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NEWS RELEASE

TREB RELEASES SEPTEMBER MARKET FIGURES AS REPORTED BY GTA REALTORS®

TORONTO, October 3, 2019 Toronto Real Estate Board President Michael Collins announced that Greater Toronto Area REALTORS® reported 7,825 sales through TREB’s MLS® System in September 2019. This result represented strong year-over-year sales growth of 22 per cent compared to 6,414 sales reported in September 2018. It is important to note, however, that sales remain well-below the record September 2016 peak of more than 9,800 sales.

On a preliminary seasonally adjusted basis, the September 2019 sales level remained in virtually the same as the August 2019 result.

The supply of listings continued to be a concern in September 2019, with new listings down by 1.9 per cent year-over-year to 15,611. We have experienced multiple months this year wherein the annual rate of sales growth outpaced the annual rate of new listings growth, resulting in the overall number of active listings at month-end being well-below last year’s levels. This speaks to tightening market conditions and an accelerating annual rate of price growth.

“Demand for ownership housing increased throughout the spring and summer of 2019 compared to the very slow pace of sales experienced in 2018. That being said, many first-time buyers are still experiencing difficulty finding an affordable home. Federal parties vying for seats in the October election have pledged to alleviate affordability issues hampering first-time buyers with a variety of policy proposals. While these demand-side proposals are important, it is also important that all levels of government remain focused on promoting a sustainable supply of different housing types moving forward,” said Mr. Collins.

The annual rate of price growth in September reached the highest point so far in 2019. The MLS® Home Price Index (HPI) Composite Benchmark was up by 5.2 per cent on a year-over-year basis in September. The average selling price for all home types combined was up by a similar annual rate of 5.8 per cent to $843,115.

On a preliminary seasonally adjusted basis, the September 2019 average selling price was up by 1.2 per cent compared to August 2019.

“It is interesting to note that market conditions for detached homes have tightened over the past year. In many of the regions surrounding the City of Toronto, detached price growth was above the rate of inflation on an annual basis. Consumer polling conducted for TREB over the past few years has pointed out that many intending home buyers are still focused on ground-oriented housing. This points to the need for a greater diversity of housing types to bridge the gap between detached houses and condominium apartments,” said Jason Mercer, TREB’s Chief Market Analyst.

“Statistics Canada’s most recent national population estimate represented the highest twelve month population increase ever recorded. This growth was driven by immigration, of which the GTA was likely a key beneficiary due to its strong regional economy and diversity. As a result, the demand for all types of housing in the GTA – rental and ownership – will remain strong. This fact underpins the need for immediate and sustained action on housing supply,” said TREB CEO John DiMichele.

www.TREBhome.com

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Summary of TREB MLS® Sales and Average Price September 1 - 30, 2019 2019 page2image66576256page2image66577984page2image66577024page2image66568960page2image66581248page2image66570112page2image665843202018

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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

City of Toronto ("416") Rest of GTA ("905") GTA

New Listings 5,459 10,462 15,921

Sales
416 page2image66574720page2image66582976page2image66579712905 page2image66583168page2image66581824Total page2image66581056page2image66579136416 page2image66578944page2image66582784905 Total

Sales 2,995 4,830 7,825

Average Price 913,096 799,721 843,115

New Listings 5,810 9,801 15,611

Sales 2,454 3,960 6,414

Average Price 864,839 754,608 796,782

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TREB MLS® Sales & Average Price By Home Type September 1 - 30, 2019

Average Price

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909 2,707

3,616
28.9% 1.2% 4.5% 4.1%

746 1,069,119 689,950 833,790 15.1% 7.0% 4.2% 5.1%

1,298 785,890 639,945 677,387 21.8% 5.7% 6.5% 6.8%

2,071 636,817 497,403 595,013 15.9% 3.3% 9.2% 4.2%

37.9% 283 12.3% 333 33.2% 1,450 13.5%

26.1% 463 16.9% 965 18.3% 621 22.0%

1,360,623

946,256 1,050,421

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September 2019 Year-Over-Year Per Cent Change in the MLS® HPI

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Composite (All Single-Family Types) Detached

Single-Family Attached

Townhouse
6.12% page2image66418944page2image66417600page2image664172168.00%

Apartment

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5.23% 3.55% page2image66402176page2image66401408page2image664027524.29%

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8.01% 8.39% 7.19% 5.85% 5.74% 2.74% 0.67% 0.04% 2.75% 2.28% 4.40% 4.45%

-3.30% -5.26%
1South Simcoe includes Adjala-Tosorontio, Bradford West Gwillimbury, Essa, Innisfil and New Tecumseth

South Simcoe County1

-1.67%

-

-

New Listings 41,203 86,014 127,217

4.94% 6.34% 4.70% 0.87% 2.80% 5.77%

10.88% 6.37% 2.76% -1.46% 5.99%

4.27% 13.38% 7.90% 5.57% 2.74%

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Annual Summary of TREB MLS® Sales and Average Price Year-to-Date 2019 page2image66277120page2image66276160page2image66274048page2image66283840page2image66284608page2image66288640page2image662842242018

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Sales 24,568 43,389 67,957

Average Price 874,772 775,833 811,602

New Listings 43,070 84,436 127,506

Sales 23,028 37,588 60,616

Average Price 836,367 758,175 787,880

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www.TREBhome.com

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Annual TREB MLS® Sales & Average Price By Home Type Year-to-Date 2019

Sales
416 page3image66338816page3image66339392page3image66344384905 page3image66351872page3image66342848Total page3image66339200page3image66351488416 page3image66351104page3image66350912905 Total

Average Price

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Detached
Yr./Yr. % Change

Semi-Detached Yr./Yr. % Change

Townhouse
Yr./Yr. % Change

Condo Apartment Yr./Yr. % Change

7,054 15.1% 2,239 13.4% 2,576 16.3% 12,538 -0.2%

24,123 18.9% 4,195 14.6% 8,789 13.7% 5,613 10.3%

31,177 18.0% 6,434 14.2% 11,365 14.3% 18,151 2.8%

1,310,730 -1.2% 1,036,267 4.2% 769,394 3.8% 625,802 5.8%

919,113 1,007,719 0.4% -0.3% 685,534 807,587 4.1% 4.1% 623,227 656,357 2.8% 3.1% 475,827 579,424 6.0% 5.2%

Month-over-Month % Chg.
-0.5%

0.8%
-0.8%
-0.8%
-1.9%
-1.9%
-0.4%
1.7%
2.9%
2.1%
1.6%
0.3%
1.2%

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Seasonally Adjusted TREB MLS® Sales and Average Price1

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September '18

October '18

November '18

December '18

January '19

February '19

March '19

April '19

May '19

June '19

July '19

August '19

September '19

Sales 6,9226,7936,6986,7516,8156,2016,3477,0467,3897,4777,8397,9327,908

Month-over-Month % Chg.
-0.4%

-1.9%
-1.4%
0.8%
0.9%
-9.0%
2.4%
11.0%
4.9%
1.2%
4.8%
1.2%
-0.3%

Average Price $800,687$807,128$800,590$793,999$779,242$764,121$761,226$773,815$796,066$812,642$825,397$827,681$837,640

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Source: Toronto Real Estate Board; CREA Seasonal Adjustment
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
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®.

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www.TREBhome.com

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