Friday, October 9, 2020
■Market Watch | OCTOBER, 2020
GTA REALTORS® Release
September Stats
Toronto Regional Real
Estate Board President Lisa Patel announced that sales reported through TRREB’s
MLS® System by Greater Toronto
Area REALTORS® amounted to
11,083 – a new record for the month of September. This result was up by 42.3
per cent compared to September 2019. Following a record third quarter, sales
through the first nine months of 2020 were up by approximately one per cent
compared to the same period in 2019.
“Improving economic conditions and extremely low borrowing costs sustained
record-level sales in September, as we continued to account for the substantial
amount of pent-up demand that resulted from the spring downturn. Further improvements
in the economy, including job growth, would support strong home sales moving
forward. However, it will be important to monitor the trajectory of COVID-19
cases, the related government policy response, and the impact on jobs and
consumer confidence,” said Ms. Patel.
Year-over-year sales growth in September continued to be driven by
ground-oriented market segments, including detached and semi-detached houses
and townhouses. Annual growth rates were also higher for sales reported in the
GTA regions surrounding the City of Toronto.
The September 2020 MLS® Home
Price Index Composite Benchmark was up by 11.6 per cent year-over-year. The
average selling price for all home types combined in September was $960,772 –
up by 14 per cent year-over-year. Price growth was driven by the low-rise
market segments. The relatively better supplied condominium apartment segment
experienced a comparatively slower pace of price growth.
“On a GTA-wide basis, market conditions tightened in September relative to last
year, with sales increasing at a faster pace than new listings. With
competition between buyers increasing noticeably, double-digit year-over-year
price growth was commonplace throughout the region in September, resulting in
the overall average selling price reaching a new record,” said Jason Mercer,
TRREB’s Chief Market Analyst.
Monday, September 28, 2020
■Market Watch | SEPTEMBER, 2020
GTA REALTORS® Release August Stats
Toronto Regional Real
Estate Board (TRREB) President Lisa Patel announced that the strong rebound in
Greater Toronto Area (GTA) home sales continued with a record result for the
month of August. GTA REALTORS® reported
10,775 residential sales through TRREB’s MLS® System
in August 2020 – up by 40.3 per cent compared to August 2019.
Sales were up on a year-over-year basis for all major home types, both in the
City of Toronto and surrounding GTA regions. It should be noted that the
low-rise market segments, including detached and semi-detached houses and
townhouses, were the drivers of sales growth. Condominium apartment sales were
up on an annual basis for the second straight month but to a lesser degree.
“Increased demand for ownership housing has been based on improving economic
conditions, in terms of monthly GDP growth and job creation, and the
continuation of very low borrowing costs. In addition, fewer households have
chosen to go on vacation as a result of COVID-19 and instead have remained in
the GTA and been active in the housing market, satisfying pent-up demand from
the spring,” said Ms. Patel.
Both the number of new listings entered into TRREB’s MLS® System
during the month and the number of active listings at the end of the August
2020 were up on a year-over-year basis. While new listings were up strongly for
all home types, growth in new condominium apartment listings far outstripped
growth in the other market segments.
“Generally speaking, market conditions remained very tight in the GTA resale
market in August. Competition between buyers was especially strong for low-rise
home types, leading to robust annual rates of price growth. However, with
growth in condominium apartment listings well-outstripping condo sales growth,
condo market conditions were comparatively more balanced, which was reflected
in a slower pace of price growth in that segment,” said Jason Mercer, TRREB’s
Chief Market Analyst.
The MLS® Home Price Index
Composite Benchmark was up by 11.1 per cent in August 2020 compared to August
2019. Over the same period, the overall average selling price was up by 20.1
per cent to $951,404. Annual detached and semi-detached sales growth was
stronger in the comparatively more-expensive City of Toronto compared to the
surrounding GTA regions, which helps explain why growth in the overall average
selling price outstripped growth in the MLS® HPI
Composite Benchmark.
Sunday, August 16, 2020
■Condo & Rental Market Report | Q2 2020
Q2 2020 Condo Market Report TORONTO, ONTARIO, July 31,
2020 –Toronto Regional Real Estate Board President Lisa Patel announced that
second quarter 2020 condominium apartment sales amounted to 3,459 – down 50.8
per cent compared to 7,024 sales in Q2 2019. The number of new condominium
apartment listings amounted to 8,717 in Q2 2020 – down 21.6 per cent compared
to 11,114 new listings entered in Q2 2019. “The condominium apartment market
experienced a dip in sales and new listings in the second quarter of 2020, as
many potential buyers moved to the sidelines as a result of public health
measures taken to combat COVID-19 and the resulting economic downturn. With
the overall housing market trending toward recovery in June, condo apartment
sales will likely improve in the third quarter,” said Ms. Patel. Despite
market conditions becoming more balanced in Q2 2020, the average selling
price for condo apartments was up 5.1 per cent compared to Q2 2019 to
$619,707. “It will be important to watch the relationship between condominium
apartment sales and new listings as we move through the second half of 2020.
