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GTA REALTORS® Release August Stats

September 6, 2018 -- Toronto Real Estate Board President Garry Bhaura announced sales and price increases on a year-over-year basis in August. Greater Toronto Area REALTORS® reported 6,839 sales through TREB's MLS® System in August 2018 – an 8.5 per cent increase compared to August 2017.

Both the average selling price, at $765,270, and the MLS® Home Price Index Composite Benchmark for August 2018 were up compared to the same month in 2017, by 4.7 per cent and 1.5 per cent respectively. The average selling price increased by more than the MLS® HPI Composite due, at least in part, to a change in the mix of sales compared to last year. Detached home sales were up by double digits on a year-over-year percentage basis – substantially more than many other less-expensive home types.

"It is encouraging to see a continued resurgence in the demand for ownership housing. Many home buyers who had initially moved to the sidelines due to the Ontario Fair Housing Plan and new mortgage lending guidelines have renewed their search for a home and are getting deals done much more so than last year. In a region where the economy remains strong and the population continues to grow, ownership housing remains a solid long-term investment," said Mr. Bhaura.

Month-over-month sales and price growth also continued in August. On a preliminary seasonally adjusted basis, August 2018 sales were up by two per cent compared to July 2018. The seasonally adjusted August 2018 average selling price was down slightly by 0.2 per cent compared to July 2018, following strong monthly increases in May, June and July.

"Market conditions in the summer of 2018, including this past August, were tighter than what was experienced in the summer of 2017. In August, the annual rate of sales growth outpaced the annual rate of new listings growth. We only have slightly more than two-and-a-half months of inventory in the TREB market area as a whole and less than two months of inventory in the City of Toronto. This means that despite the fact the sales remain off the record highs from 2016 and 2017, many GTA neighbourhoods continue to suffer from a lack of inventory. This could present a problem if demand continues to accelerate over the next year, which is expected," said Jason Mercer, TREB's Director of Market Analysis.

TREB RELEASES MONTHLY MARKET FIGURES REPORTED BY GTA REALTORS® & NEW HOUSING ISSUES POLLING RESULTS

TORONTO, June 4, 2018 -- Greater Toronto Area REALTORS® reported 7,834 sales through TREB's MLS® System in May 2018. This result was down by 22.2 per cent compared to May 2017. While the number of sales was down year-over-year, the annual rate of decline was less than reported in February, March and April, when sales were down by more than 30 per cent. On a month-over-month basis, seasonally adjusted May sales were basically flat compared to April.1

Supply of homes available for sale continued to be an issue. New listings were down by 26.2 per cent. The fact that new listings were down by more than sales in comparison to last year means that competition increased between buyers.  Recent polling conducted by Ipsos for TREB suggests that listing intentions are down markedly since the fall.

"Home ownership remains a sound long-term investment.  Unfortunately, many home buyers are still finding it difficult find a home that meets their needs. In a recent Canadian Centre for Economic Analysis study undertaken for the Toronto Real Estate Board, it was found that many people are over-housed in Ontario, with over five million extra bedrooms. These people don't list their homes for sale, because they feel there are no alternative housing types for them to move into.  Policy makers need to focus more on the 'missing middle' – home types that bridge the gap between detached houses and condominium apartments," said Tim Syrianos, TREB President.

The MLS® Home Price Index (HPI) Composite Benchmark was down by 5.4 per cent year-over-year. The average selling price for all home types combined was down by 6.6 per cent to $805,320. On a seasonally adjusted basis, the average selling price was up by 1.1 per cent compared to April 2018.1

"Market conditions are becoming tighter in the Greater Toronto Area and this will provide support for home prices as we move through the second half of 2018 and into 2019.  There are emerging indicators pointing toward increased competition between buyers, which generally leads to stronger price growth.  In the City of Toronto, for example, average selling prices were at or above average listing prices for all major home types in May," said Jason Mercer, TREB's Director of Market Analysis.


Housing Issues Important to Voters

TREB is releasing the results, today, of a poll conducted by Ipsos Public Affairs regarding issues relevant to the upcoming provincial election.

"Housing and real estate issues are top of mind for many Ontario and GTA voters, and they often turn to their REALTOR® for opinions on these matters. That's why we think it's important to help shine the spotlight on these issues during the provincial election campaign," said Tim Syrianos, TREB President.

The poll, conducted by on-line survey of 1200 GTA residents (500 in 416 and 700 in 905) between May 18 and May 22, 2018, found that,

Among 9 listed issues (health care, government spending/balancing budget, taxes, housing affordability, energy costs, economy, transportation/traffic, environment/climate change, enhancing social programs), 25% of GTA residents rank housing affordability in their top two most-important issues for the Ontario election campaign;
69% agree (35% strongly/34% somewhat) that a party's platform on housing affordability will influence who they vote for on election day;
Nearly six in ten (56%) of GTA residents believe that government policies should focus equally on increasing the supply of housing and reducing the demand of housing; few believe that they should only be focused on reducing demand;
77% of GTA residents support reducing the provincial land transfer tax and 68% support repealing this tax completely.



