TREB Releases Monthly Market Figures Reported By GTA REALTORS®

  5/3/2018 |   SHARE
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TREB News

Toronto Real Estate Board President Tim Syrianos announced that Greater Toronto Area REALTORS® reported 7,792 sales through TREB's MLS® System in April 2018.  The average selling price was $804,584.  On a year-over-year basis, sales were down by 32.1 per cent and the average selling price was down by 12.4 per cent.

The year-over-year change in the overall average selling price has been impacted by both changes in market conditions as well as changes in the type and price point of homes being purchased.  This is especially clear at the higher end of the market.  Detached home sales for $2 million or more accounted for 5.5 per cent of total detached sales in April 2018, versus 10 per cent in April 2017.  The MLS® Home Price Index strips out the impact of changes in the mix of home sales from one year to the next.  This is why the MLS® HPI Composite Benchmark was down by only 5.2 per cent year-over-year versus 12.4 per cent for the average price.

"While average selling prices have not climbed back to last year's record peak, April's price level represents a substantial gain over the past decade. Recent polling conducted for TREB by Ipsos tells us that the great majority of buyers are purchasing a home within which to live. This means these buyers are treating home ownership as a long-term investment. A strong and diverse labour market and continued population growth based on immigration should continue to underpin long-term home price appreciation," said Mr. Syrianos.

After preliminary seasonal adjustment ¹, the month-over-month change (i.e. March 2018 to April 2018) in sales and the average selling price was minimal, with sales decreasing 1.6 per cent and the average selling price decreasing by 0.2 per cent.  The month-over-month sales trend has flattened out over the past two months following a steeper drop-off in January and February.

"The comparison of this year's sales and price figures to last year's record peak masks the fact that market conditions should support moderate increases in home prices as we move through the second half of the year, particularly for condominium apartments and higher density low-rise home types.  Once we are past the current policy-based volatility, homeowners should expect to see the resumption of a moderate and sustained pace of price growth in line with a strong local economy and steady population growth," said Jason Mercer, TREB's Director of Market Analysis.

Provincial Election Candidates Should Make Housing Issues a Top Priority

With a provincial election campaign about to begin, GTA REALTORS® hope that all of the provincial parties will make housing issues a priority. Home ownership is a worthwhile investment that benefits our economy, individual finances and quality of life," said Mr. Syrianos

"In recent months and years, there has been significant intervention in housing markets by all levels of government, through regulatory changes and taxation. We believe the next step should be tax relief, especially from Land Transfer Taxes, both provincial and the Toronto Land Transfer Tax, and efforts to facilitate an increase in the supply of missing middle housing that fills the gap between single family homes and high rises. Furthermore, we believe that any attempt to increase the Toronto Land Transfer Tax should require approval from the provincial government, given the significance of Toronto's economy to the Province and the connections between the Toronto real estate market and that of the broader GTA," added Syrianos.

Notes:

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.

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

 

2018

2017

 

Sales

Average Price

New Listings

Sales

Average Price

New Listings

City of Toronto ("416")

2,946

865,817

5,299

4,124

942,677

6,990

Rest of GTA ("905")

4,846

767,359

10,974

7,344

904,429

14,581

GTA

7,792

804,584

16,273

11,468

918,184

21,571

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

 

 

Sales

Average Price

 

 

416

905

Total

416

905

Total

 

             

 

Detached

819

2,632

3,451

1,354,719

929,092

1,030,103

 

Yr./Yr. % Change

-34.3%

-39.6%

-38.4%

-14.3%

-15.2%

-14.4%

 

Semi-Detached

265

449

714

1,021,986

656,874

792,385

 

Yr./Yr. % Change

-16.4%

-35.2%

-29.3%

-7.8%

-9.6%

-6.4%

 

Townhouse

277

1,010

1,287

792,180

604,853

645,172

 

Yr./Yr. % Change

-26.5%

-20.8%

-22.1%

0.2%

-10.1%

-7.8%

 

Condo Apartment

1,574

644

2,218

601,211

457,014

559,343

 

Yr./Yr. % Change

-26.4%

-24.9%

-26.0%

3.8%

1.6%

3.2%

 

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

 

 

Composite (All Types)

Single-Family Detached

Single-Family Attached

Townhouse

Apartment

 

TREB Total

-5.15%

-10.34%

-8.82%

-2.62%

10.17%

 

Halton Region

-5.07%

-7.01%

-6.28%

-2.94%

5.87%

 

Peel Region

-5.63%

-8.32%

-7.77%

-5.14%

5.97%

 

City of Toronto

1.55%

-9.55%

-4.53%

3.67%

12.35%

 

York Region

-14.54%

-16.68%

-17.02%

-8.95%

4.94%

 

Durham Region

-7.25%

-7.53%

-7.58%

-8.22%

1.14%

 

Orangeville

4.40%

4.29%

2.87%

-

-

 

South Simcoe County º

-10.99%

-12.06%

-6.04%

-

-

 

Source: Toronto Real Estate Board ,º South 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")

9,258

822,427

15,868

13,125

878,760

19,160

 

Rest of GTA ("905")

14,895

752,656

34,288

23,405

891,501

36,504

 

GTA

24,153

779,400

50,156

36,530

886,923

55,664

 

Source: TREB



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