Market Watch July 2018



Condo Market Report Second Quarter 2018


Average Condo Price Continues to Climb in Q2 '18

 

TORONTO, ONTARIO, July 17, 2018 – Toronto Real Estate Board President Garry Bhaura announced that the average selling price for condominium apartments sold through TREB’s MLS® System in the second quarter of 2018 was up by 5.4 per cent year-over-year to $561,338.

 

The highest average selling price was in the City of Toronto, at $603,480 – up 6.5 per cent compared to Q2 2017.

 

“Condominium apartments have outperformed other housing types over the past year, in terms of price growth. It has been a seller’s market in many neighbourhoods for this home type, which is why we have continued to report average price growth more than twice the rate of inflation,” said Mr. Bhaura.

 

Condominium apartment sales through TREB’s MLS® System amounted to 6,837 in Q2 2018 – down 16.5 per cent from 8,188 sales reported in Q2 2017. However, the number of new condominium apartment listings was down by 15.9 per cent on a year-over-year basis. The fact that sales and new listings were down by similar annual rates suggests that market conditions have remained similar over the past year, which has supported continued price growth.

 

“First time buyers continue to be a key driver of condominium apartment demand. The relative affordability of condos versus low-rise home types, especially with the onset of stricter mortgage qualification guidelines and generally higher borrowing costs, has also been a key factor underpinning tight condo market conditions and continued average price growth,” said Jason Mercer, TREB’s Director of Market Analysis.


Above-Inflation Rent Increases Continue in Q1 2018


 

 

TORONTO, ONTARIO, April 16, 2018 – Toronto Real Estate Board President Tim Syrianos announced that average rents for one-bedroom and two-bedroom condominium apartment rental units were up well above the rate of inflation on a year-over-year basis in the first quarter of 2018.

 

 The average rent for one-bedroom condominium apartments in the TREB market area was up 11.4 per cent on an annual basis to $1,995. The average two-bedroom condominium apartment rent was up by 9.1 per cent over the same time period to $2,653. 

 

“The GTA continues to be one of the most desirable locations to live in the world and will remain so over the long term. As people have moved to the region to take advantage of quality employment opportunities, rental demand has remained strong. The result has been heightened competition between renters, in an ultra-low vacancy environment, and double-digit rent growth in some market segments,” said Mr. Syrianos. 

 

The number of condominium apartments listed during the first quarter was down 11.8 per cent compared to Q1 2017. The total number of units leased was down 7.5 per cent. With a vacancy rate hovering at one percent for condominium apartments, there has been less supply available to would-be renters, which has resulted in fewer lease agreements being signed. 

 

“The low-vacancy, high rent growth situation that has unfolded in the GTA over the past year will be further exacerbated by the rent control provisions contained in the Fair Housing Plan. Some investors who, previously would have considered investing in rental units may now look elsewhere for returns on their money. This does not bode well for a sustained increase in rental supply over the long term,” said Jason Mercer, TREB’s Director of Market Analysis


GTA REALTORS® Release May Stats


TORONTO, ONTARIO, June 4, 2018 – Greater Toronto Area REALTORS® reported 7,834 sales through TREB’s MLS® System in May 2018. This result was down by 22.2 per cent compared to May 2017. While the number of sales was down year-over-year, the annual rate of decline was less than reported in February, March and April, when sales were down by more than 30 per cent. On a month-over-month basis, seasonally adjusted May sales were basically flat compared to April. 

 

Supply of homes available for sale continued to be an issue. New listings were down by 26.2 per cent. The fact that new listings were down by more than sales in comparison to last year means that competition increased between buyers. Recent polling conducted by Ipsos for TREB suggests that listing intentions are down markedly since the fall. 

 

“Home ownership remains a sound long-term investment. Unfortunately, many home buyers are still finding it difficult find a home that meets their needs. In a recent Canadian Centre for Economic Analysis study undertaken for the Toronto Real Estate Board, it was found that many people are over-housed in Ontario, with over five million extra bedrooms. These people don’t list their homes for sale, because they feel there are no alternative housing types for them to move into. Policy makers need to focus more on the ‘missing middle’ – home types that bridge the gap between detached houses and condominium apartments,” said Mr. Syrianos. 

 

The MLS® Home Price Index (HPI) Composite Benchmark was down by 5.4 per cent year-over year. The average selling price for all home types combined was down by 6.6 per cent to $805,320. On a seasonally adjusted basis, the average selling price was up by 1.1 per cent compared to April 2018. 