Summary of TREB MLS®  Sales and Average Price

May 1 - 31, 2018

2018

2017

Sales

Average Price

New Listings

Sales

Average Price

New Listings

City of Toronto ("416")

3,092

861,970

6,306

3,886

899,980

8,433

Rest of GTA ("905")

4,742

768,381

12,716

6,180

838,361

17,331

GTA

7,834

805,320

19,022

10,066

862,149

25,764


TREB MLS® Sales & Average Price  By Home Type

May 1 - 31, 2018

Sales

Average Price

416

905

Total

416

905

Total

Detached

782

2,562

3,344

1,426,094

929,401

1,045,553

Yr./Yr. % Change

-30.4%

-27.9%

-28.5%

-5.6%

-9.0%

-8.2%

Semi-Detached

242

405

647

1,067,128

665,628

815,803

Yr./Yr. % Change

-30.1%

-28.9%

-29.4%

0.3%

-2.3%

-1.2%

Townhouse

303

997

1,300

741,296

609,923

640,543

Yr./Yr. % Change

-17.2%

-12.2%

-13.4%

-0.1%

-3.1%

-2.5%

Condo Apartment

1,745

648

2,393

602,804

455,413

562,892

Yr./Yr. % Change

-13.8%

-19.9%

-15.5%

6.5%

1.2%

5.7%



                                                                                                                                    Continued…


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


Composite (All Types)

Single-Family Detached

Single-Family Attached

Townhouse

Apartment

TREB Total

-5.40%

-10.19%

-8.46%

-4.29%

8.29%

Halton Region

-3.84%

-6.20%

-4.20%

-4.30%

10.10%

Peel Region

-5.34%

-7.33%

-6.83%

-6.28%

4.15%

City of Toronto

1.01%

-8.60%

-3.99%

1.04%

10.12%

York Region

-15.59%

-17.50%

-17.56%

-10.57%

1.02%

Durham Region

-8.89%

-9.07%

-9.49%

-9.19%

-1.15%

Orangeville

-1.97%

-2.10%

-2.76%

-

-

South Simcoe County1

-8.75%

-9.08%

-6.22%

-

-

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")

12,340

832,486

22,050

17,012

883,660

27,593

Rest of GTA ("905")

19,617

756,468

46,718

29,585

880,400

53,835

GTA

31,957

785,822

68,768

46,597

881,591

81,428


Annual TREB MLS® Sales & Average Price  By Home Type

Year-to-Date 2018

Sales

Average Price

416

905

Total

416

905

Total

Detached

3,199

10,501

13,700

1,339,618

918,270

1,016,656

Yr./Yr. % Change

-33.6%

-38.9%

-37.8%

-12.7%

-14.9%

-13.8%

Semi-Detached

981

1,870

2,851

1,022,263

653,520

780,401

Yr./Yr. % Change

-25.0%

-29.8%

-28.2%

-4.4%

-8.2%

-5.9%

Townhouse

1,154

4,062

5,216

755,448

603,918

637,443

Yr./Yr. % Change

-24.9%

-22.7%

-23.2%

2.4%

-8.1%

-5.6%

Condo Apartment

6,925

2,759

9,684

586,721

446,307

546,717

Yr./Yr. % Change

-24.9%

-28.2%

-25.9%

7.7%

3.9%

7.0%

TREB RELEASES MONTHLY MARKET FIGURES REPORTED BY GTA REALTORS®

TORONTO, May 3, 2018 -- 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 adjustment1, 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, home owners 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 County1

-10.99%

-12.06%

-6.04%

-

-


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")

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

TREB RELEASES MONTHLY MARKET FIGURES REPORTED BY GTA REALTORS®

TORONTO, March 6, 2018 -- Toronto Real Estate Board President Tim Syrianos announced that Greater Toronto Area REALTORS® reported 5,175 residential transactions through TREB’s MLS® System in February 2018. This result was down 34.9 percent compared to the record 7,955 sales reported in February 2017.

The number of new listings entered into TREB’s MLS® System totaled 10,520, a 7.3 per cent increase compared to the 9,801 new listings entered in February 2017. However, the level of new listings remained below the average for the month of February for the previous 10 years.

“When TREB released its Outlook for 2018, the forecast anticipated a slow start to the year compared to the historically high sales count reported in the winter and early spring of 2017. Prospective home buyers are still coming to terms with the psychological impact of the Fair Housing Plan, and some have also had to reevaluate their plans due to the new OFSI-mandated mortgage stress test guidelines and generally higher borrowing costs,” said Mr. Syrianos.

The MLS® Home Price Index Composite Benchmark was up by 3.2 per cent on a year-over-year basis for the TREB market area as a whole. This growth was driven by the apartment and townhouse market segments, with annual benchmark price increases of 18.8 per cent and 7.5 per cent respectively. Single-family detached and attached benchmark prices were down slightly compared to February 2017.  The overall average selling price for February sales was down 12.4% year-over-year to $767,818. However, putting aside the price spike reported in the first quarter of 2017, it is important to note that February’s average price remained 12 per cent higher than the average reported for February 2016, which represents an annualized increase well above the rate of inflation for the past two years.

“As we move further into the spring and summer months, growth in sales and selling prices is expected to pick up relative to last year.  Expect stronger price growth to continue in the comparatively more affordable townhouse and condominium apartment segments.  This being said, listings supply will likely remain below average in many neighbourhoods in the GTA, which, over the long-term, could further hamper affordability,” said Jason Mercer, TREB’s Director of Market Analysis.

In recent submissions to the City of Toronto and other levels of government, TREB has argued that housing affordability must continue to be a priority.

“It is encouraging that the City did not include demand-oriented tax policies in its Budget,” said Mr. Syrianos.  “TREB believes that all levels of government need to collaboratively develop solutions to increase the supply of housing, especially the ‘missing middle’.  This was noted in our 2018 Market Year in Review and Outlook Report, which calls for more ‘gentle density’, including housing types like semi-detached houses, townhouses, multiplexes and apartments.”


