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  • 08 May 2018

Home prices down but market shows signs of stability

Sales through the TREB MLS in April 2018 on a year-over-year basis were down by just over 32 per cent. Compared to April 2017, which had the highest average sale price on record for the Board, April 2018’s average selling price was down by 12.4 per cent. April’s average sales price was 0.2 per cent below the average sales price in March this year. The month-to-month sales numbers suggest a leveling over the past two months from the drops seen in January and February of this year, and might further indicate that the impact of the tougher new mortgage qualification rules introduced January 1st may already be moderating.


  • 10 April 2018

March 2018 Market Stats

Toronto Real Estate Board President Tim Syrianos announced that Greater Toronto Area REALTORS® reported 7,228 residential transactions through TREB’s MLS® System in March 2018. This result was down by 39.5 per cent compared to a record 11,954 sales reported in March 2017 and down 17.6 per cent relative to average March sales for the previous 10 years. The number of new listings entered into TREB’s MLS® System totaled 14,866 – a 12.4 per cent decrease compared to March 2017 and a three per cent decrease compared to the average for the previous 10 years. “TREB stated in its recent Market Outlook report that Q1 sales would be down from the record pace set in Q1 2017,” said Mr. Syrianos. “The effects of the Fair Housing Plan, the new OSFI mandated stress test and generally higher borrowing costs have prompted some buyers to put their purchasing decision on hold. Home sales are expected to be up relative to 2017 in the second half of this year.”


  • 09 March 2018

Statistical trends offer valuable insights

When comparing year over year numbers for February 2018, one should take into account the never-before-seen prices and volumes experienced in Toronto’s February 2017 real estate market - perhaps not the most insightful interpretation method. The more valuable insights are found in an analysis of how the market is trending. Setting aside the anomaly that February 2017 was, compared to February 2016, February 2018’s average price represents an annualized increase above the inflation rate for the past two years. 6% annualized growth over two years is statistically a strong market. Prices and sales volume in February were up from January 2018 and December 2017 and the strongest increase we’ve seen since June 2017 when the market began to digest government introduced cooling measures.  Despite the increase in active listings, an absorption rate calculation indicates there is 2.8 months of inventory. By industry standards, this is considered a fast, seller’s market, with the likelihood to push prices up as we head into the spring market.


  • 07 February 2018

January 2018 Market Stats

January 2018’s Toronto housing market is reflecting the measures taken by various levels of government to cool escalating home prices and consumer debt. At this time last year, we were in the midst of a housing price spike driven by exceptionally low inventory, which should be recognized when making comparisons to January 2017. However, prices for January 2018 showing a more modest growth consistent with the last half of 2017 coupled with an increase in inventory, may be a hopeful sign for buyers who have been shut out of the market for lack of product. The Ipsos research quoted in TREB’s 2018 Market Year In Review & Outlook Report indicates that 74% of likely buyers in the GTA think they will still qualify for a mortgage at the 2 percentage points higher than the posted five year fixed rate, as required under the new OSFI stress test rules.


  • 06 January 2018

December  2017 Market  Stats

There were 92,394 home sales reported through the TREB MLS in 2017. Annual home sales were down 18.3% from a record-setting 2016, but the average price climbed up 12.7% compared with 2016. While sales have fallen for seven months since May, the GTA has seen signs of recovery in the past few months, with sales in December having the smallest monthly decline since the introduction of the 15% foreign home-buyer tax and the Ontario Fair Housing Plan in April.