■This Month in Real Estate | OCTOBER 2017

■”The One” Launching Next Monday

“The One: an ambitious, 85-storey tower that will transform Toronto’s skyline” is launching on Monday next week (October 16, 2017) at noon. Mizrahi Developments is collaborating with world-renowned architects, Foster + Partners on what is sure to be an unprecedented luxury development at a landmark address, 1 Bloor St West. Contact me today for more details.

“Toronto is about to reach new heights. And the city will get there. The 85-storey tower will combine seven levels of retail and restaurants, a 175-room hotel and then a roughly 60-floor stack of condo apartments culminating in multilevel penthouses.” By ALEX BOZIKOVIC for Globe and Mail

■Market Watch | October, 2017

GTA REALTORS® Release September Stats

October 4, 2017 -- Toronto Real Estate Board President Tim Syrianos announced that Greater Toronto Area REALTORS® reported 6,379 sales through TREB's MLS® System in September 2017. This result was down by 35 per cent compared to September 2016.

The number of new listings entered into TREB's MLS® System amounted to 16,469 in September – up by 9.4 per cent year-over-year.

"The improvement in listings in September compared to a year earlier suggests that home owners are anticipating an uptick in sales activity as we move through the fall. Consumer polling undertaken for TREB in the spring suggested that buying intentions over the next year remain strong. As we move through the fourth quarter we could see some buyers moving off the sidelines, taking advantage of a better-supplied marketplace," said Mr. Syrianos.

The average selling price in September 2017 was $775,546 – up 2.6 per cent compared to September 2016. The MLS® Home Price Index (HPI) composite benchmark was up by 12.2 per cent on a year-over-year basis. A key reason for the difference in annual growth rates between the average price and the MLS® HPI composite is the fact that detached homes – the most expensive market segment on average – accounted for a smaller share of overall transactions this year compared to last.

"With more balanced market conditions, the pace of year-over-year price growth was more moderate in September compared to a year ago. However, the exception was the condominium apartment market segment, where average and benchmark sales prices were up by more than 20 per cent compared to last year. Tighter market conditions for condominium apartments follows consumer polling results from the spring that pointed toward a shift to condos in terms of buyer intentions," said Jason Mercer, TREB's Director of Market Analysis.

■This Month in Real Estate | SEPTEMBER 2017

■Market Watch | September, 2017

GTA REALTORS® Release August Stats

September 6, 2017 -- Toronto Real Estate Board President Tim Syrianos announced that Greater Toronto Area REALTORS® reported 6,357 home sales through TREB's MLS® System in August 2017. This result was down by 34.8 per cent compared to August 2016.

The number of new listings entered into TREB's MLS® System, at 11,523, was down by 6.7 per cent year-over-year and was at the lowest level for August since 2010.

"Recent reports suggest that economic conditions remain strong in the GTA. Positive economic news coupled with the slower pace of price growth we are now experiencing could prompt an improvement in the demand for ownership housing, over and above the regular seasonal bump, as we move through the fall," continued Mr. Syrianos.

The average selling price for all home types combined was $732,292 – up by three per cent compared to August 2016. This growth was driven by the semi-detached, townhouse and condominium apartment market segments that continued to experience high single-digit or double digit year-over-year average price increases.

The MLS® Home Price Index composite benchmark, which accounts for typical home types throughout TREB's market area, was up by 14.3 per cent year-over-year in August. The fact that MLS® HPI growth outstripped average price growth, points to fewer high-end home sales this year compared to last.

"The relationship between sales and listings in the marketplace today suggests a balanced market. If current conditions are sustained over the coming months, we would expect to see year-over-year price growth normalize slightly above the rate of inflation. However, if some buyers move from the sidelines back into the marketplace, as TREB consumer research suggests may happen, an acceleration in price growth could result if listings remain at current levels," said Jason Mercer, TREB's Director of Market Analysis.

■This Month in Real Estate | AUGUST 2017

■Condo & Rental Market Report | Q2 2017

Average Condo Price Up Year-Over-Year in Q2 '17

July 24, 2017 -- Toronto Real Estate Board President Tim Syrianos announced the release of TREB's Q2 2017 Condo Market Report. Greater Toronto Area REALTORS® reported 8,223 condominium apartment sales reported through TREB's MLS® System between April and the end of June. This result was down by eight per cent compared to 8,942 sales reported in Q2 2016.

New listings of condominium apartments were up slightly on a year-over-year basis by 0.7 per cent to 13,682.

"Despite the recent dip in overall GTA home sales, the condominium apartment market was quite resilient, especially when compared to low-rise market segments. Condo apartment sales accounted for a greater share of overall transactions during the spring compared to the same period last year. Market conditions also remained tight, which resulted in the continuation of strong annual rates of price growth," said Mr. Syrianos.

The average selling price for condominium apartments increased by 28.1 per cent compared to Q2 2016. The average selling price for the TREB market area as a whole was $532,032, with the average price in the City of Toronto higher, at $566,513.

"Recent consumer survey results from Ipsos suggest that condominium apartments will continue to gain in popularity with home buyers over the next year. This makes sense, given that many households, especially first-time buyers looking to live in the City of Toronto, have turned their attention in increasing numbers to less expensive forms of ownership housing," said Jason Mercer, TREB's Director of Market Analysis.


Strong Growth in Average Rents in Q2 2017

TORONTO, ONTARIO, July 24, 2017 – Toronto Real Estate Board President Tim Syrianos announced the continuation of very tight conditions in the condominium apartment rental market in the second quarter of 2017. 

The number of rental transactions reported through TREB’s MLS® System remained in line with Q2 2016 levels, while the number of units listed at some point during the quarter declined year-over-year. Average annual rates of rent growth for one- and two-bedroom condominium apartments were over eight per cent. 

“The Greater Toronto Area continues to be a very attractive place to live for many people, some of whom choose to rent. While rental demand remained very strong from a historic perspective in the second quarter, the supply of available rental units remained constrained, and average rents continued to grow well-above current and expected future rates of inflation,” said Mr. Syrianos. 

“It is clear that we continue to suffer from a lack of available rental units. The Fair Housing Plan announced by the Government of Ontario committed to measures designed to increase housing supply. Conversely, the Fair Housing Plan also expanded rent controls, which could preclude investment in rental properties, thereby further constricting supply. With different policy components potentially at odds, it will be interesting to see the eventual impact of the Fair Housing Plan on the rental market in the GTA,” continued Mr. Syrianos. 

The average one-bedroom condominium apartment rent was up by 8.8 per cent year-over-year in the second quarter to $1,861 per month. The average two-bedroom rent was up by 8.7 per cent to $2,533. 

“Competition between would-be renters increased in the second quarter of this year relative to the same time period in 2016. This meant that average rents increased by much more than the rate of inflation. In addition, the annual pace of rent growth also increased compared to Q2 2016, reflecting the fact that, generally speaking, it has become harder to find a place to rent this year compared to last,” said Jason Mercer, TREB’s Director of Market Analysis.