Friday, October 11, 2019
Monday, October 7, 2019
GTA REALTORS® Release September 2019 Stats
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.
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.
Friday, September 27, 2019
GTA REALTORS® Release August 2019 Stats
September 5, 2019 -- Toronto Real Estate Board President Michael Collins announced that Greater Toronto Area REALTORS® reported 7,711 residential sales through TREB's MLS® System in August 2019. This result represented a 13.4 per cent increase compared to 6,797 sales reported in August 2018. On a month-over- month basis, after preliminary seasonal adjustment, sales were up by 0.8 per cent.
GTA-wide sales were up on a year-over-year basis for all major market segments, with annual rates of sales growth strongest for low-rise home types including detached houses. This reflects the fact that demand for more expensive home types was very low in 2018 and has rebounded to a certain degree in 2019, albeit not back to the record levels experienced in 2016 and the first quarter of 2017.
Market conditions also became tighter in August 2019 compared to a year ago because while sales were up year-over-year, new listings were down by three per cent over the same time period to 11,789. Year-to-date, growth in sales has well outstripped growth in new listings. This is why overall active listings counted at the end of August were down by more than 11 per cent compared to August 2018.
The MLS® Home Price Index Composite Benchmark for August 2019 was up by 4.9 per cent on a year-over-year basis. The average selling price, at $792,611 in August 2019, was up by 3.6 per cent year-over-year. Both the MLS® HPI benchmark prices and average selling prices were up on an annual basis for major market segments. The condominium apartment segment continued to lead the way in terms of price growth, followed by higher density low-rise home types and finally detached houses.
Sunday, August 25, 2019
Tuesday, August 6, 2019
GTA REALTORS® Release July 2019 Stats
August 6, 2019 -- 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.
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.
Condo Market Report
July 24, 2019 -- Toronto Real Estate Board President Michael Collins announced that Greater Toronto Area REALTORS® reported 7,038 condominium apartment sales through TREB's MLS® System in the second quarter of 2019. This result was up by 3.2 per cent compared to Q2 of 2018.
New condominium apartment listings entered into TREB's MLS® System were down by 3.5 per cent compared to Q2 2018, with 11,110 listings added in 2019 versus 11,512 listings added in 2018.
"As has generally been the case in the region since the implementation of the Ontario Government's Fair Housing Plan in 2017, the condo market segment has remained tight in comparison to other major housing types. However, from a price point perspective, condo apartments continue to offer prospective buyers a relatively affordable housing option when looking across the GTA," said Mr. Collins.
The average price of a condominium apartment increased by 5.1 percent from $561,343 in Q2 2018 to $589,887 in Q2 2019. Year-over-year price growth in the City of Toronto, which accounted for almost 70 percent of transactions, was slightly higher at 5.9 per cent, resulting in an average price of $639,316.
Through the first six months of 2019, condominium apartment completions reported by CMHC were down substantially on a year-over-year basis compared to the first half of 2018. Completions correlate to a certain degree with listings, as some investors choose to list their units for sale when title transfers to them from the builder.
The downturn in completions likely influenced both the year-over-year dip in new listings and the decline in the active listings count at the end of the second quarter. "The condominium apartment rental market also remained quite tight in the second quarter, with average rents for one-bedroom and two-bedroom apartments increasing above the rate of inflation on a year-over-year basis. However, we have seen an acceleration in the number of units listed for rent, which has provided renters with more choice in the market place and has coincided with a slower pace of average rent growth over the past year," said Jason Mercer, TREB's Chief Market Analyst.
Rental Market Report