Central Toronto Real Estate TREB Released December, 2018 Resale Market Figures

Toronto Real Estate Board announced that Greater Toronto Area REALTORS® reported a total of 77,426 residential transactions through TREB’s MLS® System in 2018. This result represented a 16.1 per cent decline compared to 92,263 sales reported in 2017. Total new listings entered into TREB’s MLS® System were down by 12.7 per cent over the same period to 155,823.

The overall average selling price for 2018 transactions, at $787,300, was down by 4.3 per cent year-over-year for all home types combined across the TREB market area.

Home prices were up very slightly in the City of Toronto and down in the surrounding GTA regions. This dichotomy reflects the fact that the condominium apartment segment, which accounted for a large proportion of sales in the City of Toronto, performed better from a pricing perspective than the detached market segment. The average price for condominium apartment sales across the TREB market area was up by 7.8 per cent year-over-year.

“Higher borrowing costs coupled with the new mortgage stress test certainly prompted some households to temporarily move to the sidelines to reassess their housing options. With this said, it is important to note that market conditions were improved in the second half of the year, both from a sales and pricing standpoint,” said Garry Bhaura, TREB President.

“After spiking in 2017, new listings receded markedly in 2018. In many neighbourhoods, despite fewer sales from a historic perspective, some buyers still struggled to find a home meeting their needs. The result was a resumption of a moderate year-over-year pace of home price growth in the second half of the year. Price growth was strongest for less-expensive home types, as many home buyers sought more affordable home ownership options,” said Jason Mercer, TREB’s Director of Market Analysis and Service Channels.

Summary of TREB MLS® Sales and Average Price December 1 – 31, 2018
	2018			2017
	Sales	Average Price	New Listings	Sales	Average Price	New Listings
City of Toronto (“416”)	1,473	762,627	1,426	1,953	740,721	2,133
Rest of GTA (“905”)	2,308	742,237	2,882	2,923	730,922	4,156
GTA	3,781	750,180	4,308	4,876	734,847	6,289

TREB MLS® Sales & Average Price By Home Type December 1 – 31, 2018
	Sales			Average Price
	416	905	Total	416	905	Total

Detached	340	1,250	1,590	1,145,892	891,095	945,580
Yr./Yr. % Change	-24.1%	-14.8%	-17.0%	-8.0%	-2.2%	-4.4%
Semi-Detached	116	226	342	939,859	661,186	755,707
Yr./Yr. % Change	-32.6%	-26.6%	-28.8%	4.0%	3.9%	3.2%
Townhouse	162	455	617	714,456	591,851	624,042
Yr./Yr. % Change	-18.2%	-31.1%	-28.1%	10.0%	2.9%	5.3%
Condo Apartment	848	337	1,185	594,381	454,135	554,497
Yr./Yr. % Change	-23.9%	-21.8%	-23.4%	11.4%	5.8%	9.9%

Seasonally Adjusted TREB MLS® Sales and Average Price¹

	Sales	Month-over-Month % Chg.	Average Price	Month-over-Month % Chg.
December ’17	8,690	11.8%	$783,611	0.8%
January ’18	6,660	-23.4%	$769,509	-1.8%
February ’18	6,100	-8.4%	$746,897	-2.9%
March ’18	6,040	-1.0%	$752,402	0.7%
April ’18	5,916	-2.1%	$752,203	0.0%
May ’18	5,684	-3.9%	$762,728	1.4%
June ’18	6,554	15.3%	$786,914	3.2%
July ’18	6,917	5.5%	$808,044	2.7%
August ’18	6,986	1.0%	$805,637	-0.3%
September ’18	6,945	-0.6%	$802,976	-0.3%
October ’18	6,844	-1.5%	$808,794	0.7%
November ’18	6,615	-3.3%	$804,725	-0.5%
December ’18	6,649	0.5%	$796,813	-1.0%

December 2018 Year-Over-Year Per Cent Change in the MLS® HPI
	Composite (All Types)			Single-Family Detached		Single-Family Attached		Townhouse		Apartment
TREB Total	2.98%			0.16%		1.85%		3.97%		8.96%
Halton Region	3.06%			3.01%		3.88%		3.24%		0.87%
Peel Region	4.05%			2.23%		3.56%		2.50%		10.79%
City of Toronto	6.41%			1.13%		3.93%		6.78%		10.21%
York Region	-3.50%			-4.72%		-4.00%		-2.20%		4.52%
Durham Region	0.52%			0.22%		1.82%		2.71%		-0.86%
Orangeville	5.03%			5.05%		4.59%		–		–
South Simcoe County¹	-0.50%			-0.55%		-0.49%		–		–
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”)		29,863	835,422		51,599		35,148		834,250		59,505
Rest of GTA (“905”)		47,563	757,086		104,224		57,115		815,386		118,906
GTA		77,426	787,300		155,823		92,263		822,572		178,411

Annual TREB MLS® Sales & Average Price By Home Type
	Calendar Year 2018
	Sales			Average Price
	416	905	Total	416	905	Total

Detached	7,906	25,631	33,537	1,320,333	913,668	1,009,535
Yr./Yr. % Change	-16.3%	-19.4%	-18.7%	-7.1%	-8.9%	-8.1%
Semi-Detached	2,569	4,639	7,208	1,001,438	658,579	780,777
Yr./Yr. % Change	-11.5%	-15.9%	-14.4%	1.0%	-2.2%	-0.3%
Townhouse	2,899	9,728	12,627	741,437	606,860	637,757
Yr./Yr. % Change	-11.2%	-11.7%	-11.5%	2.7%	-2.1%	-0.9%
Condo Apartment	16,296	6,554	22,850	593,366	450,620	552,423
Yr./Yr. % Change	-15.4%	-13.5%	-14.9%	8.7%	5.4%	7.8%

Source: Toronto Real Estate Board; CREA Seasonal Adjustment

TREB Market Watch Graphs, December, 2018

Source: Toronto Real Estate Board

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