TORONTO, Dec. 04, 2019 (GLOBE NEWSWIRE) -- Toronto Real Estate Board President Michael Collins announced that Greater Toronto Area REALTORS® reported 7,090 sales through TREB’s MLS® System in November 2019 – a 14.2 per cent increase compared to November 2018. On a GTA-wide basis, sales were up year-over-year for all major market segments. Annual sales growth in ground-oriented home types, including detached houses, led the way.
New listings entered into TREB’s MLS® System in November and the active listings count at the end of the month went in the opposite direction compared to last year, with new listings down 17.9 per cent year-over-year and active listings down 27.2 per cent.
“An increasing number of home buyers impacted by demand-side policies over the past three years, including the 2017 Ontario Fair Housing Plan and the OSFI mortgage stress test, have moved back into the market for ownership housing. Based on affordability and stricter mortgage qualification standards, many buyers may have likely adjusted their preferences, changing the type and/or location of home they ultimately chose to purchase,” said Mr. Collins.
“The Greater Toronto Area needs flexible housing market policies that will help sustain balanced market conditions over the long term. All levels of government in Canada plus reputable international bodies have acknowledged that we have a housing supply problem. In 2020, policy makers need to translate their acknowledgment of supply issues into concrete solutions to bring a greater array of ownership and rental housing online. As always, TREB will be there to help policy makers in this regard,” said TREB CEO, John DiMichele.
As market conditions continued to tighten in November 2019, with increased sales up against an increasingly constrained supply of listings, the annual rate of price growth continued to accelerate. The MLS® Home Price Index Composite Benchmark increased by 6.8 per cent year-over-year. The average selling price increased by 7.1 per cent year-over-year to $843,637. Both the MLS® HPI and the average selling price for the TREB market area as a whole experienced the strongest annual rates of price growth for the year in November.
“Strong population growth in the GTA coupled with declining negotiated mortgage rates resulted in sales accounting for a greater share of listings in November and throughout the second half of 2019. Increased competition between buyers has resulted in an acceleration in price growth. Expect the rate of price growth to increase further if we see no relief on the listings supply front,” said Jason Mercer, TREB’s Chief Market Analyst.
| Summary of TREB MLS® Sales and Average Price November 1 - 30, 2019 | ||||||
| 2019 | 2018 | |||||
| Sales | Average Price | New Listings | Sales | Average Price | New Listings | |
| City of Toronto ("416") | 2,718 | 910,419 | 3,308 | 2,548 | 840,391 | 3,896 |
| Rest of GTA ("905") | 4,372 | 802,120 | 5,342 | 3,658 | 750,403 | 6,642 |
| GTA | 7,090 | 843,637 | 8,650 | 6,206 | 787,349 | 10,538 |
| TREB MLS® Sales & Average Price By Home Type November 1 - 30, 2019 | ||||||
| Sales | Average Price | |||||
| 416 | 905 | Total | 416 | 905 | Total | |
| Detached | 788 | 2,475 | 3,263 | 1,360,246 | 943,494 | 1,044,138 |
| Yr./Yr. % Change | 12.7% | 27.8% | 23.8% | 4.9% | 4.3% | 3.5% |
| Semi-Detached | 247 | 422 | 669 | 1,067,027 | 703,272 | 837,573 |
| Yr./Yr. % Change | 19.3% | 3.4% | 8.8% | 0.3% | 7.3% | 5.7% |
| Townhouse | 294 | 879 | 1,173 | 763,298 | 634,450 | 666,744 |
| Yr./Yr. % Change | 11.8% | 21.9% | 19.2% | 3.2% | 3.4% | 3.0% |
| Condo Apartment | 1,368 | 534 | 1,902 | 659,855 | 509,559 | 617,658 |
| Yr./Yr. % Change | 0.4% | 2.5% | 1.0% | 10.9% | 12.2% | 11.1% |
| November 2019 Year-Over-Year Per Cent Change in the MLS® HPI | |||||
| Composite (All Types) | Single-Family Detached | Single-Family Attached | Townhouse | Apartment | |
| TREB Total | 6.83% | 5.11% | 5.95% | 7.49% | 9.49% |
| Halton Region | 9.77% | 10.14% | 9.06% | 13.04% | 2.92% |