If economic recovery is sustained, the demand for condo apartments will
improve. However, the prospect of stricter regulations on short-term rentals
and softer rental market conditions could fuel increased listings of
investor-held units. If we see more balanced market conditions, condo price
growth could be more moderate compared to low-rise home types,” said Jason
Mercer, TRREB’s Chief Market Analyst. Q2 2020 Rental Market Report TORONTO, ONTARIO, July 31,
2020 – Toronto Regional Real Estate Board President Lisa Patel announced that
Greater Toronto Area REALTORS® reported 7,320 condominium apartment rentals
through TRREB’s MLS® System in the second quarter of 2020. This result was
down by 24.8 per cent compared to the second quarter of 2019. The number of
condominium apartments listed for rent at some point during Q2 2020 was up by
42 per cent compared to Q2 2019. “There are two key take-aways from the Q2
2020 rental market statistics. First, COVID-19 clearly impacted the demand
for rental condominium apartments, due to restrictions on showing units and
job losses across many sectors of the economy. Second, we saw the
continuation of the pattern experienced over the past year, with year-over-year
growth in rental listings far outstripping growth in rental transactions,
resulting in a much bettersupplied market and a moderating pace of rent
growth,” said TRREB President Lisa Patel. The average one-bedroom condominium
apartment rent was $2,083 in Q2 2020 – down five per cent from Q2 2019. The
average two-bedroom condominium apartment rent was $2,713, representing a 5.6
per cent decline from Q2 2019. “Following very tight market conditions in
2018, we have seen a consistent trend toward balance in the GTA condominium
apartment rental market over the past year-and-a-half. Accelerating growth in
rental listings were at the root of this trend, but the COVID-19- related
drop-off in rental transactions had a marked impact as well. Increased choice
led to more negotiating power for renters, resulting in year-over-year
declines in average rents in the second quarter of 2020,” said Jason Mercer,
TRREB’s Chief Market Analyst.
TRREB Releases Q1 2020 Condo
Rental Market Stats Greater Toronto Area REALTOS® reported 7,192 condominium
apartment rentals through TREB’s MLS® System in the first quarter of 2020.
This result was up by 8.6 percent compared to the first quarter of 2019. The
number of condominium apartments listed for rent at some point during Q1 2020
was up by 31.9% compared to Q1 2019. With the number of condominium
apartments listed increasing on a year-over-year basis by a greater rate than
rental transactions, the year-over-year pace of average rent growth has
moderated. The average one-bedroom condominium apartment rent was $2,187 in
Q1 2020, up 2.1 per cent from Q1 2019. The average two-bedroom condominium
apartment rent was $2,811, in line with the Q1 2019 result. |
■Market Watch | August, 2020
GTA
REALTORS® Release July 2020
Stats
Toronto Regional Real
Estate Board President Lisa Patel announces that Greater Toronto Area REALTORS® reported 11,081 sales through
TRREB’s MLS® System in July 2020
– a 29.5 per cent increase over July 2019 and a new record for the month of
July. On a preliminary seasonally adjusted basis, sales were up by 49.5 per
cent compared to June 2020.
Year-over-year sales
growth was driven by low-rise home types, particularly in the regions
surrounding the City of Toronto. However, condominium apartment sales were also
up on an annual basis, including in Toronto. Total new listings were also up
strongly on a year-over-year basis by 24.7 per cent, but this annual growth
rate was less than that of sales, which means market conditions tightened on
average compared to July 2019. In addition, active listings at the end of July
were down by 16.3 per cent.
“Sales activity was
extremely strong for the first full month of summer. Normally we would see
sales dip in July relative to June as more households take vacation, especially
with children out of school. This year, however, was different with pent-up
demand from the COVID-19-related lull in April and May being satisfied in the
summer, as economic recovery takes firmer hold, including the Stage 3
re-opening. In addition, fewer people are travelling, which has likely
translated into more transactions and listings,” said Ms. Patel.
The July 2020 MLS® Home Price Index (HPI) Composite
Benchmark was up by 10 per cent compared to July 2019. The overall average
selling price was up by 16.9 per cent year-over-year to $943,710. On a
preliminary seasonally adjusted basis, the average selling price was up by 5.5
per cent compared to June 2020.
Price growth was strongest
for low-rise home types, notably within the City of Toronto. Despite more
balanced market conditions in the condominium apartment market segment,
year-over-year price growth remained in the high single digits.
“Competition between
buyers continued to increase in many segments of the GTA ownership housing
market in July, which fueled a further acceleration in year-over-year price
growth in July compared to June. On top of this, we also experienced stronger
sales growth in the more-expensive detached market segment, which helps explain
why annual growth in the overall average selling price was stronger than growth
for the MLS® HPI Composite
benchmark,” said Jason Mercer, TRREB’s Chief Market Analyst.
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