Summary of TREB MLS®  Sales and Average Price - February 1 - 28, 2018


2018

2017


Sales

Average Price

New Listings

Sales

Average Price

New Listings


City of Toronto ("416")

2,013

806,494

3,386

2,889

859,210

3,576


Rest of GTA ("905")

3,162

743,196

7,134

5,066

886,145

6,225


GTA

5,175

767,818

10,520

7,955

876,363

9,801


TREB MLS® Sales & Average Price  By Home Type - February 1 - 28, 2018

Sales

Average Price

416

905

Total

416

905

Total

Detached

524

1,645

2,169

1,282,240

911,065

1,000,736

Yr./Yr. % Change

-33.6%

-43.3%

-41.2%

-18.6%

-17.8%

-17.2%

Semi-Detached

146

308

454

985,902

648,338

756,894

Yr./Yr. % Change

-26.3%

-29.8%

-28.7%

-9.0%

-9.1%

-8.6%

Townhouse

183

664

847

776,642

600,671

638,691

Yr./Yr. % Change

-28.2%

-26.4%

-26.8%

15.5%

-8.1%

-2.9%

Condo Apartment

1,142

489

1,631

570,275

435,216

529,782

Yr./Yr. % Change

-29.9%

-32.8%

-30.8%

10.7%

7.6%

10.1%

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



Composite (All Types)

Single-Family Detached

Single-Family Attached

Townhouse

Apartment


TREB Total

3.21%

-2.06%

-0.75%

7.46%

18.82%


Halton Region

1.58%

-0.15%

0.19%

6.09%

8.51%


Peel Region

2.34%

-0.76%

0.04%

4.66%

14.89%


City of Toronto

9.54%

-1.51%

2.36%

13.08%

20.91%


York Region

-4.70%

-7.40%

-7.19%

4.56%

17.36%


Durham Region

2.89%

2.26%

2.44%

3.78%

17.15%


Orangeville

11.45%

11.30%

10.00%

-

-


South Simcoe County1

-3.80%

-4.62%

1.87%

-

-


1South Simcoe includes Adjala-Tosorontio, Bradford West Gwillimbury, Essa, Innisfil and New Tecumseth



Continued…


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")

3,525

789,640

6,156

4,778

806,901

6,455


Rest of GTA ("905")

5,653

731,366

12,933

8,332

849,369

10,660


GTA

9,178

753,747

19,089

13,110

833,892

17,115


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


Sales

Average Price


416

905

Total

416

905

Total


Detached

900

2,922

3,822

1,282,967

895,200

986,511


Yr./Yr. % Change

-27.9%

-37.6%

-35.5%

-13.8%

-16.1%

-14.6%


Semi-Detached

240

574

814

966,601

643,848

739,009


Yr./Yr. % Change

-23.8%

-22.5%

-22.9%

-4.9%

-7.0%

-6.3%


Townhouse

319

1,201

1,520

747,897

595,202

627,248


Yr./Yr. % Change

-26.5%

-19.7%

-21.2%

12.2%

-6.2%

-2.2%


Condo Apartment

2,038

864

2,902

558,656

429,496

520,202


Yr./Yr. % Change

-25.9%

-30.3%

-27.2%

12.3%

9.0%

11.8%



TREB RELEASES MONTHLY MARKET FIGURES REPORTED BY GTA REALTORS®

TORONTO, February 6, 2018 -- Toronto Real Estate Board President Tim Syrianos announced that Greater Toronto Area REALTORS® reported 4,019 residential transactions through TREB’s MLS® System in January 2018.  This result was down by 22 per cent compared to a record 5,155 sales reported in January 2017.

The number of new listings entered into TREB’s MLS® System amounted to 8,585 – a 17.4 per cent increase compared to 7,314 new listings entered in January 2017.  However, it is important to note that the level of new listings was the second lowest for the month of January in the past 10 years.

“TREB released its outlook for 2018 on January 30th.  The outlook pointed to a slower start to 2018, especially compared to the record-setting pace experienced a year ago.  As we move through the year, expect the pace of home sales to pick up, as the psychological impact of the Fair Housing Plan starts to wane and home buyers find their footing relative to the new OSFI-mandated stress test for mortgage approvals through federally regulated lenders,” said Mr. Syrianos.

The MLS® Home Price Index Composite Benchmark was up by 5.2 per cent year-over-year.  This annual rate of growth was driven by the condominium apartment market segment, with double-digit annual growth versus the single-family segment, with prices essentially flat compared to last year.  The overall average selling price was down by 4.1 per cent year-over-year to $736,783.  This decline was weighted toward the detached segment of the market.  In the City of Toronto, the average selling price was up for all home types except for detached houses.

“It is not surprising that home prices in some market segments were flat to down in January compared to last year.  At this time last year, we were in the midst of a housing price spike driven by exceptionally low inventory in the marketplace.  It is likely that market conditions will support a return to positive price growth for many home types in the second half of 2018.  The condominium apartment segment will be the driver of this price growth,” said Jason Mercer, TREB’s Director of Market Analysis.

“With the City of Toronto’s Executive Committee meeting today to make recommendations on the City’s 2018 Budget, City Councillors would be wise to note the vast difference between last January’s real estate market and this January’s, given the City’s inadvisable reliance on the Municipal Land Transfer Tax.   The amount of revenue that the City generates from this tax goes up and down with the real estate market.  The last year should be a wake-up call for City Council.  They should heed the City Manager’s ongoing warnings of  over-reliance on this tax. The Land Transfer Tax is not a good way to fund municipal services,” said Syrianos.

