January 4, 2019 -- Toronto Real Estate Board President Garry Bhaura 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.
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TREB's MARKET WATCH DECEMBER 2018 REPORT & 2018 YEAR END REVIEW
1.
2. TREB Releases December Market Figures
TREB RELEASES RESALE MARKET FIGURES AS REPORTED BY GTA
REALTORS®
TORONTO, ONTARIO, January 4, 2019 – Toronto Real Estate Board
President Garry Bhaura 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.
On February 6, TREB will be releasing its fourth annual Market Year-in-
Review and Outlook Report. The report will feature the latest results
from the Ipsos surveys of existing home owners and intending home
buyers. The surveys will cover off home buying intentions, impacts of
recent government policy decisions, interesting information on
investment property ownership, renovation spending and mortgage
trends. The report will also contain information on the new home and
commercial real estate markets. New research on mid-density housing
3. by the Ryerson Centre for Urban Research and Land Development and a
study on transit-supportive development by the Pembina Institute will
also be presented.
4.
5.
6. Toronto Employment
Growth
November 2018 0.7%
Month December 2018
1 Year
3 Year
5 Year
3.64%
4.29%
5.34%
December 2018
1 Year
3 Year
5 Year
--
--
--
Market Watch
For All TREB Member Inquiries:
(416) 443-8158
For All Media/Public Inquiries:
(416) 443-8152
December and 2018 Annual Statistics Released
TORONTO, ONTARIO, January 4, 2019 – Toronto Real Estate Board President Garry
Bhaura 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.
“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.
TREB MLS® Sales Activity
3,781
4,876
December 2018 December 2017
TREB MLS® Average Price
$750,180
$734,847
December 2018 December 2017
Year-Over-Year Summary
2018 2017 % Chg.
Sales
New Listings
Active Listings
Average Price
Average DOM
3,781 4,876 -22.5%
4,308 6,289 -31.5%
11,431 12,926 -11.6%
$750,180 $734,847 2.1%
31 27 14.8%
Sources and Notes:
i - Statistics Canada, Quarter-over-quarter
growth, annualized
ii - Statistics Canada, Year-over-year
growth for the most recently reported
month
iii - Bank of Canada, Rate from most
recent Bank of Canada announcement
iv - Bank of Canada, Rates for most
recently completed month
Real GDP Growth
Q3 2018 2.0%
Toronto Unemployment
Rate
November 2018 6.2%
Inflation Rate (Yr./Yr. CPI
Growth)
November 2018 1.7%
Bank of Canada Overnight
Rate
December 2018 -- 1.75%
Prime Rate
December 2018 -- 3.95%
Economic Indicators
Metrics Sales Average Price
416 905 Total 416 905 Total
2018
Detached
Semi - Detached
Townhouse
Condo Apartment
340 1,250 1,590 $1,145,892 $891,095 $945,580
116 226 342 $939,859 $661,186 $755,707
162 455 617 $714,456 $591,851 $624,042
848 337 1,185 $594,381 $454,135 $554,497
Sales & Average Price By Major Home Type
December 2018
December 2018
i
ii
ii
iii
iv
Detached
Semi - Detached
Townhouse
Condo Apartment
-8.0% -2.2% -4.4%
4.0% 3.9% 3.2%
10.0% 2.9% 5.3%
11.4% 5.8% 9.9%
Detached
Semi - Detached
Townhouse
Condo Apartment
-24.1% -14.8% -17.0%
-32.6% -26.6% -28.8%
