 2.98% 0.16% 1.85% 3.97% 8.96%
Halton Region 3.06% 3.01% 3.88% 3.24% 0.87%
Peel Region 4.05% 2.23% 3.56% 2.50% 10.79%
City of Toronto 6.41% 1.13% 3.93% 6.78% 10.21%
York Region -3.50% -4.72% -4.00% -2.20% 4.52%
Durham Region 0.52% 0.22% 1.82% 2.71% -0.86%
Orangeville 5.03% 5.05% 4.59%
South Simcoe County1 -0.50% -0.55% -0.49%
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″) 29,863 835,422 51,599 35,148 834,250 59,505  
Rest of GTA (“905″) 47,563 757,086 104,224 57,115 815,386 118,906  
GTA 77,426 787,300 155,823 92,263 822,572 178,411  

Annual TREB MLS® Sales & Average Price  By Home Type
  Calendar Year 2018
  Sales Average Price
  416  905  Total 416  905  Total
             
Detached 7,906  25,631  33,537  1,320,333  913,668  1,009,535 
Yr./Yr. % Change -16.3% -19.4% -18.7% -7.1% -8.9% -8.1%
Semi-Detached 2,569  4,639  7,208  1,001,438  658,579  780,777 
Yr./Yr. % Change -11.5% -15.9% -14.4% 1.0% -2.2% -0.3%
Townhouse 2,899  9,728  12,627  741,437  606,860  637,757 
Yr./Yr. % Change -11.2% -11.7% -11.5% 2.7% -2.1% -0.9%
Condo Apartment 16,296  6,554  22,850  593,366  450,620  552,423 
Yr./Yr. % Change -15.4% -13.5% -14.9% 8.7% 5.4% 7.8%

Source: Toronto Real Estate Board; CREA Seasonal Adjustment    
 
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.

Media Inquiries:  Mary Gallagher, Senior Manager, Public Affairs maryg@trebnet.com (416) 443-8158

TREB is Canada’s largest real estate board. Over 53,000 residential and commercial TREB Members serve consumers in the Greater Toronto Area.  Greater Toronto REALTORS® are passionate about their work. They are governed by a strict Code of Ethics and share a state-of-the-art Multiple Listing Service®.

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