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TREB's Market Watch for August 2018

Thursday, August 9, 2018   /   by Admin Team

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.

The Khatambakhsh Real Estate Team
Brian Khatambakhsh
6850 Millcreek Dr
Mississauga, ON L5N 4J9
647-848-2652

Information is provided exclusively for consumers’ personal use and may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing. Data is deemed reliable, but is not guaranteed accurate by the MLS®.
Information is provided exclusively for consumers’ personal, non-commercial use and may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing. Data is deemed reliable, but is not guaranteed accurate by the MLS®. Copyright 2020 Last Updated September 20, 2020
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