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July 2018 - Pick your spin: Toronto real estate market charts
1. Toronto Real Estate
Monthly Charts
Creative Commons license
Scott Ingram
CPA, CA, MBA
Realtor
Chalmers House
by Blok 70
July
2018
2. Toronto Real Estate
Monthly Market Charts
Introduction
You read sales last month were up x% over last year. What does that really mean??
Was last year a down year, an average year, or a record year? Is that GTA number
youβre seeing driven by the 416 or the 905? Is there a clear trend? The charts that follow
will add context and perspective to Torontoβs monthly real estate statistics. My focus is
the 416, so I pull those numbers out of TREBβs broader GTA-wide aggregate figures.
I also separate Torontoβs two distinct market segments: houses (freeholds) and condos,
because lumping them together obscures a lot of information, and you are probably
more interested in one than the other. With segmentation and some historical context, I
aim to give you a clearer vision of market movements and trends.
οο indicator points to heating up (favours sellers), οο denotes cooling down (favours buyers)
3. Detached $1,351K / Semi $935K / Row $881K
Jul vs. β17: ο$50K (4.2%)
Jul vs. '13: ο$498K (73%)
5 year CAGR: ο11.0%
- YoY percentage has improved 5 months in a row,
and this is 1st positive YoY result since Sept 2017May to
- Jun decrease -4.6% is median in last 9 years
416 Average Sold Price
(dollar volume Γ· number of transactions in the month)
century21.ca/scott.ingram
Condo Apt $583K / Condo Townhouse $656K
Jul vs. β17: ο$51K (9.4%)
Jul vs. '13: ο$224K (61%)
5 year CAGR: ο10.0%
- MoM avg price change was -3.5%, just a bit less than -
3.8% average in last 4 years
1,218
1,4391,429
1,455
1,373
1,268
1,177
1,088
1,215
1,1831,171
1,127
1,2051,1971,204
1,245
1,305
1,2451,227
600
700
800
900
1,000
1,100
1,200
1,300
1,400
1,500
1,600
Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec
$000s 416 Avg Price - Houses
2012 2013 2014 2015 2016 2017 2018
421
444
428
452 456 459
438
459 462
474 484 476485
524
562
590
573
559
541 546 557 564 564
539544
584
597
609 607 613
592
200
250
300
350
400
450
500
550
600
650
700
Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec
$000s 416 Avg Price - Condos (Apt & Town)
2012 2013 2014 2015 2016 2017 2018
4. 416 Residential Sales Volume
(number of sold transactions in the month)
century21.ca/scott.ingram
Jul vs. '17: ο20.0% (vs. 7 Yr Avg: ο23%)
YTD vs. '17: ο21%
- Second positive YoY month for sales in a row
- Still, 943 July sales is second lowest July since 1996
(24% below the 23 year average)
Jul vs. '17: ο9.1% (vs. 7 Yr Avg: ο6.1% )
YTD vs. '17: ο19%
- First positive YoY month since April 2017 (14 negatives
in a row)
- Rolling 12 month sales of 18,972 are at May 2015 levels
623 1054
1636 1680
1588
1185
786 811
956
1180 1169
676
510
723
1,019
1,1921,124
1,262
943
0
1,000
2,000
3,000
Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec
416 Sales - Houses (Det & Semi & Row)