The revenue generated by the Municipal Land Transfer Tax is based on the number of real estate transactions and the value of those transactions. When the MLTT was first implemented in 2008, it made up less than 2% of the City’s operating budget.  Today, it makes up 7%, a 250% increase.


Summary of TREB MLS®  Sales and Average Price January 1 - 31, 2018


2018

2017


Sales

Average Price

New Listings

Sales

Average Price

New Listings

City of Toronto ("416")

1,517

766,616

2,776

1,889

726,901

2,879

Rest of GTA ("905")

2,502

718,694

5,809

3,266

792,325

4,435

GTA

4,019

736,783

8,585

5,155

768,351

7,314


TREB MLS® Sales & Average Price  By Home Type January 1 - 31, 2018


Sales

Average Price


416

905

Total

416

905

Total








Detached

376

1,283

1,659

1,283,981

879,048

970,823

Yr./Yr. % Change

-18.3%

-28.0%

-26.0%

-3.9%

-12.0%

-9.1%

Semi-Detached

94

270

364

936,623

638,899

715,784

Yr./Yr. % Change

-19.7%

-10.6%

-13.1%

3.7%

-3.4%

-1.8%

Townhouse

138

537

675

712,186

588,439

613,739

Yr./Yr. % Change

-22.9%

-9.4%

-12.6%

8.2%

-2.7%

-0.5%

Condo Apartment

899

376

1,275

543,279

421,927

507,492

Yr./Yr. % Change

-19.8%

-26.4%

-21.9%

15.1%

11.3%

14.6%


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



Composite (All Types)

Single-Family Detached

Single-Family Attached

Townhouse

Apartment


TREB Total

5.16%

0.25%

0.49%

10.08%

19.94%


Halton Region

3.44%

-0.16%

0.43%

14.30%

18.42%


Peel Region

5.30%

3.09%

2.25%

7.02%

14.73%


City of Toronto

10.31%

0.37%

2.68%

12.68%

21.52%


York Region

-1.96%

-4.28%

-5.18%

7.51%

17.39%


Durham Region

5.10%

4.66%

3.61%

2.46%

17.88%


Orangeville

14.23%

14.01%

13.55%

-

-


South Simcoe County1

1.13%

0.51%

4.66%

-

-


Source: Toronto Real Estate Board

1South Simcoe includes Adjala-Tosorontio,

Bradford West Gwillimbury, Essa, Innisfil and New Tecumseth
















TREB RELEASES MONTHLY MARKET FIGURES REPORTED BY GTA REALTORS®

TORONTO, January 4, 2018 -- Toronto Real Estate Board President Tim Syrianos announced that Greater Toronto Area REALTORS® reported 92,394 sales through TREB’s MLS® System in 2017.  This total was down 18.3 per cent compared to the record set in 2016.

Record sales in Q1 were followed by a decline in Q2 and Q3 after the Ontario Fair Housing Plan (FHP) was announced.  The pace of sales picked up in Q4, as the impact of the FHP started to wane, and some buyers arguably brought forward their home purchase in response to the new OSFI stress test guidelines effective January 1, 2018.

“Much of the sales volatility in 2017 was brought about by government policy decisions.  Research from TREB, the provincial government and Statistics Canada showed that foreign home buying was not a major driver of sales in the GTA. However, the Ontario Fair Housing Plan, which included a foreign buyer tax, had a marked psychological impact on the marketplace.  Looking forward, government policy could continue to influence consumer behavior in 2018, as changes to federal mortgage lending guidelines come into effect,” said Mr. Syrianos.

The average selling price for 2017 as a whole was $822,681 – up 12.7 per cent compared to 2016.  This annual growth was driven more so by extremely tight market conditions during the first four months of the year.  In the latter two-thirds of 2017, fewer sales combined with increased listings resulted in slower price growth.  In December, the MLS® Home Price Index (HPI) Composite Benchmark was up by 7.2 per cent year over year, and the overall average selling price was up by 0.7 per cent year over year.

“It is interesting to note that home price growth in the second half of 2017 differed substantially depending on market segment.  The detached market segment – the most expensive on average – experienced the slowest pace of growth as many buyers looked to less expensive options.  Conversely, the condominium apartment segment experienced double-digit growth, as condos accounted for a growing share of transactions,” said Jason Mercer, TREB’s Director of Market Analysis.

“TREB will have much more to say about the year to come on January 30 when we will release our third annual Market Year in Review and Outlook Report.  The report will feature an outlook for home sales and prices; new Ipsos consumer survey results covering buying intentions, including insights on new federal mortgage lending guidelines; new research on housing supply options surrounding the ‘missing middle,’ and important new reports on the movement of people and goods throughout the GTA,” added Mr. Syrianos.