-18.2% -31.1% -28.1%
-23.9% -21.8% -23.4%
1,7
1,7
1,7
1,7
Year-Over-Year Per Cent Change
Mortgage Rates
7. Toronto Real Estate Board
Market Watch, December 2018
SALES BY PRICE RANGE AND HOUSE TYPE DECEMBER 2018
2
Price Range Detached Semi-Detached Att/Row/Twnhouse Condo Townhouse Condo Apt Link Co-op Apt Det Condo Co-ownership Apt Total
$0 to $99,999
$100,000 to $199,999
$200,000 to $299,999
$300,000 to $399,999
$400,000 to $499,999
$500,000 to $599,999
$600,000 to $699,999
$700,000 to $799,999
$800,000 to $899,999
$900,000 to $999,999
$1,000,000 to $1,249,999
$1,250,000 to $1,499,999
$1,500,000 to $1,749,999
$1,750,000 to $1,999,999
$2,000,000+
0 0 0 0 2 0 0 0 0 2
1 0 0 0 5 0 0 0 0 6
8 1 1 7 39 0 2 0 0 58
35 6 0 32 241 1 0 0 2 317
73 16 22 82 345 4 0 0 0 542
142 43 93 81 248 12 0 0 0 619
213 101 92 62 141 3 0 0 0 612
268 85 56 12 53 6 0 0 1 481
227 35 20 9 45 9 0 0 0 345
170 19 8 8 13 1 1 1 0 221
206 17 17 8 25 3 0 0 0 276
110 10 3 2 9 0 1 0 0 135
40 5 0 1 4 0 0 0 0 50
31 2 0 0 2 0 0 0 0 35
66 2 1 0 13 0 0 0 0 82
Price Range Detached Semi-Detached Att/Row/Twnhouse Condo Townhouse Condo Apt Link Co-op Apt Det Condo Co-ownership Apt Total
$0 to $99,999
$100,000 to $199,999
$200,000 to $299,999
$300,000 to $399,999
$400,000 to $499,999
$500,000 to $599,999
$600,000 to $699,999
$700,000 to $799,999
$800,000 to $899,999
$900,000 to $999,999
$1,000,000 to $1,249,999
$1,250,000 to $1,499,999
$1,500,000 to $1,749,999
$1,750,000 to $1,999,999
$2,000,000+
2 0 1 0 13 0 0 0 0 16
30 1 1 28 98 0 8 0 2 168
137 10 5 114 733 0 15 0 6 1,020
536 128 68 640 4,622 13 16 2 20 6,045
1,517 355 607 1,579 6,698 183 17 10 8 10,974
2,747 866 1,677 1,588 4,527 227 4 19 2 11,657
4,207 2,140 2,003 941 2,611 138 13 4 1 12,058
5,105 1,637 1,093 357 1,280 164 1 9 1 9,647
4,545 712 635 184 823 153 2 6 0 7,060
3,356 390 342 119 448 78 7 2 0 4,742
4,717 479 254 92 448 54 2 3 0 6,049
2,716 270 100 71 222 4 5 2 0 3,390
1,371 91 40 19 110 0 0 1 0 1,632
758 42 14 11 66 0 0 0 0 891
1,793 87 22 22 151 0 0 2 0 2,077
SALES BY PRICE RANGE AND HOUSE TYPE YEAR-TO-DATE, 2018
Total Sales
Share of Total Sales
Average Price
1,590 342 313 304 1,185 39 4 1 3 3,781
42.1% 9.0% 8.3% 8.0% 31.3% 1.0% 0.1% 0.0% 0.1% 100.0%
$945,580 $755,707 $679,164 $567,290 $554,497 $694,428 $736,875 $950,000 $471,667 $750,180
Total Sales
Share of Total Sales
Average Price
33,537 7,208 6,862 5,765 22,850 1,014 90 60 40 77,426
43.3% 9.3% 8.9% 7.4% 29.5% 1.3% 0.1% 0.1% 0.1% 100.0%
$1,009,535 $780,777 $693,371 $571,560 $552,423 $680,936 $521,004 $747,332 $371,410 $787,300
1,7
1,7
32. Toronto Real Estate Board
Market Watch, December 2018
HISTORIC ANNUAL STATISTICS
27
Year Sales Average Price
2006
2007
2008
2009
2010
2011
2012
2013
2014
2015
2016
83,084 $351,941
93,193 $376,236
74,552 $379,347
87,308 $395,460
85,545 $431,276
89,096 $465,014
85,496 $497,130
87,049 $522,958
92,782 $566,624
101,213 $622,121
113,040 $729,837
2017 MONTHLY STATISTICS
NOTES
1 - Sales, dollar volume, average sale prices and median sale prices are based on firm transactions entered into the TREB MLS® system between the
first and last day of the month/period being reported.
