TREB Releases July Market Figures

  8/6/2019 |   SHARE
Posted in GTA Real Estate by Jonathan Bradshaw| Back to Main Blog Page

TREB Market Watch Residential

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
  2019 2018
  Sales Average Price New Listings Sales Average Price New Listings
City of Toronto (“416”) 3,110 839,943 4,762 2,562 824,175 4,511
Rest of GTA (“905”) 5,485 787,937 9,631 4,354 757,054 9,362
GTA 8,595 806,755 14,393 6,916 781,918 13,873

 

TREB MLS® Sales & Average Price By Home Type – July 1-31, 2019
  Sales Average Price
  416 905 Total 416 905 Total
             
Detached 866 3,075 3,941 1,227,301 929,633 995,043
Yr./Yr. % Change 29.4% 29.7% 29.7% -9.1% 2.5% -0.9%
Semi-Detached 276 583 859 981,802 694,740 786,974
Yr./Yr. % Change 42.3% 41.8% 42.0% 5.0% 5.5% 5.3%
Townhouse 328 1,087 1,415 755,401 631,539 660,251
Yr./Yr. % Change 19.7% 22.1% 21.6% 5.5% 3.9% 4.3%
Condo Apartment 1,617 660 2,277 627,927 476,445 584,019
Yr./Yr. % Change 14.8% 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 Detached Single-Family Attached Townhouse Apartment
TREB Total 4.43% 2.45% 2.97% 4.67% 8.41%
Halton Region 5.05% 4.84% 1.95% 4.70% 8.02%
Peel Region 6.11% 4.61% 4.67% 6.26% 12.49%
City of Toronto 5.64% 1.93% 3.66% 2.73% 8.32%
York Region -0.43% -1.34% 0.16% -0.04% 4.66%
Durham Region 2.57% 2.28% 2.80% 4.70% 2.61%
Orangeville 1.28% 1.53% 1.16%
South Simcoe County1 1.34% 0.85% -2.08%
         
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
  2019 2018
  Sales Average Price New Listings Sales Average Price New Listings
City of Toronto (“416”) 19,044 876,389 33,526 18,147 839,385 31,992
Rest of GTA (“905”) 33,459 771,788 66,569 29,260 759,271 67,147
GTA 52,503 809,729 100,095 47,407 789,938 99,139

 

Annual TREB MLS® Sales & Average Price By Home Type –Year-to-Date 2019
  Sales Average Price
  416 905 Total 416 905 Total
             
Detached 5,481 18,504 23,985 1,310,876 915,151 1,005,581
Yr./Yr. % Change 12.9% 17.3% 16.2% -1.8% -0.3% -1.0%
Semi-Detached 1,772 3,286 5,058 1,039,066 684,189 808,515
Yr./Yr. % Change 15.7% 14.1% 14.6% 3.3% 4.2% 3.9%
Townhouse 1,984 6,802 8,786 774,815 621,311 655,974
Yr./Yr. % Change 14.0% 13.4% 13.5% 3.5% 2.5% 2.8%
Condo Apartment 9,689 4,340 14,029 625,037 472,296 577,785
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 Type Month/Year Rentals Average Rent
One-Bedroom Jan.-July 2019 12,024 $2,190
Jan.-July 2018 10,512 $2,047
Yr./Yr. % Chg. 14.4% 7.0%
       
Two-Bedroom Jan.-July 2019 7,271 $2,860
Jan.-July 2018 6,529 $2,725
Yr./Yr. % Chg. 11.4% 5.0%
     
*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
           
  Sales Month-over-Month % Chg. Average Price Month-over-Month % Chg.  
July ’18 6,746 3.9% $806,907 2.6%  
August ’18 6,947 3.0% $804,581 -0.3%  
September ’18 6,922 -0.4% $800,687 -0.5%  
October ’18 6,793 -1.9% $807,128 0.8%  
November ’18 &6,698 -1.4% $800,590 -0.8%  
December ’18 6,751 0.8% $793,999 -0.8%  
January ’19 6,815 0.9% $779,242 -1.9%  
February ’19 6,201 -9.0% $764,121 -1.9%  
March ’19 6,347 2.4% $761,226 -0.4%  
April ’19 7,046 11.0% $773,815 1.7%  
May ’19 7,389 4.9% $796,066 2.9%  
June ’19 7,477 1.2% $811,947 2.0%  
July ’19 7,857 5.1% $829,164 2.1%  
       
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.
                 

Source: Toronto Real Estate Board; CREA Seasonal Adjustment



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