TORONTO, July 04, 2019 (GLOBE NEWSWIRE) -- The new President of the Toronto Real Estate Board, Michael Collins, announced that Greater Toronto Area REALTORS® reported 8,860 sales through TREB’s MLS® System in June 2019, representing a 10.4 per cent increase compared to June 2018.  Over the same time period, total new listings remained at a similar level for the month of June and active listings at month-end were down by 5.7 per cent.

Sales and new listings statistics for the first half of 2019 compared to the same period in 2018 painted a similar story to that of June.  Sales were up by 8.5 per cent, while new listings were up by less than one per cent.  This shows that sales accounted for a greater share of listings compared to last year, which means that competition between buyers increased, resulting in renewed price growth in many segments of the market.

“As I start my term as President of the Toronto Real Estate Board, I am proud to say that the Greater Toronto Area continues to grow, in terms of employment, population and overall diversity.  As people are attracted to our region from all around the world, they obviously need a place to live.  Over the next year, as demand for ownership and rental housing continues to grow, my hope is that we will see more movement from policy makers on two fronts: alleviating the constrained supply of housing and providing more flexibility around demand-side policies, including the OSFI two percentage point mortgage stress test and allowable amortization periods on insured mortgages,” said Mr. Collins.

The overall average selling price in June 2019 was $832,703 – up by three per cent compared to the average of $808,066 in June 2018.  Price growth was driven by the higher density market segments, including semi-detached houses, townhouses and condominium apartments.  The MLS® Home Price Index Composite Benchmark was up by a similar annual rate of 3.6 per cent.  For the first half of 2019, the average selling price was $810,661, representing an increase of 2.4 per cent compared to the first half of 2018.

“Buyers started moving off the sidelines in the spring, as evidenced by strong year-over-year price growth throughout the second quarter.  However, because we saw virtually no change in the number of new listings, market conditions tightened and price growth picked up, especially for more higher density home types, which, on average, are less-expensive than traditional detached houses and therefore provide more affordable housing options under the new OSFI stress test regime,” said Jason Mercer, TREB’s Chief Market Analyst.

“While some home buyers may have adjusted to the OSFI stress test by looking to more affordable housing options, this could present an issue over the longer term because we aren’t adding a meaningful amount of new mid-density housing supply to bridge the gap between condominium apartments and detached houses.  Finding ways to add more mid-density housing types to existing neighbourhoods and new developments needs to be a key component of municipal, provincial and federal housing plans and policies moving forward,” said TREB CEO John DiMichele.

Summary of TREB MLS®  Sales and Average Price June 1 - 30, 2019
 SalesAverage PriceNew ListingsSalesAverage PriceNew Listings
City of Toronto ("416")3,201915,4815,4013,073870,6975,222
Rest of GTA ("905")5,659785,87910,4154,951769,19210,654

TREB MLS® Sales & Average Price  By Home Type June 1 - 30, 2019
 SalesAverage Price
Detached 9953,2304,2251,332,639922,3671,018,987
Yr./Yr. % Change 13.6%20.3%18.6%-1.6%-0.7%-1.4%
Semi-Detached 3335538861,055,423694,282830,015
Yr./Yr. % Change 12.5%7.6%9.4%5.4%4.3%5.3%
Townhouse 3561,1241,480810,039618,958664,921
Yr./Yr. % Change 17.5%10.4%12.0%9.2%1.6%3.9%
Condo Apartment 1,4976522,149636,606483,893590,274
Yr./Yr. % Change -5.6%2.7%-3.2%5.1%7.7%5.2%
June 2019 Year-Over-Year Per Cent Change in the MLS® HPI
(All Types)
TREB Total3.62%1.47%2.77%4.57%7.48%
Halton Region3.87%3.53%3.48%3.90%2.92%
Peel Region5.82%3.89%4.46%6.45%12.76%
City of Toronto5.05%1.41%2.97%3.11%7.72%
York Region-1.21%-2.09%-0.35%0.21%2.71%
Durham Region1.25%0.68%1.72%3.98%2.73%
South Simcoe County1-2.62%-0.96%3.90%--
Source: Toronto Real Estate Board         
South Simcoe includes Adjala-Tosorontio, Bradford West Gwillimbury, Essa, Innisfil and New Tecumseth 

Annual Summary of TREB MLS® Sales and Average Price
 SalesAverage PriceNew ListingsSalesAverage PriceNew Listings
City of Toronto ("416")15,948883,78228,76115,585841,88627,481
Rest of GTA ("905")28,002769,01656,93524,906759,65957,786

Annual TREB MLS® Sales & Average Price  By Home Type
 Year-to-Date 2019
 SalesAverage Price
Yr./Yr. % Change-4.8%-2.1%-2.7%-0.6%-0.5%-0.8%
Yr./Yr. % Change-2.2%-6.0%-4.7%4.3%3.9%4.5%
Yr./Yr. % Change-4.8%-4.7%-4.7%4.1%2.2%2.7%
Condo Apartment8,0763,68211,758624,794471,500576,790
Yr./Yr. % Change-18.5%-7.4%-15.3%6.0%5.0%5.0%

Seasonally Adjusted TREB MLS® Sales and Average Price1 
% Chg.
Average PriceMonth-over-Month
% Chg.
June '186,49011.4%$786,4062.9%
July '186,7463.9%$806,9072.6%
August '186,9473.0%$804,581-0.3%
September '186,922-0.4%$800,687-0.5%
October '186,793-1.9%$807,1280.8%
November '186,698-1.4%$800,590-0.8%
December '186,7510.8%$793,999-0.8%
January '196,8150.9%$779,242-1.9%
February '196,201-9.0%$764,121-1.9%
March '196,3472.4%$761,226-0.4%
April '197,04611.0%$773,8151.7%
May '197,3934.9%$796,0662.9%
June '197,4160.3%$809,9961.7%
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 (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®.