TREB Releases Resale Market Figures as Reported by GTA Realtors®


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
 20182017
 SalesAverage PriceNew ListingsSalesAverage PriceNew Listings
City of Toronto ("416")1,473762,6271,4261,953740,7212,133
Rest of GTA ("905")2,308742,2372,8822,923730,9224,156
GTA3,781750,1804,3084,876734,8476,289


TREB MLS® Sales & Average Price By Home Type December 1 - 31, 2018
 SalesAverage Price
 416905 Total416 905 Total
       
Detached340 1,250 1,590 1,145,892 891,095945,580 
Yr./Yr. % Change-24.1%-14.8%-17.0%-8.0%-2.2%-4.4%
Semi-Detached116 226 342 939,859 661,186 755,707 
Yr./Yr. % Change-32.6%-26.6%-28.8%4.0%3.9%3.2%
Townhouse162 455 617 714,456 591,851 624,042 
Yr./Yr. % Change-18.2%-31.1%-28.1%10.0%2.9%5.3%
Condo Apartment848 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 
 SalesMonth-over-Month
% Chg.
Average PriceMonth-over-Month
% Chg.
December '178,69011.8%$783,6110.8%
January '186,660-23.4%$769,509-1.8%
February '186,100-8.4%$746,897-2.9%
March '186,040-1.0%$752,4020.7%
April '185,916-2.1%$752,2030.0%
May '185,684-3.9%$762,7281.4%
June '186,55415.3%$786,9143.2%
July '186,9175.5%$808,0442.7%
August '186,9861.0%$805,637-0.3%
September '186,945-0.6%$802,976-0.3%
October '186,844-1.5%$808,7940.7%
November '186,615-3.3%$804,725-0.5%
December '186,6490.5%$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
TownhouseApartment
TREB Total2.98%0.16%1.85%3.97%8.96%
Halton Region3.06%3.01%3.88%3.24%0.87%
Peel Region4.05%2.23%3.56%2.50%10.79%
City of Toronto6.41%1.13%3.93%6.78%10.21%
York Region-3.50%-4.72%-4.00%-2.20%4.52%
Durham Region0.52%0.22%1.82%2.71%-0.86%
Orangeville5.03%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 
 20182017 
 SalesAverage PriceNew ListingsSalesAverage PriceNew Listings 
City of Toronto ("416")29,863835,42251,59935,148834,25059,505 
Rest of GTA ("905")47,563757,086104,22457,115815,386118,906 
GTA77,426787,300155,82392,263822,572178,411 


Annual TREB MLS® Sales & Average Price  By Home Type
 Calendar Year 2018
 SalesAverage Price
 416 905 Total416 905 Total
       
Detached7,906 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-Detached2,569 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%
Townhouse2,899 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 Apartment16,296 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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