TREB Releases August Market Figures

  9/5/2019 |   SHARE
Posted in GTA Real Estate by Ron Hyde| Back to Main Blog Page

TREB Market Watch Residential

Toronto Real Estate Board President Michael Collins announced that Greater Toronto Area REALTORS® reported 7,711 residential sales through TREB’s MLS® System in August 2019. This result represented a 13.4 per cent increase compared to 6,797 sales reported in August 2018. On a month-over-month basis, after preliminary seasonal adjustment, sales were up by 0.8 per cent.

“GTA-wide sales were up on a year-over-year basis for all major market segments, with annual rates of sales growth strongest for low-rise home types including detached houses. This reflects the fact that demand for more expensive home types was very low in 2018 and has rebounded to a certain degree in 2019, albeit not back to the record levels experienced in 2016 and the first quarter of 2017. The OSFI mortgage stress test continues to keep some would-be home buyers on the sidelines,” said Mr. Collins.

Market conditions also became tighter in August 2019 compared to a year ago because, while sales were up year-over-year, new listings were down by three per cent over the same time period to 11,789.  Year-to-date, growth in sales has well outstripped growth in new listings. This is why overall active listings counted at the end of August were down by more than 11 per cent compared to August 2018.

“The GTA’s strong economy, cultural diversity and internationally recognized quality of life continues to attract newcomers to the region each year. This needs to continue for it to remain competitive on the global stage. However, our housing supply has not kept up with population growth, which has led to pent-up housing demand. The Province of Ontario, City of Toronto and other GTA municipalities have recognized that housing supply is a key issue and are working toward solutions. With the federal election less than two months away, all political parties should be making their housing policy stance clear as well,” said TREB CEO John DiMichele.

The MLS® Home Price Index Composite Benchmark for August 2019 was up by 4.9 per cent on a year-over-year basis. The average selling price, at $792,611 in August 2019, was up by 3.6 per cent year-over-year. Both the MLS® HPI benchmark prices and average selling prices were up on an annual basis for major market segments. The condominium apartment segment continued to lead the way in terms of price growth, followed by higher density low-rise home types and finally detached houses.

“This year’s market through August has been characterized by receding listings and increasing sales relative to 2018.  Competition between buyers has increased, which has led to stronger annual rates of price growth, most notably during this past spring and summer. Right now, the overall pace of price growth is moderate. However, if demand for ownership housing continues to increase relative to the supply of listings, the annual rate of price growth will accelerate further.  This underpins the importance of solving this region’s housing supply issues, which will go a long way to insuring a sustainable pace of price growth over the long term,” said Jason Mercer, TREB’s Chief Market Analyst.

 

Summary of TREB MLS® Sales and Average Price – August 1-31, 2019
  2019 2018
  Sales Average Price New Listings Sales Average Price New Listings
City of Toronto (“416”) 2,553 818,715 3,727 2,428 785,358 3,752
Rest of GTA (“905”) 5,158 779,690 8,062 4,369 754,079 8,406
GTA 7,711 792,611 11,789 6,797 765,252 12,158

 

TREB MLS® Sales & Average Price By Home Type – August 1-31, 2019
  Sales Average Price
  416 905 Total 416 905 Total
             
Detached 669 2,949 3,618 1,246,392 918,242 978,920
Yr./Yr. % Change 8.8% 24.5% 21.3% 0.3% 1.3% 0.3%
Semi-Detached 188 454 642 956,411 690,305 768,230
Yr./Yr. % Change -1.6% 18.5% 11.8% 7.3% 3.3% 3.5%
Townhouse 262 1,030 1,292 712,934 620,927 639,584
Yr./Yr. % Change 17.0% 12.9% 13.7% 4.1% 1.7% 2.3%
Condo Apartment 1,410 657 2,067 619,307 478,755 574,632
Yr./Yr. % Change 2.2% 8.2% 4.0% 5.7% 8.5% 6.1%