 

“Market conditions are becoming tighter in the Greater Toronto Area and this will provide support for home prices as we move through the second half of 2018 and into 2019. There are emerging indicators pointing toward increased competition between buyers, which generally leads to stronger price growth. In the City of Toronto, for example, average selling prices were at or above average listing prices for all major home types in May,” said Jason Mercer, TREB’s

 

 


Stats

W6 - East Etobicoke Creek, West Humber River, & South Q.E.W to Lake

Home Type Sales Average Price New Listings Active Listings Average DOM
Detached 31 $1,013,516 87 81 18
Semi-Detached 3 $846,667 2 5 13
Condo Townhouse 10 $674,050 21 18 15
Condo Apt 98 $593,619 163 177 21
Att/Row/Twnhouse 7 $935,857 12 10 12
Co-Op Apt 1 $390,000 0 1 36
Total 150 $705,434 285 292 20


W7 - East Etobicoke Creek, West Humber River, North QEW to Bloor

Home Type Sales Average Price New Listings Active Listings Average DOM
Detached 27 $1,504,702 50 31 14
Semi-Detached 0 $0 0 0 0
Condo Apt 5 $720,800 7 12 15
Att/Row/Twnhouse 3 $873,300 4 4 11
Total 35 $1,338,596 61 47 14

W8 - East Etobicoke Creek, West Humber River, North Bloor to Eglinton 
Home Type Sales Average Price New Listings Active Listings Average DOM
Detached 63 $1,496,896 135 133 15
Semi-Detached 1 $720,000 2 1 3
Condo Townhouse 5 $589,200 14 16 42
Condo Apt 91 $518,426 141 109 15
Att/Row/Twnhouse 2 $730,000 5 4 8
Co-Op Apt 0 $0 0 0 0
Total 162 $904,983 297 263 16
 

April 2018 Market Stats



April Market Watch

GTA REALTORS® Release April Stats 

TORONTO, ONTARIO, May 3, 2018 – Toronto Real Estate Board President Tim Syrianos announced that Greater Toronto Area REALTORS® reported 7,792 sales through TREB’s MLS® System in April 2018. The average selling price was $804,584. On a year-over-year basis, sales were down by 32.1 per cent and the average selling price was down by 12.4 per cent. 

 

The year-over-year change in the overall average selling price has been impacted by both changes in market conditions as well as changes in the type and price point of homes being purchased. This is especially clear at the higher end of the market. Detached home sales for $2 million or more accounted for 5.5 per cent of total detached sales in April 2018, versus 10 per cent in April 2017. The MLS® Home Price Index strips out the impact of changes in the mix of home sales from one year to the next. This is why the MLS® HPI Composite Benchmark was down by only 5.2 per cent year-over-year versus 12.4 per cent for the average price. 

 

“While average selling prices have not climbed back to last year’s record peak, April’s price level represents a substantial gain over the past decade. Recent polling conducted for TREB by Ipsos tells us that the great majority of buyers are purchasing a home within which to live. This means these buyers are treating home ownership as a long-term investment. A strong and diverse labour market and continued population growth based on immigration should continue to underpin long-term home price appreciation,” said Mr. Syrianos. 

 

“The comparison of this year’s sales and price figures to last year’s record peak masks the fact that market conditions should support moderate increases in home prices as we move through the second half of the year, particularly for condominium apartments and higher density low-rise home types. Once we are past the current policy-based volatility, home owners should expect to see the resumption of a moderate and sustained pace of price growth in line with a strong local economy and steady population growth,” said Jason Mercer, TREB’s Director of Market Analysis. 

 

Stats for Etobicoke

W6 - East Etobicoke Creek, West Humber River, & South Q.E.W to Lake

Home Type Sales Average Price New Listings Active Listings Average DOM
Detached 36 $1,012,317 64 60 20
Semi-Detached 4 $761,250 5 6 16
Condo Townhouse 14 $710,271 22 12 11
Condo Apt 65 $556,146 151 171 16
Att/Row/Twnhouse 3 $934,333 8 11 4
Co-Op Apt 1 $310,000 2 2 19
Total 123 $721,095 252 262 16


W7 - East Etobicoke Creek, West Humber River, North QEW to Bloor

Home Type Sales Average Price New Listings Active Listings Average DOM
Detached 29 $1,241,997 38 21 18
Semi-Detached 0 $0 2 1 0
Condo Townhouse 1 $785,000 1 0 20
Condo Apt 2 $642,500 12 10 18
Att/Row/Twnhouse 1 $990,000 6 6 8
Total 33 $1,184,179 59 38 18
 
W8 - East Etobicoke Creek, West Humber River, North Bloor to Eglinton 
Home Type Sales Average Price New Listings Active Listings Average DOM
Detached 64 $1,547,245 134 124 22
Condo Townhouse 3 $598,333 10 16 23
Condo Apt 76 $503,387 127 91 15
Att/Row/Twnhouse 7 $942,143 6 1 12
Co-Op Apt 0 $0 1 1 0
Total 150 $971,141 278 233 18
 

GTA REALTORS Release March Stats


TORONTO, ONTARIO, April 4, 2018 – 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.” 