2017 Summary of TREB MLS® Sales and Average Price









Calendar Year


2017

2016


Sales

Average Price

New Listings

Sales

Average Price

New Listings

City of Toronto ("416")

35,183

834,138

59,520

41,090

740,633

58,638

Rest of GTA ("905")

57,211

815,635

118,969

71,950

723,672

95,592

GTA

92,394

822,681

178,489

113,040

729,837

154,230

Source: Toronto Real Estate Board








2017 TREB MLS® Sales & Average Price  By Home Type









Calendar Year 2017


Sales

Average Price


416

905

Total

416

905

Total








Detached

9,461

31,875

41,336

1,420,046

1,003,645

1,098,951

Yr./Yr. % Change

-23.3%

-22.9%

-23.0%

13.4%

12.6%

12.8%

Semi-Detached

2,903

5,533

8,436

991,138

673,423

782,756

Yr./Yr. % Change

-15.5%

-22.9%

-20.5%

15.0%

15.4%

16.2%

Townhouse

3,266

11,025

14,291

721,884

620,059

643,330

Yr./Yr. % Change

-21.0%

-14.5%

-16.1%

15.0%

17.4%

16.5%

Condo Apartment

19,287

7,587

26,874

545,826

427,704

512,478

Yr./Yr. % Change

-7.5%

-14.4%

-9.6%

23.0%

21.5%

23.1%

Source: Toronto Real Estate Board



TREB RELEASES MONTHLY MARKET FIGURES REPORTED BY GTA REALTORS®

TORONTO, December 5, 2017 -- Toronto Real Estate Board President Tim Syrianos announced that Greater Toronto Area REALTORS® reported 7,374 transactions through TREB’s MLS® System in November 2017. This result was up compared to October 2017, bucking the regular seasonal trend.  On a year-over-year basis, sales were down by 13.3 per cent compared to November 2016.

New listings entered into TREB’s MLS® System in November 2017 amounted to 14,349 – up by 37.2 per cent compared to November 2016, when the supply of listings was very low from a historic perspective.

“We have seen an uptick in demand for ownership housing in the GTA this fall, over and above the regular seasonal trend.  Similar to the Greater Vancouver experience, the impact of the Ontario Fair Housing Plan and particularly the foreign buyer tax may be starting to wane.  On top of this, it is also possible that the upcoming changes to mortgage lending guidelines, which come into effect in January, have prompted some households to speed up their home buying decision,” said Mr. Syrianos.

The MLS® Home Price Index (HPI) composite benchmark price was up by 8.4 per cent on a year-over-year basis in November 2017.  The average selling price for all home types combined was down by two per cent compared to November 2016, due in large part to a smaller share of detached home sales versus last year.  On a year-to-date basis, the average selling price was up by 13.4 per cent compared to the same period last year.  High density home types continued to lead the way in terms of price growth, with the average condominium apartment price up by double-digits compared to November 2016.

“Changes in market conditions have not been uniform across market segments.  In line with insights from consumer polling undertaken by Ipsos in the spring, we are still seeing seller’s market conditions for townhouses and condominium apartments in many neighbourhoods versus more balanced market conditions for detached and semi-detached houses.  We will have more insights to share about consumer intentions for 2018 at the end of January when TREB releases its third annual Market Year in Review and Outlook report,” said Jason Mercer, TREB’s Director of Market Analysis.


Summary of TREB MLS®  Sales and Average Price November 1 - 30, 2017



2017

2016



Sales

Average Price

New Listings

Sales

Average Price

New Listings


City of Toronto ("416")

2,978

802,220

4,881

3,353

790,580

4,048


Rest of GTA ("905")

4,396

734,347

9,468

5,150

768,309

6,408


GTA

7,374

761,757

14,349

8,503

777,091

10,456


TREB MLS® Sales & Average Price  By Home Type November 1 - 30, 2017


Sales

Average Price


416

905

Total

416

905

Total








Detached

812

2,319

3,131

1,276,184

898,605

996,527

Yr./Yr. % Change

-18.9%

-19.2%

-19.1%

-5.1%

-6.2%

-5.8%

Semi-Detached

267

474

741

904,711

632,631

730,668

Yr./Yr. % Change

-4.0%

-7.4%

-6.2%

-0.7%

2.2%

1.2%

Townhouse

281

908

1,189

760,501

586,601

627,700

Yr./Yr. % Change

-17.6%

-6.4%

-9.3%

12.3%

2.7%

4.8%

Condo Apartment

1,606

604

2,210

555,396

414,782

516,965

Yr./Yr. % Change

-6.1%

-12.3%

-7.9%

17.7%

10.6%

16.4%

November 2017 Year-Over-Year Per Cent Change in the MLS® HPI


Composite (All Types)

Single-Family Detached

Single-Family Attached

Townhouse

Apartment

TREB Total

8.41%

4.04%

4.51%

11.70%

21.62%

Halton Region

7.56%

5.25%

7.20%

10.69%

14.74%

Peel Region

9.37%

6.86%

6.71%

11.44%

18.77%

City of Toronto

12.33%

2.86%

5.72%

13.53%

23.53%

York Region

1.92%

0.22%

-1.31%

9.83%

19.47%

Durham Region

7.29%

6.90%

4.74%

10.05%

12.02%

Orangeville

15.97%

15.46%

16.10%

-

-

South Simcoe County1

8.25%

7.72%

11.58%

-

-

1South Simcoe includes Adjala-Tosorontio, Bradford West Gwillimbury, Essa, Innisfil and New Tecumseth

Year-to-Date Summary of TREB MLS® Sales and Average Price


2017

2016


Sales

Average Price

New Listings

Sales

Average Price

New Listings

City of Toronto ("416")

33,236

839,572

57,399

38,995

742,240

56,977

Rest of GTA ("905")

