Market Overview

TREB Releases Monthly Market Figures Reported by GTA REALTORS®

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TORONTO, May 03, 2018 (GLOBE NEWSWIRE) -- 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  


Annual TREB MLS® Sales & Average Price  By Home Type
             
  Year-to-Date 2018
  Sales Average Price
  416 905 Total 416 905 Total
             
Detached 2,420 7,945 10,365 1,311,411 914,716 1,007,335
Yr./Yr. % Change -49.8% -53.8% -52.9% -14.6% -15.3% -14.6%
Semi-Detached 740 1,469 2,209 1,007,043 650,301 769,807
Yr./Yr. % Change -43.4% -44.8% -44.4% -5.8% -8.6% -7.2%
Townhouse 853 3,072 3,925 759,621 602,218 636,425
Yr./Yr. % Change -44.5% -41.6% -42.2% 3.0% -8.3% -5.7%
Condo Apartment 5,184 2,114 7,298 581,161 443,481 541,280
Yr./Yr. % Change -43.8% -44.9% -44.1% 6.7% 3.2% 5.9%
Seasonally Adjusted TREB MLS® Sales and Average Price1    
           
  Sales Month-over-Month
% Chg.
Average Price Month-over-Month
% Chg. 
April. '17 9,294 -2.0% $861,178 -2.2%  
May. '17 7,237 -22.1% $814,417 -5.4%  
June. '17 6,258 -13.5% $775,302 -4.8%  
July. '17 6,034 -3.6% $775,373 0.0%  
August. '17 6,413 6.3% $773,362 -0.3%  
September. '17 6,591 2.8% $782,414 1.2%  
October. '17 6,801 3.2% $786,238 0.5%  
November. '17 7,750 14.0% $777,036 -1.2%  
December. '17 8,684 12.1% $783,611 0.8%  
January. '18 6,572 -24.3% $769,509 -1.8%  
February. '18 5,988 -8.9% $746,897 -2.9%  
March. '18 5,903 -1.4% $752,730 0.8%  
April. '18 5,811 -1.6% $751,068 -0.2%  
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  
(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®.

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