TREB Releases Monthly Resale Housing Figures as Reported by GTA REALTORS®
TORONTO, Aug. 03, 2018 (GLOBE NEWSWIRE) -- Toronto Real Estate Board President Garry Bhaura announced strong growth in the number of home sales and the average selling price reported by Greater Toronto Area REALTORS® in July 2018.
"Home sales result in substantial spin-off benefits to the economy, so the positive results over the last two months are encouraging. However, no one will argue that housing supply remains an issue. The new provincial government and candidates for the upcoming municipal elections need to concentrate on policies focused on enhancing the supply of housing and reducing the upfront tax burden represented by land transfer taxes, province-wide and additionally in the City of Toronto," said Mr. Bhaura.
Residential sales reported through TREB's MLS® System for July 2018 amounted to 6,961 ? up 18.6 per cent compared to July 2017. Over the same period, the average selling price was up by 4.8 per cent to $782,129, including a moderate increase for detached home types. New listings in July 2018 were down by 1.8 per cent year-over-year.
Preliminary seasonal adjustment pointed to strong month-over-month increases of 6.6 per cent and 3.1 per cent respectively for sales and average price. Seasonally adjusted sales were at the highest level for 2018 and the seasonally adjusted average price reached the highest level since May 2017.
The MLS® Home Price Index (HPI) Composite Benchmark for July 2018 was down slightly compared to July 2017. However, the annual growth rate looks to be trending toward positive territory in the near future.
"We have certainly experienced an increase in demand for ownership housing so far this summer. It appears that some people who initially moved to the sidelines due to the psychological impact of the Fair Housing Plan and changes to mortgage lending guidelines have re-entered the market. Home buyers in the GTA recognize that ownership housing is a quality long-term investment," said Jason Mercer, TREB's Director of Market Analysis.
| Summary of TREB MLS® Sales and Average Price | ||||||
| July 1 - 31, 2018 | ||||||
| 2018 | 2017 | |||||
| Sales | Average Price | New Listings | Sales | Average Price | New Listings | |
| City of Toronto ("416") | 2,574 | 824,336 | 4,511 | 2,286 | 759,423 | 4,482 |
| Rest of GTA ("905") | 4,387 | 757,365 | 9,357 | 3,583 | 737,387 | 9,640 |
| GTA | 6,961 | 782,129 | 13,868 | 5,869 | 745,971 | 14,122 |
| TREB MLS® Sales & Average Price By Home Type | |||||||||||
| July 1 - 31, 2018 | |||||||||||
| Sales | Average Price | ||||||||||
| 416 | 905 | Total | 416 | 905 | Total | ||||||
| Detached | 672 | 2,390 | 3,062 | 1,350,700 | 907,347 | 1,004,647 | |||||
| Yr./Yr. % Change | 22.0% | 28.3% | 26.8% | 3.6% | -0.2% | 0.5% | |||||
| Semi-Detached | 194 | 414 | 608 | 935,300 | 658,533 | 746,843 | |||||
| Yr./Yr. % Change | 16.9% | 1.7% | 6.1% | 7.4% | 3.4% | 6.0% | |||||
| Townhouse | 276 | 897 | 1,173 | 718,698 | 607,930 | 633,993 | |||||
| Yr./Yr. % Change | 30.8% | 19.4% | 21.9% | 1.5% | 4.6% | 4.1% | |||||
| Condo Apartment | 1,415 | 587 | 2,002 | 582,547 | 461,255 | 546,984 | |||||
| Yr./Yr. % Change | 5.8% | 19.1% | 9.4% | 9.2% | 10.3% | 8.9% | |||||