54,277

820,283

114,881

68,740

722,780

93,087

GTA

87,513

827,608

172,280

107,735

729,823

150,064


Annual TREB MLS® Sales & Average Price  By Home Type


Calendar Year


Sales

Average Price


416

905

Total

416

905

Total








Detached

9,017

30,403

39,420

1,428,217

1,008,280

1,104,337

Yr./Yr. % Change

-26.9%

-26.4%

-26.5%

14.1%

13.1%

13.3%

Semi-Detached

2,732

5,223

7,955

996,613

675,578

785,832

Yr./Yr. % Change

-20.5%

-27.2%

-25.1%

15.6%

15.8%

16.6%

Townhouse

3,069

10,365

13,434

726,555

622,869

646,556

Yr./Yr. % Change

-25.8%

-19.7%

-21.1%

15.7%

17.9%

17.1%

Condo Apartment

18,172

7,153

25,325

546,592

427,558

512,971

Yr./Yr. % Change

-12.8%

-19.3%

-14.8%

23.2%

21.5%

23.2%

Source: Toronto Real Estate Board







































TREB RELEASES MONTHLY MARKET FIGURES REPORTED BY GTA REALTORS®

TORONTO, November 2, 2017 -- Toronto Real Estate Board President Tim Syrianos reported 7,118 residential sales through TREB’s MLS® System in October 2017.  This result represented an above-average increase between September and October of almost 12 per cent, pointing to stronger fall market conditions.

On a year-over-year basis, October sales were down compared to 9,715 transactions in October 2016.  Total sales reported through the first 10 months of 2017 amounted to 80,198 – down from 99,233 for the same time period in 2016.

“Every year we generally see a jump in sales between September and October.  However, this year that increase was more pronounced than usual compared to the previous ten years.  So, while the number of transactions was still down relative to last year’s record pace, it certainly does appear that sales momentum is picking up,” said Mr. Syrianos.

The MLS® Home Price Index Composite benchmark price was up by 9.7 per cent on a year-over-year basis in October.  Annual rates of price growth were strongest for townhouses and condominium apartments.  The average selling price for October transactions was $780,104 – up by 2.3 per cent compared to the average of $762,691 in October 2016.

“The housing market in the GTA has been impacted by a number of policy changes at the provincial and federal levels.  Similar to the track followed in the Greater Vancouver Area, it appears that the psychological impact of the Fair Housing Plan, including the tax on foreign buyers, is starting to unwind,” said Jason Mercer, TREB’s Director of Market Analysis.

“TREB will be undertaking its annual consumer polling process over the last two months of 2017.  This polling will include research into the impact of recent and proposed government policy changes on consumer intentions to buy and sell homes in the GTA, including the impacts of the new OSFI guideline and a potential vacancy tax in the City of Toronto.  In addition, TREB continues to work with different levels of government on solutions to the long-term housing supply issues in the region,” added Mr. Syrianos.




Summary of TorontoMLS Sales and Average Price October 1 - 31, 2017


2017

2016


Sales

Average Price

New Listings

Sales

Average Price

New Listings

City of Toronto ("416")

2,885

818,201

5,051

3,703

769,712

5,097

Rest of GTA ("905")

4,233

754,139

9,852

6,012

758,367

8,234

GTA

7,118

780,104

14,903

9,715

762,691

13,331


TorontoMLS Sales & Average Price  By Home Type October 1 - 31, 2017


Sales

Average Price


416

905

Total

416

905

Total








Detached

812

2,323

3,135

1,287,765

910,488

1,008,207

Yr./Yr. % Change

-25.0%

-31.4%

-29.8%

-1.1%

-4.0%

-2.5%

Semi-Detached

284

410

694

948,309

636,829

764,293

Yr./Yr. % Change

-17.0%

-27.4%

-23.5%

5.2%

4.7%

6.3%

Townhouse

284

867

1,151

742,845

592,381

629,507

Yr./Yr. % Change

-21.1%

-22.2%

-22.0%

8.0%

7.0%

7.4%

Condo Apartment

1,485

540

2,025

555,004

435,142

523,041

Yr./Yr. % Change

-21.4%

-33.0%

-24.9%

20.9%

21.0%

21.8%


October 2017 Year-Over-Year Per Cent Change in the MLS® HPI


Composite (All Types)

Single-Family Detached

Single-Family Attached

Townhouse

Apartment

TREB Total

9.72%

5.43%

5.43%

14.17%

23.05%

Halton Region

10.20%

7.25%

8.03%

15.28%

21.65%

Peel Region

9.98%

7.33%

7.41%

13.07%

19.65%

City of Toronto

13.29%

3.90%

6.03%

15.54%

24.57%

York Region

3.61%

1.91%

0.53%

13.03%

20.08%

Durham Region

8.09%

7.61%

5.68%

11.20%

12.48%

Orangeville

18.90%

18.65%

18.44%

-

-

South Simcoe County1

11.12%

10.63%

12.98%

-

-

Source: Toronto Real Estate Board

1South Simcoe includes Adjala-Tosorontio, Bradford West Gwillimbury, Essa, Innisfil and New Tecumseth

GTA REALTORS® RELEASE SEPTEMBER RESALE HOUSING MARKET FIGURES

TORONTO, October 4, 2017 -- Toronto Real Estate Board President Tim Syrianos announced that Greater Toronto Area REALTORS® reported 6,379 sales through TREB’s MLS® System in September 2017.  This result was down by 35 per cent compared to September 2016.

The number of new listings entered into TREB’s MLS® System amounted to 16,469 in September – up by 9.4 per cent year-over-year.