2 - New listings entered into the TREB MLS® system between the first and last day of the month/period being reported.
3 - Active listings at the end of the last day of the month/period being reported.
4 - Ratio of the average selling price to the average listing price for firm transactions entered into the TREB MLS® system between the first and last day
of the month/period being reported.
5 - Average number of days on the market for firm transactions entered into the TREB MLS® system between the first and last day of the month/period
being reported.
6 - Due to past changes to TREB's service area, caution should be exercised when making historical comparisons.
7 - Past monthly and year-to-date figures are revised on a monthly basis.
8 - SNLR = Sales-to-New Listings Ratio. Calculated using a 12-month moving average (sales/new listings).
9 - Mos. Inv. = Months of Inventory. Calculated using a 12-month moving average (active listings/sales).
2018 MONTHLY STATISTICS
*For historic annual sales and average price data over a longer time frame go to:
January
February
March
April
May
June
July
August
September
October
November
December
Year to Date
3,987 $735,874
5,149 $767,799
7,188 $784,514
7,744 $804,926
7,717 $803,572
8,026 $808,108
6,917 $781,939
6,800 $765,320
6,418 $796,733
7,463 $808,031
6,236 $788,591
3,781 $750,180
77,426 $782,966
January
February
March
April
May
June
July
August
September
October
November
December
Annual
5,154 $768,427
7,955 $876,363
11,953 $915,089
11,463 $918,130
10,066 $862,149
7,893 $791,929
5,868 $745,816
6,306 $730,969
6,334 $774,487
7,069 $780,400
7,326 $761,410
4,876 $734,847
92,263 $822,572
1,6,7
1,7
1,7
http://www.torontorealestateboard.com/market_news/market_watch/historic_stats/p
df/TREB_historic_statistics.pdf
Copyright® 2019 Toronto Real Estate Board
$787,30077,426
33. Historic StatisticsTorontoMLS Sales and Average Price
*NOTE: Due to changes in the TREB market area over time, caution should be exercised when undertaking historic comparisons.
Historic sales and price data are subject to revision.
Year Sales*
Average Sale Price
*
Year Sales*
Average Sale Price
*
1973 16,335 $40,605 1996 55,779 $198,150
1974 17,318 $52,806 1997 58,014 $211,307
1975 22,020 $57,581 1998 55,344 $216,815
1976 19,025 $61,389 1999 58,957 $228,372
1977 20,512 $64,559 2000 58,343 $243,255
1978 21,184 $67,333 2001 67,612 $251,508
1979 23,466 $70,830 2002 74,759 $275,231
1980 26,017 $75,694 2003 78,898 $293,067
1981 29,625 $90,203 2004 83,501 $315,231
1982 25,336 $95,496 2005 84,145 $335,907
1983 30,046 $101,626 2006 83,084 $351,941
1984 31,905 $102,318 2007 93,193 $376,236
1985 45,509 $109,094 2008 74,552 $379,347
1986 52,919 $138,925 2009 87,308 $395,460
1987 43,475 $189,105 2010 85,545 $431,276
1988 49,381 $229,635 2011 89,096 $465,014
1989 38,960 $273,698 2012 85,496 $497,130
1990 26,779 $255,020 2013 87,049 $522,958
1991 38,144 $234,313 2014 92,782 $566,624
1992 41,703 $214,971 2015 101,213 $622,121
1993 38,990 $206,490 2016 113,040 $729,837
1994 44,237 $208,921 2017 92,335 $822,727
1995 39,273 $203,028 2018 77,426 $787,300
$0
$100,000
$200,000
$300,000
$400,000
$500,000
$600,000
$700,000
$800,000
$900,000
Source: Toronto Real Estate Board
Annual Average TorontoMLS Sale Price