Market Overview

TREB releases monthly market figures reported by GTA REALTORS®

Share:

TORONTO, July 05, 2018 (GLOBE NEWSWIRE) -- Toronto Real Estate Board President Garry Bhaura, in his first market release as TREB President, is pleased to announce some positive signs with respect to the housing market.

Greater Toronto Area REALTORS® reported 8,082 home sales through TREB's MLS® System in June 2018 – up 2.4 per cent compared to the low June 2017 result.  After preliminary seasonal adjustment, sales were also up 17.6 per cent on a monthly basis between May 2018 and June 2018, continuing the trend of somewhat volatile month-over-month changes over the past year as home buyers reacted to various policy changes impacting the market.

"Home ownership has proven to be a positive long-term investment.  After some adjustment to the Fair Housing Plan, the new Office of The Superintendent of Financial Institutions (OSFI) stress test requirement and generally higher borrowing costs, home buyers are starting to move back into the market, with sales trending up from last year's lows.  Market conditions appear to be tightening, with sales accounting for a greater share of listings, as new listings have dropped compared to last year," said Mr. Bhaura.

The average selling price edged up by two per cent on a year-over-year basis to $807,871 in June 2018.  After preliminary seasonal adjustment, the average selling price was also up by 3.3 per cent month-over-month between May 2018 and June 2018.  The MLS® Home Price Index (HPI) was down by 4.8 per cent on a year-over-year basis, but remained basically flat month-over-month.  The difference in the year-over-year rates of change between the average price and the MLS® HPI was likely due, at least in part, to a change in the mix of properties sold in June 2018 compared to June 2017, with low-rise home types accounting for a greater share of sales in June 2018.

"The expectation is to see improvement in sales over the next year.  Over the same period, however, it is likely that issues surrounding the supply of listings will persist.  This suggests that competition between buyers could increase, exerting increased upward pressure on home prices.  With a new provincial government in place and municipal elections on the horizon, housing supply should be top-of-mind for policy makers," said Jason Mercer, TREB's Director of Market Analysis and Service Channels.

Housing Issues Important to Voters

With a new provincial government at Queen's Park and municipal election campaigns underway, Toronto REALTORS® are continuing to speak out for home buyers, sellers, and renters.

"We look forward to working with all returning and newly elected MPPs, and speaking out during the municipal election campaign, to ensure that home ownership and housing affordability issues are a top priority for elected officials. In this regard, one of the most important issues is ensuring that no new municipal land transfer taxes are imposed on home buyers. We hope the new provincial government and municipal election candidates will represent the views of the people on this issue, which are clear: they oppose land transfer taxes because they are a barrier to home ownership and discourage individuals and families from 'right-sizing', further constraining the supply of homes available for purchase", said Mr. Bhaura.

A poll conducted by Ipsos Public Affairs, by on-line survey of 1200 GTA residents (500 in the ‘416' area code and 700 in the ‘905' area code) between May 18 and May 22, 2018, found:

  • 77% support reducing the provincial land transfer tax and 68% support repealing the provincial land transfer tax
     
  • 76% support reducing the Toronto municipal land transfer tax and 69% support repealing the Toronto municipal land transfer tax

"We look forward to working with the provincial and Greater Toronto Area municipal governments on effective ways to address housing affordability, namely increasing housing supply, especially ‘missing middle' housing options (home types that bridge the gap between detached houses and condominium apartments), and reducing tax burdens like land transfer taxes," added Mr. Bhaura.

Summary of TREB MLS®  Sales and Average Price June 1 - 30, 2018
  2018 2017
  Sales Average Price New Listings Sales Average Price New Listings
City of Toronto ("416") 3,096 870,559 5,243 3,117 827,802 6,282
Rest of GTA ("905") 4,986 768,945 10,679 4,776 768,516 13,279
GTA 8,082 807,871 15,922 7,893 791,929 19,561


TREB MLS® Sales & Average Price  By Home Type June 1 - 30, 2018
  Sales Average Price
  416 905 Total 416 905 Total
Detached 885 2,704 3,589 1,354,429 928,560 1,033,574
Yr./Yr. % Change 5.9% 5.3% 5.5% -2.4% -1.8% -1.9%
Semi-Detached 297 519 816 999,754 665,606 787,227
Yr./Yr. % Change 8.4% 7.9% 8.1% 1.4% 1.8% 1.7%
Townhouse 308 1,024 1,332 736,963 608,969 638,566
Yr./Yr. % Change 5.1% 5.5% 5.4% 5.6% 2.4% 3.2%
Condo Apartment 1,593 641 2,234 605,530 450,672 561,097
Yr./Yr. % Change -6.0% -3.6% -5.3% 9.5% 3.4% 7.9%


June 2018 Year-Over-Year Per Cent Change in the MLS® HPI
  Composite (All Types) Single-Family Detached Single-Family Attached Townhouse Apartment
TREB Total -4.76% -9.30% -7.20% -3.65% 7.52%
Halton Region -4.39% -6.96% -3.25% -3.03% 6.92%
Peel Region -3.10% -4.84% -3.94% -4.13% 4.73%
City of Toronto 1.29% -7.14% -3.52% 0.46% 9.10%
York Region -14.70% -16.67% -16.36% -10.72% 1.33%
Durham Region -8.49% -8.69% -8.95% -9.96% -0.62%
Orangeville -0.58% -0.74% -1.15% - -
South Simcoe County1 -8.36% -7.99% -7.16% - -
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") 15,403 839,349 27,284 20,129 875,011 33,875
Rest of GTA ("905") 24,519 758,824 57,360 34,358 864,851 67,114
GTA 39,922 789,893 84,644 54,487 868,604 100,989


Annual TREB MLS® Sales & Average Price  By Home Type Year-to-Date 2018
  Sales Average Price
  416 905 Total 416 905 Total
Detached 4,058 13,144 17,202 1,342,408 920,640 1,020,136
Yr./Yr. % Change -34.6% -39.2% -38.2% -10.2% -12.2% -11.2%
Semi-Detached 1,277 2,384 3,661 1,017,368 656,368 782,289
Yr./Yr. % Change -26.9% -32.8% -30.9% -1.9% -5.6% -3.2%
Townhouse 1,461 5,065 6,526 751,635 604,630 637,540
Yr./Yr. % Change -28.4% -27.4% -27.6% 3.1% -5.6% -3.4%
Condo Apartment 8,513 3,399 11,912 590,375 447,050 549,478
Yr./Yr. % Change -30.5% -32.0% -31.0% 8.4% 4.1% 7.5%
   
Seasonally Adjusted TREB MLS® Sales and Average Price1  
    Month-over-Month   Month-over-Month
  Sales % Chg. Average Price % Chg.
June '17 6,297 -19.7% $775,302 -5.4%
July '17 5,998 -4.7% $775,373 0.0%
August '17 6,375 6.3% $773,362 -0.3%
September '17 6,526 2.4% $782,414 1.2%
October '17 6,709 2.8% $786,238 0.5%
November '17 7,681 14.5% $777,036 -1.2%
December '17 8,555 11.4% $783,611 0.8%
January '18 6,534 -23.6% $769,509 -1.8%
February '18 6,005 -8.1% $746,897 -2.9%
March '18 5,965 -0.7% $752,402 0.7%
April '18 5,904 -1.0% $752,203 0.0%
May '18 5,727 -3.0% $759,158 0.9%
June '18 6,733 17.6% $784,340 3.3%
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

TREB is Canada's largest real estate board. Over 50,000 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!