NEWS RELEASE
TREB RELEASES AUGUST MARKET FIGURES AS REPORTED BY GTA REALTORS®
TORONTO, SEPTEMBER 5, 2019 – Toronto Real Estate Board President Michael Collins announced that Greater Toronto Area REALTORS® reported 7,711 residential sales through TREB’s MLS® System in August 2019. This result represented a 13.4 per cent increase compared to 6,797 sales reported in August 2018. On a month-over-month basis, after preliminary seasonal adjustment, sales were up by 0.8 per cent.
“GTA-wide sales were up on a year-over-year basis for all major market segments, with annual rates of sales growth strongest for low-rise home types including detached houses. This reflects the fact that demand for more expensive home types was very low in 2018 and has rebounded to a certain degree in 2019, albeit not back to the record levels experienced in 2016 and the first quarter of 2017. The OSFI mortgage stress test continues to keep some would-be home buyers on the sidelines,” said Mr. Collins.
Market conditions also became tighter in August 2019 compared to a year ago because, while sales were up year-over-year, new listings were down by three per cent over the same time period to 11,789. Year-to-date, growth in sales has well outstripped growth in new listings. This is why overall active listings counted at the end of August were down by more than 11 per cent compared to August 2018.
The MLS® Home Price Index Composite Benchmark for August 2019 was up by 4.9 per cent on a year-over-year basis. The average selling price, at $792,611 in August 2019, was up by 3.6 per cent year-over-year. Both the MLS® HPI benchmark prices and average selling prices were up on an annual basis for major market segments. The condominium apartment segment continued to lead the way in terms of price growth, followed by higher density low-rise home types and finally detached houses.
“This year’s market through August has been characterized by receding listings and increasing sales relative to 2018. Competition between buyers has increased, which has led to stronger annual rates of price growth, most notably during this past spring and summer. Right now, the overall pace of price growth is moderate. However, if demand for ownership housing continues to increase relative to the supply of listings, the annual rate of price growth will accelerate further. This underpins the importance of solving this region’s housing supply issues, which will go a long way to insuring a sustainable pace of price growth over the long term,” said Jason Mercer, TREB’s Chief Market Analyst.
“The GTA’s strong economy, cultural diversity and internationally recognized quality of life continues to
attract newcomers to the region each year. This needs to continue for it to remain competitive on the
global stage. However, our housing supply has not kept up with population growth, which has led to
pent-up housing demand. The Province of Ontario, City of Toronto and other GTA municipalities have
recognized that housing supply is a key issue and are working toward solutions. With the federal
election less than two months away, all political parties should be making their housing policy stance
clear as well,” said TREB CEO John DiMichele.
www.TREBhome.com
Continued...
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Summary of TREB MLS® Sales and Average Price - August 1-31, 2019
2019 2018
City of Toronto ("416") Rest of GTA ("905") GTA
Detached
Yr./Yr. % Change
Semi-Detached Yr./Yr. % Change
Townhouse
Yr./Yr. % Change
Condo Apartment Yr./Yr. % Change
TREB Total Halton Region Peel Region City of Toronto York Region Durham Region Orangeville
