GTA REALTORS® Release Monthly Resale Market Watch Report

 

 

TORONTO, Dec. 05, 2018 (GLOBE NEWSWIRE) -- Toronto Real Estate Board President Garry Bhaura announced the continuation of moderate price growth in November 2018 compared to November 2017.  The MLS® Home Price Index (HPI) Composite Benchmark was up by 2.7 per cent year-over-year.  The average selling price was up by 3.5 per cent year-over-year to $788,345.

Greater Toronto Area REALTORS® reported 6,251 residential transactions through TREB's MLS® System in November 2018. This result was down by 14.7 per cent compared to November 2017, when we saw a temporary upward shift in demand as the market was distorted by the looming OSFI-mandated stress test at the end of last year.

"New listings were actually down more than sales on a year-over-year basis in November.  This suggests that, in many neighbourhoods, competition between buyers may have increased.  Relatively tight market conditions over the past few months have provided the foundation for renewed price growth," said Mr. Bhaura.

On a preliminary seasonally adjusted basis, sales were down by 3.4 per cent compared to October 2018.  The average selling price after preliminary seasonal adjustment was down by 0.8 per cent compared to October 2018.

"Home types with lower average price points have been associated with stronger rates of price growth over the past few months.  Given the impact of the OSFI-mandated mortgage stress test and higher borrowing costs on affordability, it makes sense that the condo apartment and semi-detached market segments experienced relatively stronger rates of price growth in November, as market conditions in these segments remained tight or tightened respectively over the past year," said Jason Mercer, TREB's Director of Market Analysis.

Looking at the housing market from a policy perspective, TREB is encouraged with the provincial government's recent announcement and on-going public consultation regarding a housing supply action plan.

"Housing supply remains a key issue in the GTA market. More specifically, an adequate supply and appropriate mix of housing types must be part of the conversation, as has been recognized by the provincial government in their consultation documents.  Transit supportive and gentle density 'missing middle' housing should be a priority.  TREB has commissioned research on these subjects and looks forward to sharing it at our Market Outlook Economic Summit on February 6, 2019, and as part of the provincial government's consultations, when results are available in coming months," said TREB CEO John Di Michele.

"TREB is also encouraged that the provincial government remains committed to public transit expansion.  TREB has long advocated for improvements to the Greater Golden Horseshoe transit and transportation network, and feels the time is right to have a conversation about the level of provincial and municipal responsibility that would be the most efficient arrangement to realize subway expansion sooner in Toronto, and the GTA, as this will impact the housing market," added Mr. Di Michele.

Summary of TREB MLS®  Sales and Average Price November 1 - 30, 2018
   
  2018 2017
  Sales Average Price New Listings Sales Average Price New Listings
City of Toronto ("416") 2,563 842,483 3,892 2,960 803,540 4,863
Rest of GTA ("905") 3,688 750,721 6,642 4,366 732,848 9,397
GTA 6,251 788,345 10,534 7,326 761,410 14,260
TREB MLS® Sales & Average Price  By Home Type November 1 - 30, 2018
  Sales Average Price
  416   905   Total 416   905   Total
             
Detached 705   1,960   2,665   1,301,382   903,517   1,008,768  
Yr./Yr. % Change -12.5 % -14.8 % -14.2 % 1.8 % 0.8 % 1.3 %
Semi-Detached 209   412   621   1,060,359   655,504   791,760  
Yr./Yr. % Change -21.4 % -12.5 % -15.7 % 17.2 % 3.6 % 8.3 %
Townhouse 263   724   987   739,837   613,846   647,418  
Yr./Yr. % Change -6.1 % -19.6 % -16.4 % -2.9 % 4.7 % 3.1 %
Condo Apartment 1,370   521   1,891   595,678   454,288   556,723  
Yr./Yr. % Change -14.2 % -13.5 % -14.0 % 7.0 % 9.5 % 7.5 %
November 2018 Year-Over-Year Per Cent Change in the MLS® HPI
  Composite
(All Types)
Single-Family
Detached
Single-Family
Attached
Townhouse Apartment
TREB Total 2.73% -0.28% 1.40% 4.40% 9.35%
Halton Region 1.67% 0.00% 1.47% 4.85% 6.94%
Peel Region 4.22% 3.00% 3.59% 3.04% 9.38%
City of Toronto 6.72% 2.10% 4.51% 6.48% 10.30%
York Region -3.88% -5.18% -4.63% -0.81% 4.68%
Durham Region 0.73% 0.35% 1.40% 2.56% 2.06%
Orangeville 1.85% 1.97% 1.15%
South Simcoe County1 -2.62% -2.83% -0.95%
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") 28,396 839,180 50,169 33,195 839,753 57,372
Rest of GTA ("905") 45,281 757,884 101,341 54,192 819,942 114,750
GTA 73,677 789,217 151,510 87,387 827,467 172,122
Annual TREB MLS® Sales & Average Price  By Home Type Year-to-Date 2018
  Sales Average Price
  416   905   Total 416   905   Total
             
Detached 7,566   24,398   31,964   1,328,178   914,863   1,012,696  
Yr./Yr. % Change -19.9 % -23.3 % -22.5 % -6.5 % -8.8 % -7.8 %
Semi-Detached 2,454   4,417   6,871   1,004,254   658,444   781,951  
Yr./Yr. % Change -15.5 % -19.9 % -18.4 % 1.3 % -2.2 % -0.1 %
Townhouse 2,737   9,277   12,014   743,036   607,553   638,419  
Yr./Yr. % Change -16.1 % -15.7 % -15.8 % 2.9 % -2.0 % -0.8 %
Condo Apartment 15,453   6,218   21,671   593,357   450,426   552,346  
Yr./Yr. % Change -19.8 % -18.0 % -19.3 % 8.7 % 5.3 % 7.8 %
Seasonally Adjusted TREB MLS® Sales and Average Price1  
    Month-over-Month    Month-over-Month
  Sales % Chg. Average Price  % Chg.
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 7,000 -1.9% $ 802,976 -0.3%
October '18 6,823 -2.5% $ 810,881 1.0%
November '18 6,588 -3.4% $ 804,725 -0.8%
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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