2012 2013 2014 2015
2016 2017 2018 7 Yr Avg
1254
1816
2565
2400
2271
1912
1479
1628
1518
1663
1779
1258
990
1268
1746 1739
1948
1821
1614
0
1,000
2,000
3,000
Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec
416 Sales - Condos (Apt & Town)
2012 2013 2014 2015
2016 2017 2018 7 Yr Avg
5. 416 Active Listings
(snapshot of properties available for sale at end of each month)
century21.ca/scott.ingram
Jul vs. '17: ο2.6% (vs. 7 Yr Avg: ο11%)
YTD vs. '17: ο20%
- Within recent seasonal ranges
- Low 2016 numbers look like the big outlier
- Excluding outlier 2016, average this decade is 2,543,
so this is slightly below
Jul vs. '17: ο4.7% (vs. 7 Yr Avg: ο34%)
YTD vs. '17: ο9%
- Active Listings still 1500 less than 7 Yr Avg (better than
~1700 off in recent months)
- Seem to be following seasonal patterns this year β just
at much lower levels
679
836
1228
2034
2941 2876
2574
2026
2715 2742 2687
1805
1580
1800
1995
2327
2835 2758
2506
0
1,000
2,000
3,000
4,000
5,000
6,000
Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec
416 Active Listings - Houses
2012 2013 2014 2015
2016 2017 2018 7 Yr Avg
1529 1443 1546
2148
2854
3074 3080
2682
2986 2907
2697
1899
1846 1982 2080
2425
2923 2946 2934
0
1,000
2,000
3,000
4,000
5,000
6,000
Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec
416 Active Listings - Condos
2012 2013 2014 2015
2016 2017 2018 7 Yr Avg
6. 416 Months Of Inventory
(active listings at month end Γ· sales for month)
Jul vs. '17: ο 0.6 months (-19%)
Jul vs. 7 Yr Avg: ο0.7 months (34%)
- Other than last year, is highest July since 2009 (2.9)
- Varies a lot by housing type. Rowhouses actually
decreased in month: Detached 3.0 (Jun 2.6) / Semi
1.7 (1.2) / Row 1.7 (1.9)
Jul vs. '17: ο 0.3 months (-13%)
Jul vs. 7 Yr Avg: ο0.8 months (-31%)
- Third lowest July ever (2016 1.7, 2009 1.7).
- 28 of last 29 months have been below 2.00
- Record 17 months in row condos < houses. In 254
months before March 2017, this only happened 19
times in total
1.1
0.8 0.8
1.2
1.9
2.4
3.3
2.5
2.8
2.3 2.3
2.7
3.1
2.5
2.0 2.0
2.5
2.2
2.7
0.0
1.0
2.0
3.0
4.0
5.0
6.0
Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec
416 MOI - Houses (Det & Semi & Row)
2012 2013 2014 2015
2016 2017 2018 7 Yr Avg
1.2
0.8
0.6
0.9
1.3
1.6
2.1
1.6
2.0
1.7
1.5 1.5
1.9
1.6
1.2
1.4 1.5 1.6
1.8
0.0
1.0
2.0
3.0
4.0
5.0
6.0
Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec
416 MOI - Condos (Apt & Town)
2012 2013 2014 2015
2016 2017 2018 7 Yr Avg
7. 416 Average Days On Market
(days from listed to sold, for those properties sold during the month)
century21.ca/scott.ingram
July vs. '17: ο 1.0 days (5%)
July vs. 7 Yr Avg: ο 3.2 days (17%)
- Highest July since 2010 (28), but four of those years
were 20 or 21 (so high, but not way out of wack)
- Still below historical July avg (since Jan β96) of 29 (and
all monthsβ avg of 28.0 and median of 26.6)
July vs. '17: ο 0.4 days (2%)
July vs. 7 Yr Avg: ο 6.1 days (-23%)
- A touch behind last year (20.2 vs. 19.8) for lowest July
since 1996.