 

The MLS Home Price Index Composite Benchmark was down by 1.5 percent on a year-over-year basis for the TREB market area as a whole. The overall average selling price was down by 14.3 per cent compared to March 2017. 

 

While the change in market conditions certainly played a role, the dip in the average selling price was also compositional in nature. Detached home sales, which generally represent the highest price points in a given area, declined much more than other home types. In addition, the share of high-end detached homes selling for over $2 million in March 2018 was half of what was reported in March 2017, further impacting the average selling price. 

 

“Right now, when we are comparing home prices, we are comparing two starkly different periods of time: last year, when we had less than a month of inventory versus this year with inventory levels ranging between two and three months. It makes sense that we haven’t seen prices climb back to last year’s peak. However, in the second half of the year, expect to see the annual rate of price growth improve compared to Q1, as sales increase relative to the below-average level of listings,” said Jason Mercer, TREB’s Director of Market Analysis. 


Market Watch February 2018 Stats



GTA REALTORS® Release February Stats


 

TORONTO, ONTARIO, March 6, 2018 – Toronto Real Estate Board President Tim Syrianos announced that Greater Toronto Area REALTORS® reported 5,175 residential transactions through TREB’s MLS® System in February 2018. This result was down 34.9 percent compared to the record 7,955 sales reported in February 2017.

 

The number of new listings entered into TREB’s MLS® System totaled 10,520, a 7.3 per cent increase compared to the 9,801 new listings entered in February 2017. However, the level of new listings remained below the average for the month of February for the previous 10 years.

 

“When TREB released its Outlook for 2018, the forecast anticipated a slow start to the year compared to the historically high sales count reported in the winter and early spring of 2017. Prospective home buyers are still coming to terms with the psychological impact of the Fair Housing Plan, and some have also had to reevaluate their plans due to the new OFSI-mandated mortgage stress test guidelines and generally higher borrowing costs,” said Mr. Syrianos.

 

The MLS® Home Price Index Composite Benchmark was up by 3.2 per cent on a year-over-year basis for the TREB market area as a whole. This growth was driven by the apartment and townhouse market segments, with annual benchmark price increases of 18.8 per cent and 7.5 per cent respectively. Single-family detached and attached benchmark prices were down slightly compared to February 2017. The overall average selling price for February sales was down 12.4% year-over-year to $767,818. However, putting aside the price spike reported in the first quarter of 2017, it is important to note that February’s average price remained 12 per cent higher than the average reported for February 2016, which represents an annualized increase well above the rate of inflation for the past two years.

 

“As we move further into the spring and summer months, growth in sales and selling prices is expected to pick up relative to last year. Expect stronger price growth to continue in the comparatively more affordable townhouse and condominium apartment segments. This being said, listings supply will likely remain below average in many neighbourhoods in the GTA, which, over the long-term, could further hamper affordability,” said Jason Mercer, TREB’s Director of Market Analysis. 










Stats

W6 - East Etobicoke Creek, West Humber River, & South Q.E.W to Lake

Home Type Sales Average Price New Listings Active Listings Average SP/LP Average DOM
Detached 24 $956,958 34 48 99.6 % 35
Semi-Detached 2 $1,036,500 9 8 99.3 % 31
Condo Townhouse 4 $738,375 9 9 99.5 % 26
Condo Apt 68 $512,551 92 111 101.7 % 24
Att/Row/Twnhouse 2 $964,500 8 11 99.5 % 52
Co-Op Apt 0 $0 1 1 0.0 % 0
Total 100 $647,759 153 188 100.7 % 28


W7 - East Etobicoke Creek, West Humber River, North QEW to Bloor

Home Type Sales Average Price New Listings Active Listings Average SP/LP Average DOM
Detached 14 $1,158,285 28 26 102.7 % 16
Semi-Detached 0 $0 0 0 0.0 % 0
Condo Townhouse 0 $0 2 2 0.0 % 0
Condo Apt 2 $545,000 3 4 99.6 % 14
Att/Row/Twnhouse 3 $920,000 3 2 99.1 % 40
Co-Op Apt 1 $420,000 0 0 97.7 % 19
Total 20 $1,024,300 36 34 101.9 % 19
 

W8 - East Etobicoke Creek, West Humber River, North Bloor to Eglinton 

Home Type Sales Average Price New Listings Active Listings Average SP/LP Average DOM
Detached 44 $1,403,071 70 82 97.8 % 21
Semi-Detached 2 $757,500 1 0 95.3 % 137
Condo Townhouse 5 $607,100 13 15 100.4 % 28
Condo Apt 70 $523,709 84 69 100.5 % 16
Att/Row/Twnhouse 1 $720,000 5 4 93.8 % 67
Co-Op Apt 0 $0 0 1 0.0 % 0
Total 122 $849,715 173 171 98.7 % 21

 

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