“The improvement in listings in September compared to a year earlier suggests that home owners are anticipating an uptick in sales activity as we move through the fall.  Consumer polling undertaken for TREB in the spring suggested that buying intentions over the next year remain strong.  As we move through the fourth quarter we could see some buyers moving off the sidelines, taking advantage of a better-supplied marketplace,” said Mr. Syrianos.

The average selling price in September 2017 was $775,546 – up 2.6 per cent compared to September 2016.  The MLS® Home Price Index (HPI) composite benchmark was up by 12.2 per cent on a year-over-year basis.  A key reason for the difference in annual growth rates between the average price and the MLS® HPI composite is the fact that detached homes – the most expensive market segment on average – accounted for a smaller share of overall transactions this year compared to last.

“With more balanced market conditions, the pace of year-over-year price growth was more moderate in September compared to a year ago.  However, the exception was the condominium apartment market segment, where average and benchmark sales prices were up by more than 20 per cent compared to last year.  Tighter market conditions for condominium apartments follows consumer polling results from the spring that pointed toward a shift to condos in terms of buyer intentions,” said Jason Mercer, TREB’s Director of Market Analysis.




Summary of TorontoMLS Sales and Average Price September 1 - 30, 2017



2017

2016



Sales

Average Price

New Listings

Sales

Average Price

New Listings


City of Toronto ("416")

2,510

809,591

5,535

3,571

766,464

5,684


Rest of GTA ("905")

3,869

753,459

10,934

6,259

750,063

9,366


GTA

6,379

775,546

16,469

9,830

756,021

15,050


TorontoMLS Sales & Average Price  By Home Type September 1 - 30, 2017


Sales

Average Price


416

905

Total

416

905

Total








Detached

642

2,138

2,780

1,355,234

912,921

1,015,067

Yr./Yr. % Change

-41.0%

-40.3%

-40.4%

4.4%

-1.7%

0.0%

Semi-Detached

255

384

639

935,467

630,797

752,379

Yr./Yr. % Change

-15.3%

-37.5%

-30.2%

5.2%

3.7%

7.4%

Townhouse

230

768

998

685,016

586,731

609,382

Yr./Yr. % Change

-39.9%

-32.5%

-34.4%

4.8%

8.6%

7.1%

Condo Apartment

1,362

498

1,860

554,069

428,360

520,411

Yr./Yr. % Change

-23.2%

-37.0%

-27.5%

24.0%

16.6%

23.2%

September 2017 Year-Over-Year Per Cent Change in the MLS® HPI



Composite (All Types)

Single-Family Detached

Single-Family Attached

Townhouse

Apartment


TREB Total

12.22%

8.56%

7.80%

16.47%

24.22%


Halton Region

13.37%

12.30%

10.64%

15.24%

18.35%


Peel Region

12.15%

9.12%

9.40%

16.55%

22.44%


City of Toronto

15.28%

6.63%

8.70%

17.95%

25.98%


York Region

6.20%

4.87%

2.83%

16.28%

21.51%


Durham Region

11.04%

10.88%

8.71%

13.72%

14.52%


Orangeville

19.33%

18.95%

20.59%

-

-


South Simcoe County1

13.07%

13.05%

13.95%

-

-


Source: Toronto Real Estate Board






1South Simcoe includes Adjala-Tosorontio, Bradford West Gwillimbury, Essa, Innisfil and New Tecumseth
























GTA REALTORS® Release August Stats

September 6, 2017 -- Toronto Real Estate Board President Tim Syrianos announced that Greater Toronto Area REALTORS® reported 6,357 home sales through TREB's MLS® System in August 2017. This result was down by 34.8 per cent compared to August 2016.

The number of new listings entered into TREB's MLS® System, at 11,523, was down by 6.7 per cent year-over-year and was at the lowest level for August since 2010.

"Recent reports suggest that economic conditions remain strong in the GTA. Positive economic news coupled with the slower pace of price growth we are now experiencing could prompt an improvement in the demand for ownership housing, over and above the regular seasonal bump, as we move through the fall," continued Mr. Syrianos.

The average selling price for all home types combined was $732,292 – up by three per cent compared to August 2016. This growth was driven by the semi-detached, townhouse and condominium apartment market segments that continued to experience high single-digit or double digit year-over-year average price increases.

The MLS® Home Price Index composite benchmark, which accounts for typical home types throughout TREB's market area, was up by 14.3 per cent year-over-year in August. The fact that MLS® HPI growth outstripped average price growth, points to fewer high-end home sales this year compared to last.

"The relationship between sales and listings in the marketplace today suggests a balanced market. If current conditions are sustained over the coming months, we would expect to see year-over-year price growth normalize slightly above the rate of inflation. However, if some buyers move from the sidelines back into the marketplace, as TREB consumer research suggests may happen, an acceleration in price growth could result if listings remain at current levels," said Jason Mercer, TREB's Director of Market Analysis.

GTA REALTORS® RELEASE JULY RESALE HOUSING MARKET FIGURES

TORONTO, August 3, 2017 -- Toronto Real Estate Board President Tim Syrianos announced that Greater Toronto Area REALTORS® reported 5,921 residential transactions through TREB’s MLS® System in July 2017.  This result was down by 40.4 per cent on a year-over-year basis, led by the detached market segment – both in the City of Toronto and surrounding regions.

While sales were down, the number of new listings reported were only slightly (+5.1 per cent) above last year’s level.

