Market Overview

TREB Releases Monthly Resale Housing Figures as Reported by GTA REALTORS®

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TORONTO, Aug. 03, 2018 (GLOBE NEWSWIRE) -- Toronto Real Estate Board President Garry Bhaura announced strong growth in the number of home sales and the average selling price reported by Greater Toronto Area REALTORS® in July 2018.

"Home sales result in substantial spin-off benefits to the economy, so the positive results over the last two months are encouraging. However, no one will argue that housing supply remains an issue. The new provincial government and candidates for the upcoming municipal elections need to concentrate on policies focused on enhancing the supply of housing and reducing the upfront tax burden represented by land transfer taxes, province-wide and additionally in the City of Toronto," said Mr. Bhaura.

Residential sales reported through TREB's MLS® System for July 2018 amounted to 6,961 – up 18.6 per cent compared to July 2017. Over the same period, the average selling price was up by 4.8 per cent to $782,129, including a moderate increase for detached home types. New listings in July 2018 were down by 1.8 per cent year-over-year.

Preliminary seasonal adjustment pointed to strong month-over-month increases of 6.6 per cent and 3.1 per cent respectively for sales and average price. Seasonally adjusted sales were at the highest level for 2018 and the seasonally adjusted average price reached the highest level since May 2017.

The MLS® Home Price Index (HPI) Composite Benchmark for July 2018 was down slightly compared to July 2017. However, the annual growth rate looks to be trending toward positive territory in the near future.

"We have certainly experienced an increase in demand for ownership housing so far this summer. It appears that some people who initially moved to the sidelines due to the psychological impact of the Fair Housing Plan and changes to mortgage lending guidelines have re-entered the market. Home buyers in the GTA recognize that ownership housing is a quality long-term investment," said Jason Mercer, TREB's Director of Market Analysis.

 
Summary of TREB MLS® Sales and Average Price
  July 1 - 31, 2018
  2018 2017
  Sales Average Price New Listings Sales Average Price New Listings
City of Toronto ("416") 2,574 824,336 4,511 2,286 759,423 4,482
Rest of GTA ("905") 4,387 757,365 9,357 3,583 737,387 9,640
GTA 6,961 782,129 13,868 5,869 745,971 14,122


TREB MLS® Sales & Average Price By Home Type
  July 1 - 31, 2018
  Sales Average Price
  416 905 Total 416 905 Total
             
Detached 672 2,390 3,062 1,350,700 907,347 1,004,647
Yr./Yr. % Change 22.0% 28.3% 26.8% 3.6% -0.2% 0.5%
Semi-Detached 194 414 608 935,300 658,533 746,843
Yr./Yr. % Change 16.9% 1.7% 6.1% 7.4% 3.4% 6.0%
Townhouse 276 897 1,173 718,698 607,930 633,993
Yr./Yr. % Change 30.8% 19.4% 21.9% 1.5% 4.6% 4.1%
Condo Apartment 1,415 587 2,002 582,547 461,255 546,984
Yr./Yr. % Change 5.8% 19.1% 9.4% 9.2% 10.3% 8.9%
 

July 2018 Year-Over-Year Per Cent Change in the MLS® HPI
  Composite (All
Types)
Single-Family
Detached
Single-Family
Attached
Townhouse Apartment
TREB Total -0.59% -4.15% -1.58% -1.53% 8.33%
Halton Region 1.95% 0.43% 4.74% 2.43% 4.62%
Peel Region 0.49% -0.70% 0.82% -2.38% 5.81%
City of Toronto 3.85% -2.91% 0.34% 0.31% 10.15%
York Region -9.06% -10.52% -9.63% -9.95% 2.24%
Durham Region -4.17% -4.63% -3.30% -5.10% 0.42%
Orangeville 1.34% 1.09% 1.30% - -
South Simcoe County1 -6.47% -6.60% -3.44% - -
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") 17,961 837,379 31,771 22,415 863,222 38,357
Rest of GTA ("905") 28,873 758,616 66,685 37,939 852,811 76,754
GTA 46,834 788,822 98,456 60,354 856,677 115,111
Annual TREB MLS® Sales & Average Price By Home Type
             
  Year-to-Date 2018
  Sales Average Price
  416 905 Total 416 905 Total
             
Detached 4,723 15,516 20,239 1,344,457 918,612 1,017,988
Yr./Yr. % Change -23.9% -28.3% -27.3% -10.1% -12.4% -11.4
Semi-Detached 1,470 2,794 4,264 1,006,937 656,826 777,525
Yr./Yr. % Change -15.9% -21.3% -19.5% -2.9% -5.5% -3.8
Townhouse 1,735 5,955 7,690 746,866 605,176 637,144
Yr./Yr. % Change -15.0% -14.7% -14.7% 2.5% -5.5% -3.5
Condo Apartment 9,922 3,983 13,905 589,237 449,115 549,100
Yr./Yr. % Change -19.0% -20.3% -19.4% 8.2% 4.6% 7.4
Source: Toronto Real Estate Board            


Seasonally Adjusted TREB MLS® Sales and Average Price1  
         
  Sales Month-over-Month
% Chg.
Average Price Month-over-Month %
Chg.
July '17 6,056 -19.7% $775,373 -5.4%
August '17 6,440 6.3% $773,362 -0.3%
September '17 6,588 2.3% $782,414 1.2%
October '17 6,765 2.7% $786,238 0.5%
November '17 7,694 13.7% $777,036 -1.2%
December '17 8,556 11.2% $783,611 0.8%
January '18 6,527 -23.7% $769,509 -1.8%
February '18 5,988 -8.3% $746,897 -2.9%
March '18 5,941 -0.8% $752,402 0.7%
April '18 5,868 -1.2% $752,203 0.0%
May '18 5,673 -3.3% $762,728 1.4%
June '18 6,623 16.7% $784,340 2.8%
July '18 7,061 6.6% $808,686 3.1%
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®.

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