 

August 2019 Year-Over-Year Per Cent Change in the MLS® HPI
  Composite (All Types) Single-Family Detached Single-Family Attached Townhouse Apartment  
TREB Total 4.92% 3.07% 3.94% 6.12% 7.97%  
Halton Region 6.99% 6.34% 3.24% 11.88% 8.07%  
Peel Region 6.66% 5.47% 6.11% 5.72% 11.78%  
City of Toronto 5.92% 2.95% 5.05% 2.72% 8.01%  
York Region 0.12% -0.58% 0.87% -0.88% 3.77%  
Durham Region 2.67% 2.37% 2.64% 5.85% 1.63%  
Orangeville 0.54% 0.63% 0.80%  
South Simcoe County1 0.61% -3.80% -0.92%  
 
Annual Summary of TREB MLS® Sales and Average Price
  Year-to-Date  
  2019 2018  
  Sales Average Price New Listings Sales Average Price New Listings  
City of Toronto (“416”) 21,586 869,666 37,260 20,575 833,010 35,744  
Rest of GTA (“905”) 38,591 772,857 74,636 33,628 758,595 75,553  
GTA 60,177 807,584 111,896 54,203 786,842 111,297  
Annual TREB MLS® Sales & Average Price By Home Type – Year-to-Date 2019
  Sales Average Price  
  416 905 Total 416 905 Total  
Detached 6,148 21,435 27,583 1,304,003 915,645 1,002,206  
Yr./Yr. % Change 12.4% 18.1% 16.8% -1.5% -0.1% -0.9%  
Semi-Detached 1,959 3,737 5,696 1,031,307 684,910 804,045  
Yr./Yr. % Change 13.7% 14.5% 14.2% 3.8% 4.1% 3.9%  
Townhouse 2,245 7,831 10,076 767,597 621,254 653,860  
Yr./Yr. % Change 14.2% 13.3% 13.5% 3.6% 2.4% 2.7%  
Condo Apartment 11,092 4,993 16,085 624,315 473,173 577,398  
Yr./Yr. % Change -1.7% 9.0% 1.4% 6.0% 5.6% 5.3%  
 
Jan.-Aug. 2019 TREB MLS® System Condominium Apartment Rental Market Summary*
Apartment Type Month/Year Rentals Average Rent  
One-Bedroom Jan.-July 2019 14,226 $2,201  
Jan.-July 2018 12,442 $2,071  
Yr./Yr. % Chg. 14.3% 6.3%  
         
Two-Bedroom Jan.-July 2019 8,591 $2,874  
Jan.-July 2018 7,750 $2,748  
Yr./Yr. % Chg. 10.9% 4.6%  
*Note: A broader breakout of condominium apartment and condominium townhouse rental statistics by bedroom type and TREB areas and municipalities will continue to be provided in TREB’s quarterly Rental Market Report.
 
Seasonally Adjusted TREB MLS® Sales and Average Price1
         
  Sales Month-over-Month % Chg. Average Price Month-over-Month % Chg.
August ’18 6,947 3.0% $804,581 -0.3%
September ’18 6,922 -0.4% $800,687 -0.5%
October ’18 6,793 -1.9% $807,128 0.8%
November ’18 6,698 -1.4% $800,590 -0.8%
December ’18 6,751 0.8% $793,999 -0.8%
January ’19 6,815 0.9% $779,242 -1.9%
February ’19 6,201 -9.0% $764,121 -1.9%
March ’19 6,347 2.4% $761,226 -0.4%
April ’19 7,046 11.0% $773,815 1.7%
May ’19 7,389 4.9% $796,066 2.9%
June ’19 7,477 1.2% $812,642 2.1%
July ’19 7,839 4.8% $825,397 1.6%
August ’19 7,903 0.8% $826,789 0.2%

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.

Source: Toronto Real Estate Board; CREA Seasonal Adjustment



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