TREB RELEASES JULY MARKET FIGURES AS REPORTED BY GTA REALTORS® - Modern Family Realtor

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TREB RELEASES JULY MARKET FIGURES AS REPORTED BY GTA REALTORS®

Toronto Real Estate Board President Michael Collins announced that Greater Toronto Area REALTORS® reported 8,595 sales through TREB’s MLS® System in July 2019.  This result was up by 24.3 per cent compared to July 2018.  On a month-over-month basis, sales were up by 5.1 per cent, after preliminary seasonal adjustment.


New listings entered into TREB’s MLS® System in July 2019 were up compared to July 2018, but by a much lesser annual rate than sales, at 3.7 per cent.  With annual growth in sales far outstripping annual growth in new listings, market conditions clearly tightened compared to last year.  Active listings at the end of July were down by 9.1 per cent year-over-year, further reflecting tightening market conditions.

“While the OSFI mortgage stress test has clearly had an impact on the number of home sales over the last year-and-a-half, for most GTA residents the goal of home ownership has not diminished.  In fact, we’re seeing growing pent-up demand for ownership housing, especially as the number of GTA households continues to increase by 40,000 to 50,000 each year due to strong population growth.  As more and more households come to terms with the stress test and move back into the market in the coming months and years, they could suffer from a chronically under-supplied marketplace and an acceleration of home price growth to unsustainable levels. Fortunately, policy makers have acknowledged the housing supply issue and are working toward solutions,” said TREB CEO John DiMichele.

“On the housing supply issue, it has certainly been encouraging to see both the City of Toronto and the Ontario Government working on solutions to bring more supply on-line.  Based on Mayor John Tory’s motion, Toronto City Council gave City staff a strong mandate to report back on how to develop a greater diversity of housing options in traditional single-family neighbourhoods, including timelines.  Similarly, we’ve seen the Provincial Government launch consultations to spur on, and speed up, the development of different forms of housing in conjunction with their ‘More Homes, More Choice’Plan. TREB looks forward to working with the City and the Province to turn their initiatives into reality,” said TREB President Michael Collins.

As market conditions continued to tighten in July, the average selling price increased by 3.2 per cent on a year-over-year basis to $806,755.  The MLS® Home Price Index Composite benchmark was up by 4.4 per cent.  Higher density home types continued to drive price growth, whereas detached home prices remained down in many communities throughout the GTA.

“Broadly speaking, increased competition between buyers for available properties has resulted in relatively strong price growth above the rate of inflation for semi-detached houses, townhouses and condominium apartments.  However, the single-detached market segment, which has arguably been impacted most by the OSFI stress test, has experienced a slower pace of price growth, with average detached prices remaining lower than last year’s levels in some parts of the GTA,” said Jason Mercer, TREB’s Chief Market Analyst.

Summary of TREB MLS®  Sales and Average Price – July 1-31, 2019
20192018
SalesAverage PriceNew ListingsSalesAverage PriceNew Listings
City of Toronto (“416”)3,110839,9434,7622,562824,1754,511
Rest of GTA (“905”)5,485787,9379,6314,354757,0549,362
GTA8,595806,75514,3936,916781,91813,873
TREB MLS® Sales & Average Price  By Home Type – July 1-31, 2019
SalesAverage Price
416905Total416905Total
Detached8663,0753,9411,227,301929,633995,043
Yr./Yr. % Change29.4%29.7%29.7%-9.1%2.5%-0.9%
Semi-Detached276583859981,802694,740786,974
Yr./Yr. % Change42.3%41.8%42.0%5.0%5.5%5.3%
Townhouse3281,0871,415755,401631,539660,251
Yr./Yr. % Change19.7%22.1%21.6%5.5%3.9%4.3%
Condo Apartment1,6176602,277627,927476,445584,019
Yr./Yr. % Change14.8%13.0%14.3%7.7%3.2%6.7%
July 2019 Year-Over-Year Per Cent Change in the MLS® HPI
Composite (All Types)Single-Family DetachedSingle-Family AttachedTownhouseApartment
TREB Total4.43%2.45%2.97%4.67%8.41%
Halton Region5.05%4.84%1.95%4.70%8.02%
Peel Region6.11%4.61%4.67%6.26%12.49%
City of Toronto5.64%1.93%3.66%2.73%8.32%
York Region-0.43%-1.34%0.16%-0.04%4.66%
Durham Region2.57%2.28%2.80%4.70%2.61%
Orangeville1.28%1.53%1.16%
South Simcoe County11.34%0.85%-2.08%
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
20192018
SalesAverage PriceNew ListingsSalesAverage PriceNew Listings
City of Toronto (“416”)19,044876,38933,52618,147839,38531,992
Rest of GTA (“905”)33,459771,78866,56929,260759,27167,147
GTA52,503809,729100,09547,407789,93899,139

 

Annual TREB MLS® Sales & Average Price  By Home Type  –Year-to-Date 2019
SalesAverage Price
416905Total416905Total
Detached5,48118,50423,9851,310,876915,1511,005,581
Yr./Yr. % Change12.9%17.3%16.2%-1.8%-0.3%-1.0%
Semi-Detached1,7723,2865,0581,039,066684,189808,515
Yr./Yr. % Change15.7%14.1%14.6%3.3%4.2%3.9%
Townhouse1,9846,8028,786774,815621,311655,974
Yr./Yr. % Change14.0%13.4%13.5%3.5%2.5%2.8%
Condo Apartment9,6894,34014,029625,037472,296577,785
Yr./Yr. % Change-2.2%9.2%1.1%6.1%5.2%5.2%

 

Jan.-Jul. 2019 TREB MLS® System Condominium Apartment Rental Market Summary*
Apartment TypeMonth/YearRentalsAverage Rent
One-BedroomJan.-July 201912,024$2,190
Jan.-July 201810,512$2,047
Yr./Yr. % Chg.14.4%7.0%
Two-BedroomJan.-July 20197,271$2,860
Jan.-July 20186,529$2,725
Yr./Yr. % Chg.11.4%5.0%
Source: Toronto Real Estate Board
*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.
Seasonally Adjusted TREB MLS® Sales and Average Price1
SalesMonth-over-Month % Chg.Average PriceMonth-over-Month % Chg.
July ’186,7463.9%$806,9072.6%
August ’186,9473.0%$804,581-0.3%
September ’186,922-0.4%$800,687-0.5%
October ’186,793-1.9%$807,1280.8%
 

November ’18

 

6,698

 

-1.4%

 

$800,590

                 Continued….

-0.8%

December ’186,7510.8%$793,999-0.8%
January ’196,8150.9%$779,242-1.9%
February ’196,201-9.0%$764,121-1.9%
March ’196,3472.4%$761,226-0.4%
April ’197,04611.0%$773,8151.7%
May ’197,3894.9%$796,0662.9%
June ’197,4771.2%$811,9472.0%
July ’197,8575.1%$829,1642.1%
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.

Read more: www.TREBhome.com

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