TRREB Releases May Resale Housing Market Report

TORONTO, June 03, 2020 (GLOBE NEWSWIRE) -- Toronto Regional Real Estate Board President Michael Collins released the following key housing market statistics for May 2020:

TRREB MLS® System Sales and New Listings

  • Greater Toronto Area REALTORS® reported 4,606 sales through TRREB’s MLS® System in May 2020. This result was down by 53.7 per cent compared to May 2019.
  • While the number of sales was down substantially on a year-over-year basis due to the continued impact of COVID-19, the decline was less than the 67.1 per cent year-over-year decline reported for April 2020.
  • On a month-over-month basis, actual and seasonally adjusted May sales were up substantially compared to April. Actual May 2020 sales increased by 55.2 per cent compared to April 2020. After accounting for the regular seasonal increase that is experienced each year between April and May, seasonally adjusted sales were up by 53.2 per cent month-over-month.
  • The number of new listings entered into TRREB’s MLS® System in May was down by a similar annual rate to that of sales, dipping by 53.1 per cent to 9,104. On a month-over-month basis, actual new listings were up by 47.5 per cent.

“While the public health and economic concerns surrounding COVID-19 continue to impact the housing market, the May sales result represented a marked improvement over April. TRREB released updated Ipsos consumer intentions polling results in May that indicated that 27 per cent of GTA households were likely to purchase a home over the next year. Providing we continue to see a gradual re-opening of the economy, it is very possible that home sales will continue to improve in the coming months,” said Mr. Collins.

“As we move toward recovery, the housing sector will be a key driver of growth as consumer confidence increases and more households look to take advantage of very low borrowing costs. It will be important for policy makers at all levels of government to continue, and indeed enhance their efforts to bring on line a greater diversity of ownership and rental housing supply. This will help avoid the pace of home price growth accelerating to unsustainable levels,” said TRREB CEO John DiMichele.

Home Prices

  • The MLS® Home Price Index Composite Benchmark price was virtually unchanged in May 2020 compared to April 2020. On a year-over-year basis, the composite benchmark was up by 9.4 per cent.
  • The average selling price for all home types combined was up by three per cent compared to May 2019 to $863,599. On a seasonally adjusted basis, the average selling price was up by 4.6 per cent month-over-month compared April 2020.
  • The difference in year-over-year growth between the MLS® HPI Composite Benchmark and the average selling price was related to the fact that home sales in the City of Toronto, particularly in the detached segment, were down by a greater annual rate than overall sales in the GTA. This resulted in a compositional impact on the overall average selling price.

“With home sales and new listings continuing to trend in unison in May, market conditions remained balanced. This balance was evidenced by year-over-year average price growth slightly above the Bank of Canada’s long-term target for inflation. If current market conditions are sustained during the gradual re-opening of the GTA economy, a moderate pace of year-over-year price growth could continue as we move through the spring and summer months,” said Jason Mercer, TRREB’s Chief Market Analyst.

Condominium Apartment Rental Market

  • One-bedroom and two-bedroom condominium apartment rental transactions were lower in May 2020 compared to May 2019. The number of one-bedroom rentals was down by 30.8 per cent to 1,290. The number of two-bedroom rentals was down by 26.7 per cent to 820.
  • However, similar to home sales, there was a marked improvement in rental transactions between April 2020 and May 2020. The number of one-bedroom rentals, at 1,290, was well-above the 754 mark for April. Similarly, the number of two-bedroom rentals, at 820, was well-above the 489 rentals reported for April.
  • On a year-over-year basis, average condominium apartment rents continued to be lower than last year’s levels in April. The average one-bedroom rent was $2,086 in May 2020 – down by 5.1 per cent compared to May 2019. The average two-bedroom rent was $2,740 in May 2020 – down by 5.6 per cent compared to May 2019.
Summary of TREB MLS® Sales and Average Price May 1 - 31, 2020
 SalesAverage PriceNew ListingsSalesAverage PriceNew Listings
City of Toronto ("416")1,491955,2733,3123,697936,8526,654
Rest of GTA ("905")3,115819,7195,7926,253779,95012,740

