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Subject: EARNINGS

GTA REALTORS® Release Monthly Resale Market Watch Report


TORONTO, Dec. 05, 2018 (GLOBE NEWSWIRE) -- Toronto Real Estate Board President Garry Bhaura announced the continuation of moderate price growth in November 2018 compared to November 2017.  The MLS® Home Price Index (HPI) Composite Benchmark was up by 2.7 per cent year-over-year.  The average selling price was up by 3.5 per cent year-over-year to $788,345.

Greater Toronto Area REALTORS® reported 6,251 residential transactions through TREB's MLS® System in November 2018. This result was down by 14.7 per cent compared to November 2017, when we saw a temporary upward shift in demand as the market was distorted by the looming OSFI-mandated stress test at the end of last year.

"New listings were actually down more than sales on a year-over-year basis in November.  This suggests that, in many neighbourhoods, competition between buyers may have increased.  Relatively tight market conditions over the past few months have provided the foundation for renewed price growth," said Mr. Bhaura.

On a preliminary seasonally adjusted basis, sales were down by 3.4 per cent compared to October 2018.  The average selling price after preliminary seasonal adjustment was down by 0.8 per cent compared to October 2018.

"Home types with lower average price points have been associated with stronger rates of price growth over the past few months.  Given the impact of the OSFI-mandated mortgage stress test and higher borrowing costs on affordability, it makes sense that the condo apartment and semi-detached market segments experienced relatively stronger rates of price growth in November, as market conditions in these segments remained tight or tightened respectively over the past year," said Jason Mercer, TREB's Director of Market Analysis.

Looking at the housing market from a policy perspective, TREB is encouraged with the provincial government's recent announcement and on-going public consultation regarding a housing supply action plan.

"Housing supply remains a key issue in the GTA market. More specifically, an adequate supply and appropriate mix of housing types must be part of the conversation, as has been recognized by the provincial government in their consultation documents.  Transit supportive and gentle density 'missing middle' housing should be a priority.  TREB has commissioned research on these subjects and looks forward to sharing it at our Market Outlook Economic Summit on February 6, 2019, and as part of the provincial government's consultations, when results are available in coming months," said TREB CEO John Di Michele.

"TREB is also encouraged that the provincial government remains committed to public transit expansion.  TREB has long advocated for improvements to the Greater Golden Horseshoe transit and transportation network, and feels the time is right to have a conversation about the level of provincial and municipal responsibility that would be the most efficient arrangement to realize subway expansion sooner in Toronto, and the GTA, as this will impact the housing market," added Mr. Di Michele.

Summary of TREB MLS®  Sales and Average Price November 1 - 30, 2018
  
 20182017
 SalesAverage PriceNew ListingsSalesAverage PriceNew Listings
City of Toronto ("416")2,563842,4833,8922,960803,5404,863
Rest of GTA ("905")3,688750,7216,6424,366732,8489,397
GTA6,251788,34510,5347,326761,41014,260


TREB MLS® Sales & Average Price  By Home Type November 1 - 30, 2018
 SalesAverage Price
 416 905 Total416 905 Total
       
Detached705 1,960 2,665 1,301,382 903,517 1,008,768 
Yr./Yr. % Change-12.5%-14.8%-14.2%1.8%0.8%1.3%
Semi-Detached209 412 621 1,060,359 655,504 791,760 
Yr./Yr. % Change-21.4%-12.5%-15.7%17.2%3.6%8.3%
Townhouse263 724 987 739,837 613,846 647,418 
Yr./Yr. % Change-6.1%-19.6%-16.4%-2.9%4.7%3.1%
Condo Apartment1,370 521 1,891 595,678 454,288 556,723 
Yr./Yr. % Change-14.2%-13.5%-14.0%7.0%9.5%7.5%


November 2018 Year-Over-Year Per Cent Change in the MLS® HPI
 Composite
(All Types)
Single-Family
Detached
Single-Family
Attached
TownhouseApartment
TREB Total2.73%-0.28%1.40%4.40%9.35%
Halton Region1.67%0.00%1.47%4.85%6.94%
Peel Region4.22%3.00%3.59%3.04%9.38%
City of Toronto6.72%2.10%4.51%6.48%10.30%
York Region-3.88%-5.18%-4.63%-0.81%4.68%
Durham Region0.73%0.35%1.40%2.56%2.06%
Orangeville1.85%1.97%1.15%
South Simcoe County1-2.62%-2.83%-0.95%
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
 20182017
 SalesAverage PriceNew ListingsSalesAverage PriceNew Listings
City of Toronto ("416")28,396839,18050,16933,195839,75357,372
Rest of GTA ("905")45,281757,884101,34154,192819,942114,750
GTA73,677789,217151,51087,387827,467172,122


Annual TREB MLS® Sales & Average Price  By Home Type Year-to-Date 2018
 SalesAverage Price
 416 905 Total416 905 Total
       
Detached7,566 24,398 31,964 1,328,178 914,863 1,012,696 
Yr./Yr. % Change-19.9%-23.3%-22.5%-6.5%-8.8%-7.8%
Semi-Detached2,454 4,417 6,871 1,004,254 658,444 781,951 
Yr./Yr. % Change-15.5%-19.9%-18.4%1.3%-2.2%-0.1%
Townhouse2,737 9,277 12,014 743,036 607,553 638,419 
Yr./Yr. % Change-16.1%-15.7%-15.8%2.9%-2.0%-0.8%
Condo Apartment15,453 6,218 21,671 593,357 450,426 552,346 
Yr./Yr. % Change-19.8%-18.0%-19.3%8.7%5.3%7.8%


Seasonally Adjusted TREB MLS® Sales and Average Price1 
  Month-over-Month  Month-over-Month
 Sales% Chg.Average Price % Chg.
November '178,17614.3%$777,036-1.2%
December '178,7797.4%$783,6110.8%
January '186,593-24.9%$769,509-1.8%
February '186,073-7.9%$746,897-2.9%
March '185,741-5.5%$752,4020.7%
April '185,669-1.3%$752,2030.0%
May '185,8703.5%$762,7281.4%
June '186,63413.0%$786,9143.2%
July '187,0806.7%$808,0442.7%
August '187,1370.8%$805,637-0.3%
September '187,000-1.9%$802,976-0.3%
October '186,823-2.5%$810,8811.0%
November '186,588-3.4%$804,725-0.8%
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] (416) 443-8158

TREB is Canada's largest real estate board. Over 53,000 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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