“A recent release from the Ontario government confirmed TREB’s own research which found that foreign buyers represented a small proportion of overall home buying activity in the GTA.  Clearly, the year-over-year decline we experienced in July had more to do with psychology, with would-be home buyers on the sidelines waiting to see how market conditions evolve,” said Mr. Syrianos.

“Summer market statistics are often not the best indicators of housing market conditions.  We generally see an uptick in sales following Labour Day, as a greater cross-section of would-be buyers and sellers start to consider listing and/or purchasing a home.  As we move through the fall, we should start to get a better sense of the impacts of the Fair Housing Plan and higher borrowing costs,” said TREB CEO John DiMichele.

The MLS® Home Price Index (HPI) Composite Benchmark price was up by 18 per cent on a year-over-year basis.  However, the Composite Benchmark was down by 4.6 per cent relative to June.  Monthly MLS® HPI declines were driven more so by single-family home types.  The average selling price for all home types combined was up by five per cent year-over-year to $746,218.

“Home buyers benefitted from more choice in the market this July compared to the same time last year.  This was reflected in home prices and home price growth.  Looking forward, if we do see some would-be home buyers move off the sidelines and back into the market without a similar increase in new listings, we could see some of this newfound choice erode.  The recent changes in the sales and price trends have masked the fact that housing supply remains an issue in the GTA,” said Jason Mercer, TREB’s Director of Market Analysis.


Summary of TorontoMLS Sales and Average Price July 1 - 31, 2017


2017

2016


Sales

Average Price

New Listings

Sales

Average Price

New Listings

City of Toronto ("416")

2,303

759,441

4,499

3,485

690,597

4,859

Rest of GTA ("905")

3,618

737,801

9,672

6,444

721,218

8,623

GTA

5,921

746,218

14,171

9,929

710,471

13,482


TorontoMLS Sales & Average Price  By Home Type July 1 - 31, 2017


Sales

Average Price


416

905

Total

416

905

Total








Detached

556

1,878

2,434

1,304,288

910,348

1,000,336

Yr./Yr. % Change

-41.7%

-48.9%

-47.4%

8.5%

2.4%

4.9%

Semi-Detached

169

414

583

869,227

636,844

704,207

Yr./Yr. % Change

-39.9%

-38.1%

-38.6%

1.3%

8.0%

5.2%

Townhouse

212

762

974

707,269

581,541

608,907

Yr./Yr. % Change

-38.2%

-36.1%

-36.5%

20.7%

11.3%

13.5%

Condo Apartment

1,345

495

1,840

532,502

418,191

501,750

Yr./Yr. % Change

-28.3%

-36.5%

-30.7%

24.6%

16.6%

23.2%


July 2017 Year-Over-Year Per Cent Change in the MLS® HPI


Composite (All Types)

Single-Family Detached

Single-Family Attached

Townhouse

Apartment

TREB Total

18.00%

14.93%

13.54%

25.29%

27.87%

Halton Region

13.96%

11.59%

12.10%

23.70%

20.79%

Peel Region

18.73%

15.59%

15.23%

23.83%

28.58%

City of Toronto

20.10%

13.12%

12.88%

26.54%

29.36%

York Region

15.12%

14.88%

11.22%

29.39%

23.67%

Durham Region

20.88%

20.68%

17.87%

25.54%

24.42%

Orangeville

26.91%

27.08%

27.03%

-

-

South Simcoe County1

19.93%

19.35%

21.62%

-

-

Source: Toronto Real Estate Board

1South Simcoe includes Adjala-Tosorontio, Bradford West Gwillimbury, Essa, Innisfil and New Tecumseth


Market Continued to Adjust in July

August 3, 2017 -- Toronto Real Estate Board President Tim Syrianos announced that Greater Toronto Area REALTORS® reported 5,921 residential transactions through TREB's MLS® System in July 2017. This result was down by 40.4 per cent on a yearover- year basis, led by the detached market segment – both in the City of Toronto and surrounding regions.While sales were down, the number of new listings reported were only slightly (+5.1 per cent) above last year's level.

"A recent release from the Ontario government confirmed TREB's own research which found that foreign buyers represented a small proportion of overall home buying activity in the GTA. Clearly, the year-over-year decline we experienced in July had more to do with psychology, with would-be home buyers on the sidelines waiting to see how market conditions evolve," said Mr. Syrianos.

"Summer market statistics are often not the best indicators of housing market conditions. We generally see an uptick in sales following Labour Day, as a greater cross-section of would-be buyers and sellers start to consider listing and/or purchasing a home. As we move through the fall, we should start to get a better sense of the impacts of the Fair Housing Plan and higher borrowing costs," said TREB CEO John DiMichele.

The MLS® Home Price Index (HPI) Composite Benchmark price was up by 18 per cent on a year-over-year basis. However, the Composite Benchmark was down by 4.6 per cent relative to June. Monthly MLS® HPI declines were driven more so by single-family home types. The average selling price for all home types combined was up by five per cent year-over-year to $746,218.

"Home buyers benefitted from more choice in the market this July compared to the same time last year. This was reflected in home prices and home price growth. Looking forward, if we do see some would-be home buyers move off the sidelines and back into the market without a similar increase in new listings, we could see some of this newfound choice erode. The recent changes in the sales and price trends have masked the fact that housing supply remains an issue in the GTA," said Jason Mercer, TREB's Director of Market Analysis.


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Clients are impressed by the dedication and effort I put into making sure that they receive top quality service and amazing results. Explore my website to find detailed listing information, buying guides, selling guides and other features that suit your real estate requirements.

Discover why I love real estate and why I am the best choice for you.