GTA REALTORS Release Monthly Resale Market Watch Report

  10/3/2018 |   SHARE
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TREB News

Toronto Real Estate Board President Garry Bhaura announced that Greater Toronto Area REALTORS® reported 6,455 sales through TREB's MLS® System in September 2018 – up 1.9 per cent compared to September 2017. The average selling price for September 2018 sales was up by 2.9 per cent over the same period to $796,786.  The MLS® HPI composite benchmark price was up by two per cent year-over-year.

New listings entered into TREB's MLS® System in September 2018 amounted to 15,920 – down by 3.1 per cent compared to September 2017.  With sales up year-over-year and new listings down, market conditions became tighter.  Many buyers may have found it more difficult to find a home meeting their needs.

"It is healthy to see sales and prices in many areas across the Greater Toronto Area up a bit, compared to last year's lows.  At the same, however, it is important to remember that TREB's market area is made up of over 500 communities.  Market conditions have obviously unfolded differently across these communities.  This is why it's important to work with a REALTOR® who is familiar with local market conditions in your areas of interest," said Mr. Bhaura.

"While higher borrowing costs and tougher mortgage qualification rules have kept sales levels off the record pace set in 2016, many households remain positive about home ownership as a quality long-term investment. As the GTA population continues to grow, the real challenge in the housing market will be supply rather than demand. The Toronto Real Estate Board is especially concerned with issues affecting housing supply as we move towards municipal elections across the region," added Mr. Bhaura.

On a monthly basis, after preliminary seasonal adjustment, sales edged up by 0.2 per cent in September 2018 compared to August 2018.  The average selling price, after preliminary seasonal adjustment, edged lower by 0.5 per cent month-over-month.

"Generally speaking, annual rates of price growth have been stronger for higher density home types in 2018, including condominium apartments, townhouses and semi-detached houses.  In many neighbourhoods, these home types provide more affordable home ownership options.  This is why a policy focus on increasing mid-density housing options throughout the GTA is important," said Jason Mercer, TREB's Director of Market Analysis.

Housing Issues in the Upcoming Municipal Elections

With a municipal election just a few weeks away, TREB is continuing to highlight key housing issues for the public to consider when voting and is providing an opportunity for voters to easily communicate about these issues with election candidates through a dedicated web site: UnLockMyHousingOptions.com.

TREB is also hosting an election forum for TREB Members with Toronto Mayoral candidates John Tory and Jennifer Keesmat on real estate and housing issues, on October 3, 2018, at Parkview Manor, beginning at 1:00 p,m. and the media is invited.  Each candidate will be addressing TREB Members and then taking questions, which will be moderated by John Moore, Host, Newstalk 1010.  The candidates will be addressing TREB Members about their views on housing issues.

"Polling done by Ipsos Public Affairs has shown that housing issues are top of mind for voters in this election, so we are excited to be hosting Mayor Tory and Ms. Keesmat to provide them an opportunity to present their views on this issue. TREB has been working hard to highlight housing issues in this election and this event will help to do that," said  Mr. Bhaura.

 

Summary of TREB MLS®  Sales and Average Price - September 1 - 30, 2018

 

2018

2017

 

Sales

Average Price

New Listings

Sales

Average Price

New Listings

City of Toronto ("416")

2,468

864,275

5,456

2,495

809,095

5,525

Rest of GTA ("905")

3,987

755,010

10,464

3,839

751,998

10,908

GTA

6,455

796,786

15,920

6,334

774,489

16,433

 

TREB MLS® Sales & Average Price  By Home Type - September 1 - 30, 2018

 

Sales

Average Price

 

416

905

Total

416

905

Total

             

Detached

665

2,164

2,829

1,342,363

905,722

1,008,361

Yr./Yr. % Change

4.6%

2.1%

2.7%

-1.4%

-0.6%

-0.6%

Semi-Detached

255

398

653

995,951

661,907

792,353

Yr./Yr. % Change

0.4%

4.2%

2.7%

6.3%

5.0%

5.3%

Townhouse

251

823

1,074

743,721

600,947

634,314

Yr./Yr. % Change

10.6%

7.9%

8.5%

8.2%

2.5%

4.1%

Condo Apartment

1,282

509

1,791

615,582

455,686

570,140

Yr./Yr. % Change

-5.5%

3.0%

-3.2%

11.7%

6.4%

10.0%

 

 

 

September 2018 Year-Over-Year Per Cent Change in the MLS® HPI

 

Composite (All Types)

Single-Family Detached

Single-Family Attached

Townhouse

Apartment

TREB Total

2.02%

-1.63%

1.07%

3.09%

10.11%

Halton Region

-0.08%

-3.13%

2.41%

5.06%

8.24%

Peel Region

3.40%

2.05%

2.99%

2.38%

8.74%

City of Toronto

6.74%

1.04%

3.98%

4.54%

11.50%

York Region

-4.82%

-6.18%

-5.58%

-0.91%

4.00%

Durham Region

0.81%

0.35%

2.01%

0.68%

3.09%

Orangeville

3.49%

3.26%

1.29%

-

-

South Simcoe County1

-4.17%

-4.62%

-0.24%

-

-

 

 

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")

22,836

834,515

40,980

27,372

845,827

47,474

Rest of GTA ("905")

37,195

757,758

85,562

45,620

834,353

95,551

GTA

60,031

786,957

126,542

72,992

838,656

143,025

 

Annual TREB MLS® Sales & Average Price  By Home Type - Year-to-Date 2018

 

Sales

Average Price

 

416

905

Total

416

905

Total

             

Detached

5,991

20,022

26,013

1,333,576

916,123

1,012,265

Yr./Yr. % Change

-18.9%

-22.2%

-21.5%

-8.7%

-10.7%

-9.9%

Semi-Detached

1,916

3,573

5,489

993,935

658,509

775,593

Yr./Yr. % Change

-12.2%

-17.6%

-15.8%

-2.0%

-3.7%

-2.4%

Townhouse

2,205

7,685

9,890

740,245

605,324

635,405

Yr./Yr. % Change

-11.9%

-10.5%

-10.8%

2.7%

-3.9%

-2.3%

Condo Apartment

12,580

5,097

17,677

591,604

448,824

550,434

Yr./Yr. % Change

-16.6%

-15.2%

-16.2%

8.6%

4.8%

7.6%

 

Seasonally Adjusted TREB MLS® Sales and Average Price¹

 

Sales

Month-over-Month % Chg.

Average Price

Month-over-Month % Chg.

September '17

6,648

3.2%

$782,414

1.2%

October '17

6,811

2.5%

$786,238

0.5%

November '17

7,711

13.2%

$777,036

-1.2%

December '17

8,596

11.5%

$783,611

0.8%

January '18

6,566

-23.6%

$769,509

-1.8%

February '18

6,027

-8.2%

$746,897

-2.9%

March '18

5,979

-0.8%

$752,402

0.7%

April '18

5,874

-1.8%

$752,203

0.0%

May '18

5,636

-4.1%

$762,728

1.4%

June '18

6,551

16.2%

$786,914

3.2%

July '18

6,913

5.5%

$808,044

2.7%

August '18

7,037

1.8%

$807,128

-0.1%

September '18

7,053

0.2%

$802,793

-0.5%

Source: Toronto Real Estate Board 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.

 



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