TORONTO, March 06, 2018 (GLOBE NEWSWIRE) -- 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.

In recent submissions to the City of Toronto and other levels of government, TREB has argued that housing affordability must continue to be a priority.

“It is encouraging that the City did not include demand-oriented tax policies in its Budget,” said Mr. Syrianos.  “TREB believes that all levels of government need to collaboratively develop solutions to increase the supply of housing, especially the ‘missing middle’.  This was noted in our 2018 Market Year in Review and Outlook Report, which calls for more ‘gentle density’, including housing types like semi-detached houses, townhouses, multiplexes and apartments.”

Summary of TREB MLS®  Sales and Average Price - February 1 - 28, 2018 
 20182017 
 SalesAverage PriceNew ListingsSalesAverage PriceNew Listings 
City of Toronto ("416")2,013806,4943,3862,889859,2103,576 
Rest of GTA ("905")3,162743,1967,1345,066886,1456,225 
GTA5,175767,81810,5207,955876,3639,801 
TREB MLS® Sales & Average Price  By Home Type - February 1 - 28, 2018
 SalesAverage Price
 416 905 Total416 905 Total
       
Detached524 1,645 2,169 1,282,240 911,065 1,000,736 
Yr./Yr. % Change-33.6% -43.3% -41.2% -18.6% -17.8% -17.2%
Semi-Detached146 308 454 985,902 648,338 756,894 
Yr./Yr. % Change-26.3% -29.8% -28.7% -9.0% -9.1% -8.6%
Townhouse183 664 847 776,642 600,671 638,691 
Yr./Yr. % Change-28.2% -26.4% -26.8% 15.5% -8.1% -2.9%
Condo Apartment1,142 489 1,631 570,275 435,216 529,782 
Yr./Yr. % Change-29.9% -32.8% -30.8% 10.7% 7.6% 10.1%
February 2018 Year-Over-Year Per Cent Change in the MLS® HPI 
 Composite (All
Types)
Single-Family
Detached
Single-Family
Attached
TownhouseApartment 
TREB Total3.21% -2.06% -0.75% 7.46% 18.82%  
Halton Region1.58% -0.15% 0.19% 6.09% 8.51%  
Peel Region2.34% -0.76% 0.04% 4.66% 14.89%  
City of Toronto9.54% -1.51% 2.36% 13.08% 20.91%  
York Region-4.70% -7.40% -7.19% 4.56% 17.36%  
Durham Region2.89% 2.26% 2.44% 3.78% 17.15%  
Orangeville11.45% 11.30% 10.00% --  
South Simcoe County1-3.80% -4.62% 1.87% --  
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 
 20182017 
 SalesAverage PriceNew ListingsSalesAverage PriceNew Listings 
City of Toronto ("416")3,525789,6406,1564,778806,9016,455 
Rest of GTA ("905")5,653731,36612,9338,332849,36910,660 
GTA9,178753,74719,08913,110833,89217,115 
Annual TREB MLS® Sales & Average Price  By Home Type Year-to-Date 
 SalesAverage Price 
 416 905 Total416 905 Total 
Detached900 2,922 3,822 1,282,967 895,200 986,511  
Yr./Yr. % Change-27.9%
 -37.6% -35.5% -13.8% -16.1% -14.6%  
Semi-Detached240 574 814 966,601 643,848 739,009  
Yr./Yr. % Change-23.8% -22.5% -22.9% -4.9% -7.0% -6.3%  
Townhouse319 1,201 1,520 747,897 595,202 627,248  
Yr./Yr. % Change-26.5% -19.7% -21.2% 12.2% -6.2% -2.2%  
Condo Apartment2,038 864 2,902 558,656 429,496 520,202  
Yr./Yr. % Change-25.9% -30.3% -27.2%12.3% 9.0% 11.8%  

Source: Toronto Real Estate Board

Media Inquiries:
Mary Gallagher, Senior Manager Public Affairs  
(416) 443-8158
maryg@trebnet.com

TREB is Canada’s largest real estate board. Over 49,000 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®.

www.TREBhome.com

https://www.facebook.com/TorontoRealEstateBoard
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://plus.google.com/+trebchannel
https://www.trebhome.com/rssfeed.htm
https://www.instagram.com/trebhome
https://soundcloud.com/trebhome/tracks