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TREB's Market Watch for September 2018

Thursday, September 6, 2018   /   by Brian Khatambakhsh

TREB's Market Watch for September 2018


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



TORONTO, September 6, 2018 -- 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.


TREB Launches New Website Highlighting Municipal Election Issues Related to Housing


With municipal elections just over six weeks away, TREB is highlighting key housing issues for the public to consider when voting and is providing an opportunity for voters to communicate about these issues with election candidates through a new web site: UnLockMyHousingOptions.ca.


"One of the key issues facing home buyers and renters in the GTA is inadequate housing supply and choice, and one of the main reasons for this is municipal policy that unnecessarily locks up housing options.  Whether it is approval delays, inflexible and outdated zoning rules, or market distorting taxes like Toronto's Land Transfer Tax, current municipal policies are a big part of the reason why there is not enough gentle density housing, like semis, row homes, and multiplexes, in the GTA. This 'missing middle' option is critical for a healthy real estate market and we are encouraging home buyers and renters to let municipal election candidates know their views through our new election campaign web site: UnLockMyHousingOptions.ca," said Mr. Bhaura.


 


 




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.

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 30, 2020
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