| July 2018 Year-Over-Year Per Cent Change in the MLS® HPI | |||||||||||
| Composite (All Types) | Single-Family Detached | Single-Family Attached | Townhouse | Apartment | |||||||
| TREB Total | -0.59% | -4.15% | -1.58% | -1.53% | 8.33% | ||||||
| Halton Region | 1.95% | 0.43% | 4.74% | 2.43% | 4.62% | ||||||
| Peel Region | 0.49% | -0.70% | 0.82% | -2.38% | 5.81% | ||||||
| City of Toronto | 3.85% | -2.91% | 0.34% | 0.31% | 10.15% | ||||||
| York Region | -9.06% | -10.52% | -9.63% | -9.95% | 2.24% | ||||||
| Durham Region | -4.17% | -4.63% | -3.30% | -5.10% | 0.42% | ||||||
| Orangeville | 1.34% | 1.09% | 1.30% | - | - | ||||||
| South Simcoe County1 | -6.47% | -6.60% | -3.44% | - | - | ||||||
| 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 | |||||||||||
| 2018 | 2017 | ||||||||||
| Sales | Average Price | New Listings | Sales | Average Price | New Listings | ||||||
| City of Toronto ("416") | 17,961 | 837,379 | 31,771 | 22,415 | 863,222 | 38,357 | |||||
| Rest of GTA ("905") | 28,873 | 758,616 | 66,685 | 37,939 | 852,811 | 76,754 | |||||
| GTA | 46,834 | 788,822 | 98,456 | 60,354 | 856,677 | 115,111 | |||||
| Annual TREB MLS® Sales & Average Price By Home Type | |||||||||||
| Year-to-Date 2018 | |||||||||||
| Sales | Average Price | ||||||||||
| 416 | 905 | Total | 416 | 905 | Total | ||||||
| Detached | 4,723 | 15,516 | 20,239 | 1,344,457 | 918,612 | 1,017,988 | |||||
| Yr./Yr. % Change | -23.9% | -28.3% | -27.3% | -10.1% | -12.4% | -11.4 | |||||
| Semi-Detached | 1,470 | 2,794 | 4,264 | 1,006,937 | 656,826 | 777,525 | |||||
| Yr./Yr. % Change | -15.9% | -21.3% | -19.5% | -2.9% | -5.5% | -3.8 | |||||
| Townhouse | 1,735 | 5,955 | 7,690 | 746,866 | 605,176 | 637,144 | |||||
| Yr./Yr. % Change | -15.0% | -14.7% | -14.7% | 2.5% | -5.5% | -3.5 | |||||
| Condo Apartment | 9,922 | 3,983 | 13,905 | 589,237 | 449,115 | 549,100 | |||||
| Yr./Yr. % Change | -19.0% | -20.3% | -19.4% | 8.2% | 4.6% | 7.4 | |||||
| Source: Toronto Real Estate Board | |||||||||||
| Seasonally Adjusted TREB MLS® Sales and Average Price1 | |||||
| Sales | Month-over-Month % Chg. | Average Price | Month-over-Month % Chg. | ||
| July '17 | 6,056 | -19.7% | $775,373 | -5.4% | |
| August '17 | 6,440 | 6.3% | $773,362 | -0.3% | |
| September '17 | 6,588 | 2.3% | $782,414 | 1.2% | |
| October '17 | 6,765 | 2.7% | $786,238 | 0.5% | |
| November '17 | 7,694 | 13.7% | $777,036 | -1.2% | |
| December '17 | 8,556 | 11.2% | $783,611 | 0.8% | |
| January '18 | 6,527 | -23.7% | $769,509 | -1.8% | |
| February '18 | 5,988 | -8.3% | $746,897 | -2.9% | |
| March '18 | 5,941 | -0.8% | $752,402 | 0.7% | |
| April '18 | 5,868 | -1.2% | $752,203 | 0.0% | |
| May '18 | 5,673 | -3.3% | $762,728 | 1.4% | |
| June '18 | 6,623 | 16.7% | $784,340 | 2.8% | |
| July '18 | 7,061 | 6.6% | $808,686 | 3.1% | |
| 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. | |||||
Media Inquiries:
Mary Gallagher, Senior Manager Public Affairs
[email protected]
TREB is Canada's largest real estate board. Over 50,000 residential and commercial TREB Members serve consumers in the Greater Toronto Area. Greater Toronto REALTORS® are passionate about their work. They are governed by a strict Code of Ethics and share a state-of-the-art Multiple Listing Service®.
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