| Peel Region | 8.26% | 5.82% | 6.93% | 8.49% | 16.14% |
| City of Toronto | 6.99% | 3.75% | 5.18% | 3.29% | 9.49% |
| York Region | 2.44% | 1.81% | 2.79% | 4.17% | 5.73% |
| Durham Region | 4.87% | 4.30% | 5.63% | 5.83% | 6.87% |
| Orangeville | 5.57% | 5.49% | 6.35% | - | - |
| South Simcoe County1 | 4.15% | 2.23% | -1.00% | - | - |
| Source: Toronto Real Estate Board | |||||
| 1South Simcoe includes Adjala-Tosorontio, Bradford West Gwillimbury, Essa, Innisfil and New Tecumseth | |||||
| Annual Summary of TREB MLS® Sales and Average Price Year-to-Date | ||||||
| 2019 | 2018 | |||||
| Sales | Average Price | New Listings | Sales | Average Price | New Listings | |
| City of Toronto ("416") | 30,559 | 883,443 | 51,360 | 28,585 | 840,275 | 50,396 |
| Rest of GTA ("905") | 52,904 | 780,807 | 97,848 | 45,684 | 758,241 | 101,798 |
| GTA | 83,463 | 818,386 | 149,208 | 74,269 | 789,815 | 152,194 |
| Annual TREB MLS® Sales & Average Price By Home Type Year-to-Date 2019 | ||||||
| Sales | Average Price | |||||
| 416 | 905 | Total | 416 | 905 | Total | |
| Detached | 8,868 | 29,492 | 38,360 | 1,316,510 | 924,294 | 1,014,966 |
| Yr./Yr. % Change | 15.2% | 19.6% | 18.5% | -0.4% | 1.1% | 0.4% |
| Semi-Detached | 2,806 | 5,104 | 7,910 | 1,046,480 | 687,482 | 814,833 |
| Yr./Yr. % Change | 11.7% | 13.3% | 12.7% | 4.2% | 4.4% | 4.2% |
| Townhouse | 3,207 | 10,712 | 13,919 | 771,775 | 625,629 | 659,302 |
| Yr./Yr. % Change | 16.7% | 14.8% | 15.3% | 3.7% | 2.9% | 3.2% |
| Condo Apartment | 15,472 | 6,785 | 22,257 | 632,650 | 481,441 | 586,554 |
| Yr./Yr. % Change | 0.2% | 9.2% | 2.8% | 6.6% | 6.9% | 6.2% |
| Jan.-Nov. 2019 TREB MLS® System Condominium Apartment Rental Market Summary* | ||||
| Apartment Type | Month/Year | Rentals | Average Rent | |
| One-Bedroom | Jan.-Oct. 2019 | 18,798 | $2,210 | |
| Jan.-Oct. 2018 | 16,510 | $2,092 | ||
| Yr./Yr. % Chg. | 13.9% | 5.6% | ||
| Two-Bedroom | Jan.-Oct. 2019 | 11,107 | $2,885 | |
| Jan.-Oct. 2018 | 10,027 | $2,760 | ||
| Yr./Yr. % Chg. | 10.8% | 4.5% | ||
Source: Toronto Real Estate Board
*Note: A broader breakout of condominium apartment and condominium townhouse rental statistics by bedroom type and TREB areas and municipalities will continue to be provided in TREB's quarterly Rental Market Report.
| Seasonally Adjusted TREB MLS® Sales and Average Price1 | ||||
| Sales | Month-over-Month % Chg. | Average Price | Month-over-Month % Chg. | |
| November '18 | 6,698 | -1.4% | $800,590 | -0.8% |
| December '18 | 6,751 | 0.8% | $793,999 | -0.8% |
| January '19 | 6,815 | 0.9% | $779,242 | -1.9% |
| February '19 | 6,201 | -9.0% | $764,121 | -1.9% |
| March '19 | 6,347 | 2.4% | $761,226 | -0.4% |
| April '19 | 7,046 | 11.0% | $773,815 | 1.7% |
| May '19 | 7,389 | 4.9% | $796,066 | 2.9% |
| June '19 | 7,477 | 1.2% | $812,642 | 2.1% |
| July '19 | 7,839 | 4.8% | $825,397 | 1.6% |
| August '19 | 7,933 | 1.2% | $827,681 | 0.3% |
| September '19 | 7,871 | -0.8% | $837,095 | 1.1% |
| October '19 | 7,660 | -2.7% | $838,407 | 0.2% |
| November '19 | 7,780 | 1.6% | $843,221 | 0.6% |
| Source: Toronto Real Estate Board; CREA Seasonal Adjustment | ||||
| 1 Preliminary seasonal adjustment undertaken by the Canadian Real Estate Association (CREA). Removing normal seasonal variations allows for more meaningful analysis of monthly changes and underlying trends. | ||||
Media Inquiries:
Mary Gallagher, Senior Manager, Public Affairs
maryg@trebnet.com
(416) 443-8158
TREB is Canada’s largest real estate board. Over 54,500 residential and commercial TREB Members serve consumers in the Greater Toronto Area. Greater Toronto REALTORS® are passionate about their work. They are governed by a strict Code of Ethics and share a state-of-the-art Multiple Listing Service®.
https://www.facebook.com/TREBhome
https://twitter.com/TREBhome
https://www.youtube.com/user/TREBChannel
https://www.pinterest.com/trebhome/
http://www.linkedin.com/company/treb
http://www.trebwire.com/
https://www.instagram.com/trebhome
https://soundcloud.com/trebhome/tracks