- Well below historical July avg (since Jan β96) of 36
17
11
9 8
10
14
21
24
20
18
21
25
31
23
16 16
15
17
22
0
10
20
30
40
50
Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec
416 DOM - Houses (Det & Semi & Row)
2012 2013 2014 2015
2016 2017 2018 7 Yr Avg
22
17
12
10
12
15
20
23 22 22 21
23
27
22
17 16
17 17
20
0
10
20
30
40
50
Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec
416 DOM - Condos (Apt & Town)
2012 2013 2014 2015
2016 2017 2018 7 Yr Avg
8. 416 New Listings
(number of new MLS #s during the month β unfortunately includes re-listed properties)
century21.ca/scott.ingram
July vs. '17: ο 3.0% (vs. 7 Yr Avg: ο10%)
YTD vs. '17: ο19%
- This year no sellers are rushing in (10% less than recent
averages); they may be waiting until they see things
are better
- terminations and re-listings distort this stat
July vs. '17: ο0.7% (vs. 7 Yr Avg: ο14%)
YTD vs. '17: ο15%
- Condo new listings for July the lowest theyβve been
since 2010 (2,392)
973
1459
2485
3336
4253
2846
1760
1310
2671
2359 2254
888
1075
1458
1896
2310
2899
2357
1812
0
1,000
2,000
3,000
4,000
5,000
Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec
416 New Listings - Houses
2012 2013 2014 2015
2016 2017 2018 7 Yr Avg
1886
2096
3188
3588
4138
3385
2693
2253
2826
2645 2573
1235
1674
1886
2487
2866
3371
2855
2673
0
1,000
2,000
3,000
4,000
5,000
Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec
416 New Listings - Condos (Apt & Town)
2012 2013 2014 2015
2016 2017 2018 7 Yr Avg
9. 416 Sold Over Asking
(properties that sold at β₯101% of list price, as percent of total monthly sales)
century21.ca/scott.ingram
101% or more of asking July vs. '17: ο 6 pp
Month-over-month: ο 7 pp
- Hotter than last year, but less hot than prior years
101% or more of asking July vs. '17: ο 3 pp
Month-over-month: ο 2 pp
- Highest July in recent years (which probably means
history because SOA in condos is a pretty new
phenomenon)
- Converging to become close to 2016 and 2017 back
half of the year numbers
59%
73%
81%
78%
59%
35%
22% 23%
26%
28% 29%
21%
19%
32%
37%
41% 40%
35%
28%
0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec
416 Sold Over Asking - Houses
2015 2016 2017 2018
41%
54%
71%
74%
58%
36%
24%
18%
23% 21%
23%
22%
22%
31%
34% 34%
32%
29%
27%
0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec
416 Sold Over Asking - Condos
2015 2016 2017 2018
10. 416 Sold 20% Over Asking
(properties that sold at β₯120% of list price, as percent of total monthly sales)
century21.ca/scott.ingram
120% or more of asking July vs. '17: ο 1 pp
Month-over-month: ο 2 pp
- 20% SOA activity (and strategy of grossly underlisting)
looks to be moderating, with 2016 and the first bit of
2017 looking to be the outlier period
120% or more of asking July vs. '17: ο ο 0 pp
Month-over-month: ο ο 0 pp
- This practice is back to being rare in condos β the 4
months Feb to May 2017 stand out as a blip
18%
38%
45%
36%
17%
5%
3% 3% 3% 4% 5% 4%3%
5% 7%
9% 9% 6%
4%
0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec
416 Sold 20% Over Asking - Houses
2015 20% 2016 20% 2017 20% 2018 20%
3%
7%
20% 21%
9%
1% 1% 1% 1% 1%1% 2%
3% 2% 2% 2% 2%
0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec
416 Sold 20% Over Asking - Condos
2015 20% 2016 20% 2017 20% 2018 20%
13. 416 Market Breakdown
1 year ago: Condos 60% / Houses 40%
5 years ago: Condos 50% / Houses 49%
10 years ago: Condos 48% / Houses 51%
20 years ago: Condos 36% / Houses 62%
As the supply of houses is essentially fixed, and more new
condos are completed, transaction share should keep
shifting towards condos. Also, condos are often a βstarter
homeβ and not held onto as long on average as houses.
While houses were only 38% of 2017 sales transactions,
they were 59% of dollar volume (35% and 64% in 2016).
Detached
69%
Semi
23%
Row
8%
Share of House Transactions - last 12 months
Houses
38%
Condos
62%
Share of Transactions - last 12 months
Apartment
88%
Townhouse
12%
Share of Condo Transactions - last 12 months
14. Would you like to make better-informed real estate decisions? I believe knowledge is
power. So, I invest a lot of time researching and analyzing data and trends in the
Toronto real estate market. My Chartered Accountant (CPA, CA) side also compels
me to dig way deeper than most agents into the numbers on individual properties my
clients are interested in. If you would like to benefit from the same type of analysis and
insight that is sought by media outlets and institutional investors, reach out. Because
better information = better decisions.
Your home is the single largest investment you'll make β trust it with an accountant.
@areacode416 century21.ca/scott.ingram
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