Market Overview

TREB Releases Monthly Market Figures Reported by GTA Realtors®

Share:

TORONTO, March 06, 2018 (GLOBE NEWSWIRE) -- 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

 
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%    

Source: Toronto Real Estate Board

Media Inquiries:
Mary Gallagher, Senior Manager Public Affairs  
(416) 443-8158
maryg@trebnet.com

TREB is Canada's largest real estate board. Over 49,000 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®.

www.TREBhome.com

https://www.facebook.com/TorontoRealEstateBoard
https://twitter.com/TREBhome
https://www.youtube.com/user/TREBChannel
https://www.pinterest.com/trebhome/
http://www.linkedin.com/company/treb
http://www.trebwire.com/
https://plus.google.com/+trebchannel
https://www.trebhome.com/rssfeed.htm
https://www.instagram.com/trebhome
https://soundcloud.com/trebhome/tracks 

Primary Logo

View Comments and Join the Discussion!