TREB Releases Monthly Resale Housing Figures As Reported By GTA REALTORS

  9/6/2018 |   SHARE
Posted in GTA Real Estate by Ron Hyde| Back to Main Blog Page

TREB News

Toronto Real Estate Board President Garry Bhaura announced sales and price increases on a year-over-year basis in August.  Greater Toronto Area REALTORS® reported 6,839 sales through TREB's MLS® System in August 2018 – an 8.5 per cent increase compared to August 2017.

Both the average selling price, at $765,270, and the MLS® Home Price Index Composite Benchmark for August 2018 were up compared to the same month in 2017, by 4.7 per cent and 1.5 per cent respectively.  The average selling price increased by more than the MLS® HPI Composite due, at least in part, to a change in the mix of sales compared to last year.  Detached home sales were up by double digits on a year-over-year percentage basis – substantially more than many other less-expensive home types.

"It is encouraging to see a continued resurgence in the demand for ownership housing.  Many home buyers who had initially moved to the sidelines due to the Ontario Fair Housing Plan and new mortgage lending guidelines have renewed their search for a home and are getting deals done much more so than last year.  In a region where the economy remains strong and the population continues to grow, ownership housing remains a solid long-term investment," said Mr. Bhaura.

Month-over-month sales and price growth also continued in August.  On a preliminary seasonally adjusted basis, August 2018 sales were up by two per cent compared to July 2018.  The seasonally adjusted August 2018 average selling price was down slightly by 0.2 per cent compared to July 2018, following strong monthly increases in May, June and July.

"Market conditions in the summer of 2018, including this past August, were tighter than what was experienced in the summer of 2017.  In August, the annual rate of sales growth outpaced the annual rate of new listings growth.  We only have slightly more than two-and-a-half months of inventory in the TREB market area as a whole and less than two months of inventory in the City of Toronto.  This means that despite the fact the sales remain off the record highs from 2016 and 2017, many GTA neighbourhoods continue to suffer from a lack of inventory.  This could present a problem if demand continues to accelerate over the next year, which is expected," said Jason Mercer, TREB's Director of Market Analysis.

Summary of TREB MLS®  Sales and Average Price August 1 - 31, 2018

 

2018

2017

 

Sales

Average Price

New Listings

Sales

Average Price

New Listings

City of Toronto ("416")

2,441

785,223

3,752

2,462

724,672

3,592

Rest of GTA ("905")

4,398

754,195

8,414

3,844

735,002

7,889

GTA

6,839

765,270

12,166

6,306

730,969

11,481

 

TREB MLS® Sales & Average Price  By Home Type August 1 - 31, 2018

 

Sales

Average Price

 

416

905

Total

416

905

Total

             

Detached

619

2,382

3,001

1,244,275

907,780

977,187

Yr./Yr. % Change

12.3%

19.2%

17.7%

4.9%

0.3%

1.2%

Semi-Detached

191

386

577

891,208

667,979

741,873

Yr./Yr. % Change

6.1%

-4.2%

-1.0%

-0.5%

5.1%

3.6%

Townhouse

225

918

1,143

683,160

610,088

624,472

Yr./Yr. % Change

-4.7%

8.5%

5.6%

-0.1%

4.6%

3.2%

Condo Apartment

1,388

612

2,000

585,355

440,748

541,106

Yr./Yr. % Change

-5.6%

18.6%

0.7%

8.3%

5.9%

6.4%

 

 

 

August 2018 Year-Over-Year Per Cent Change in the MLS® HPI

 

Composite (All Types)

Single-Family Detached

Single-Family Attached

Townhouse

Apartment

TREB Total

1.45%

-1.94%

0.08%

0.83%

9.94%

Halton Region

2.01%

0.12%

3.63%

4.07%

6.91%

Peel Region

2.23%

0.80%

1.79%

0.53%

8.49%

City of Toronto

6.07%

0.04%

2.63%

2.09%

11.60%

York Region

-6.52%

-7.88%

-7.37%

-4.66%

3.01%

Durham Region

-1.17%

-1.49%

0.25%

-3.52%

1.96%

Orangeville

5.22%

5.03%

4.93%

-

-

South Simcoe County1

-1.29%

-1.14%

-0.91%

-

-

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

 

Year-to-Date

 

2018

2017

 

Sales

Average Price

New Listings

Sales

Average Price

New Listings

City of Toronto ("416")

20,390

831,004

35,524

24,877

849,510

41,949

Rest of GTA ("905")

33,244

758,100

75,107

41,782

841,940

84,643

GTA

53,634

785,816

110,631

66,659

844,765

126,592

 

Annual TREB MLS® Sales & Average Price  By Home Type

 

Sales

Average Price

 

416

905

Total

416

905

Total

             

Detached

5,335

17,880

23,215

1,332,712

917,387

1,012,832

Yr./Yr. % Change

-27.8%

-30.5%

-29.9%

-8.7%

-10.6%

-9.8%

Semi-Detached

1,661

3,179

4,840

993,626

658,160

773,286

Yr./Yr. % Change

-23.9%

-26.6%

-25.7%

-2.0%

-3.8%

-2.7%

Townhouse

1,957

6,869

8,826

739,920

605,768

635,514

Yr./Yr. % Change

-21.8%

-20.0%

-20.4%

2.7%

-3.8%

-2.3%

Condo Apartment

11,308

4,591

15,899

588,761

447,957

548,103

Yr./Yr. % Change

-25.0%

-23.6%

-24.6%

8.1%

4.6%

7.1%

 

Seasonally Adjusted TREB MLS® Sales and Average Price1

 
         

 

Sales

Month-over-Month % Chg.

Average Price

Month-over-Month % Chg.

August '17

6,474

8.3%

$773,362

-0.3%

September '17

6,622

2.3%

$782,414

1.2%

October '17

6,792

2.6%

$786,238

0.5%

November '17

7,705

13.4%

$777,036

-1.2%

December '17

8,589

11.5%

$783,611

0.8%

January '18

6,551

-23.7%

$769,509

-1.8%

February '18

6,007

-8.3%

$746,897

-2.9%

March '18

5,955

-0.9%

$752,402

0.7%

April '18

5,865

-1.5%

$752,203

0.0%

May '18

5,646

-3.7%

$762,728

1.4%

June '18

6,568

16.3%

$786,914

3.2%

July '18

6,951

5.8%

$808,650

2.8%

August '18

7,093

2.0%

$807,128

-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.

A TREB Primer on Seasonality and Seasonal Adjustment: click here



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