If you need assistance, please call 647-848-2652

TREB's Market Watch for August 2018

Thursday, August 9, 2018   /   by Raymond Yu

TREB's Market Watch for August 2018


TREB RELEASES MONTHLY RESALE HOUSING FIGURES AS REPORTED BY GTA REALTORS®




TORONTO, August 3, 2018 -- 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



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.