May 2020 Year-Over-Year Per Cent Change in the MLS® HPI
 Composite (All
TREB Total9.43%7.55%8.92%10.28%12.19%
Halton Region8.72%7.61%8.68%10.68%10.21%
Peel Region11.09%8.93%10.20%12.10%16.70%
City of Toronto9.79%7.57%7.83%8.87%11.41%
York Region8.62%7.70%8.87%7.85%12.44%
Durham Region9.27%8.40%10.02%13.24%11.79%
South Simcoe
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
 SalesAverage PriceNew ListingsSalesAverage PriceNew Listings
City of Toronto ("416")9,344952,80416,59112,727875,41523,364
Rest of GTA ("905")17,969839,78431,58222,310764,55846,522

Annual TREB MLS® Sales & Average Price By Home Type Year-to-Date 2020
 SalesAverage Price
Yr./Yr. % Change-25.8%-15.9%-18.1%7.5%7.6%6.6%
Yr./Yr. % Change-32.3%-19.4%-24.0%8.5%9.1%7.0%
Yr./Yr. % Change-25.4%-20.0%-21.2%5.9%9.8%8.5%
Condo Apartment4,8532,0526,905693,282523,244642,750
Yr./Yr. % Change-26.2%-32.2%-28.1%11.5%11.6%12.1%

TREB MLS® Sales  By Home Type May 1 - 31, 2020
 Home Type
Yr./Yr. %
Yr./Yr. %
Yr./Yr. %
Yr./Yr. %
Yr./Yr. %
Yr./Yr. %

  TREB MLS® Average Price By Home Type May 1 - 31, 2020
  Home Type
  All TypesDetachedSemi-DetachedTownhouseCondo ApartmentOther
All AreasAverage Price$863,599$1,033,341$867,717$686,854$625,445$690,605
Yr./Yr. % Chg.3.0%-0.9%4.8%3.1%6.0%2.2%
HaltonAverage Price$922,833$1,129,131$786,248$701,103$515,930$830,586
Yr./Yr. % Chg.7.8%5.6%9.3%6.9%4.2%8.2%
PeelAverage Price$807,724$993,482$752,187$652,301$491,897$760,667
Yr./Yr. % Chg.7.1%3.2%8.4%8.0%6.0%-1.1%
TorontoAverage Price$955,273$1,422,273$1,143,322$794,626$674,028$511,950
Yr./Yr. % Chg.2.0%2.7%8.8%-0.2%5.0%-3.6%
YorkAverage Price$1,010,745$1,177,151$802,832$787,959$552,769$897,778
Yr./Yr. % Chg.8.7%5.9%3.4%5.6%7.5%6.1%
DurhamAverage Price$651,590$707,239$528,857$541,151$386,133$569,333
Yr./Yr. % Chg.4.7%4.0%4.6%6.5%-9.4%0.5%

May 2020 TRREB MLS® System Condominium Apartment Rental Market Summary*
Apartment TypeMonth/YearRentalsAverage Rent
One-BedroomMay. 20201,290$2,086
May. 20191,863$2,197
Yr./Yr. % Chg.-30.8%-5.1%
Two-BedroomMay. 2020820$2,740
May. 20191,118$2,904
Yr./Yr. % Chg.-26.7%-5.6%
  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 TRREB MLS® Sales and Average Price1 
 SalesMonth-over-Month %
Average PriceMonth-
Month %
May '197,3563.9%$802,1621.9%
June '197,5132.1%$812,3421.3%
July '197,8844.9%$824,2151.5%
August '197,9891.3%$825,9040.2%
September '197,9930.1%$837,2811.4%
October '197,840-1.9%$839,9450.3%
November '197,835-0.1%$846,3740.8%
December '197,626-2.7%$874,2833.3%
January '207,7631.8%$875,7670.2%
February '208,90214.7%$904,4503.3%
March '206,936-22.1%$894,745-1.1%
April '202,317-66.6%$789,054-11.8%
May '203,54953.2%$825,6744.6%
Source: Toronto Regional 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.

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