South Simcoe County1
Sales 2,553 5,158 7,711
Average Price 818,715 779,690 792,611
New Listings 3,727 8,062 11,789
Sales 2,428 4,369 6,797
Average Price 785,358 754,079 765,252
New Listings 3,752 8,406 12,158
TREB MLS® Sales & Average Price By Home Type - August 1-31, 2019
Sales
416 905
Total
416 905
669 8.8% 188 -1.6% 262 17.0% 1,410 2.2%
2,949 24.5% 454 18.5% 1,030 12.9% 657 8.2%
3,618 21.3% 642 11.8% 1,292 13.7% 2,067 4.0%
1,246,392 918,242 0.3% 1.3% 956,411 690,305 7.3% 3.3% 712,934 620,927 4.1% 1.7% 619,307 478,755 5.7% 8.5%
Total
978,920 0.3% 768,230 3.5% 639,584 2.3% 574,632 6.1%
Apartment
7.97%
8.07% 11.78% 8.01% 3.77% 1.63%
Average Price
August 2019 Year-Over-Year Per Cent Change in the MLS® HPI
Composite (All Single-Family Types) Detached
Townhouse 4.92% 3.07% 3.94%
6.12%
Single-Family Attached
6.99% 6.34% 6.66% 5.47% 5.92% 2.95% 0.12% -0.58% 2.67% 2.37% 0.54% 0.63%
0.61% -3.80%
3.24% 6.11% 5.05% 0.87% 2.64% 0.80%
-0.92%
11.88% 5.72% 2.72% -0.88% 5.85%
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-
-
New Listings 35,744 75,553 111,297
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
City of Toronto ("416") Rest of GTA ("905") GTA
Sales 21,586 38,591 60,177
2019 Average Price
869,666 772,857 807,584
New Listings 37,260 74,636 111,896
Sales 20,575 33,628 54,203
2018 Average Price
833,010 758,595 786,842
www.TREBhome.com
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Annual TREB MLS® Sales & Average Price By Home Type – Year-to-Date 2019
Sales
416 905
Total
416
Average Price
905 Total
915,645 1,002,206 -0.1% -0.9%
684,910 804,045 4.1% 3.9% 621,254 653,860 2.4% 2.7% 473,173 577,398 5.6% 5.3%
Detached 6,148 Yr./Yr. % Change 12.4%
Semi-Detached 1,959 Yr./Yr. % Change 13.7% Townhouse 2,245
21,435 27,583 1,304,003 18.1% 16.8% -1.5%
3,737 5,696 1,031,307
Yr./Yr. % Change Condo Apartment
Yr./Yr. % Change
14.2% 11,092 -1.7%
14.5% 7,831 13.3% 4,993 9.0%
14.2% 10,076 13.5% 16,085 1.4%
3.8% 767,597 3.6% 624,315 6.0%
Jan.-Aug. 2019 TREB MLS® System Condominium Apartment Rental Market Summary* Apartment Type Month/Year Rentals Average Rent
*Note: A broader breakout of condominium apartment and condominium townhouse rental statistics by bedroom type and TREB areas and municipalities will continue to be provided in TREB's quarterly Rental Market Report.
|
One-Bedroom |
Jan.-July 2019 Jan.-July 2018 Yr./Yr. % Chg. |
14,226 12,442 14.3% |
$2,201 $2,071 6.3% |
|
Two-Bedroom |
Jan.-July 2019 Jan.-July 2018 Yr./Yr. % Chg. |
8,591 7,750 10.9% |
$2,874 $2,748 4.6% |
Seasonally Adjusted TREB MLS® Sales and Average Price1
August '18
September '18
October '18
November '18
December '18
January '19
February '19
March '19
April '19
May '19
June '19
July '19
August '19
Sales 6,9476,9226,7936,6986,7516,8156,2016,3477,0467,3897,4777,8397,903
Month-over-Month % Chg.
3.0%
-0.4%
-1.9%
-1.4%
0.8%
0.9%
-9.0%
2.4%
11.0%
4.9%
1.2%
4.8%
0.8%
Average Price $804,581$800,687$807,128$800,590$793,999$779,242$764,121$761,226$773,815$796,066$812,642$825,397$826,789
Month-over-Month % Chg.
-0.3%
-0.5%
0.8%
-0.8%
-0.8%
-1.9%
-1.9%
-0.4%
1.7%
2.9%
2.1%
1.6%
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.
Media Inquiries: Mary Gallagher, Senior Manager, Public Affairs maryg@trebnet.com (416) 443-8158
www.TREBhome.com
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TREB is Canada’s largest real estate board. Over 54,500 residential and commercial TREB Members serve consumers in the Greater Toronto Area. Greater Toronto REALTORS® arepassionateabouttheirwork.TheyaregovernedbyastrictCodeofEthicsandshareastate-of-the-art MultipleListingService®.