TREB RELEASES AUGUST MARKET FIGURES AS REPORTED BY GTA REALTORS®

Toronto Real Estate Board President Michael Collins announced that Greater Toronto Area REALTORS® reported 7,711 residential sales through TREB’s MLS® System in August 2019. This result represented a 13.4 per cent increase compared to 6,797 sales reported in August 2018. On a month-over-month basis, after preliminary seasonal adjustment, sales were up by 0.8 per cent.

“GTA-wide sales were up on a year-over-year basis for all major market segments, with annual rates of sales growth strongest for low-rise home types including detached houses. This reflects the fact that demand for more expensive home types was very low in 2018 and has rebounded to a certain degree in 2019, albeit not back to the record levels experienced in 2016 and the first quarter of 2017. The OSFI mortgage stress test continues to keep some would-be home buyers on the sidelines,” said Mr. Collins.

Market conditions also became tighter in August 2019 compared to a year ago because, while sales were up year-over-year, new listings were down by three per cent over the same time period to 11,789. Year-to-date, growth in sales has well outstripped growth in new listings. This is why overall active listings counted at the end of August were down by more than 11 per cent compared to August 2018.

“The GTA’s strong economy, cultural diversity and internationally recognized quality of life continues to attract newcomers to the region each year. This needs to continue for it to remain competitive on the global stage. However, our housing supply has not kept up with population growth, which has led to pent-up housing demand. The Province of Ontario, City of Toronto and other GTA municipalities have recognized that housing supply is a key issue and are working toward solutions. With the federal election less than two months away, all political parties should be making their housing policy stance clear as well,” said TREB CEO John DiMichele.

The MLS® Home Price Index Composite Benchmark for August 2019 was up by 4.9 per cent on a year-over-year basis. The average selling price, at $792,611 in August 2019, was up by 3.6 per cent year-over-year. Both the MLS® HPI benchmark prices and average selling prices were up on an annual basis for major market segments. The condominium apartment segment continued to lead the way in terms of price growth, followed by higher density low-rise home types and finally detached houses.

“This year’s market through August has been characterized by receding listings and increasing sales relative to 2018. Competition between buyers has increased, which has led to stronger annual rates of price growth, most notably during this past spring and summer. Right now, the overall pace of price growth is moderate. However, if demand for ownership housing continues to increase relative to the supply of listings, the annual rate of price growth will accelerate further. This underpins the importance of solving this region’s housing supply issues, which will go a long way to insuring a sustainable pace of price growth over the long term,” said Jason Mercer, TREB’s Chief Market Analyst.

Summary of TREB MLS® Sales and Average Price – August 1-31, 2019
	2019			2018
	Sales	Average Price	New Listings	Sales	Average Price	New Listings
City of Toronto (“416”)	2,553	818,715	3,727	2,428	785,358	3,752
Rest of GTA (“905”)	5,158	779,690	8,062	4,369	754,079	8,406
GTA	7,711	792,611	11,789	6,797	765,252	12,158

TREB MLS® Sales & Average Price By Home Type – August 1-31, 2019
	Sales			Average Price
	416	905	Total	416	905	Total

Detached	669	2,949	3,618	1,246,392	918,242	978,920
Yr./Yr. % Change	8.8%	24.5%	21.3%	0.3%	1.3%	0.3%
Semi-Detached	188	454	642	956,411	690,305	768,230
Yr./Yr. % Change	-1.6%	18.5%	11.8%	7.3%	3.3%	3.5%
Townhouse	262	1,030	1,292	712,934	620,927	639,584
Yr./Yr. % Change	17.0%	12.9%	13.7%	4.1%	1.7%	2.3%
Condo Apartment	1,410	657	2,067	619,307	478,755	574,632
Yr./Yr. % Change	2.2%	8.2%	4.0%	5.7%	8.5%	6.1%

August 2019 Year-Over-Year Per Cent Change in the MLS® HPI

Composite (All Types)

Single-Family Detached

Single-Family Attached

Townhouse

Apartment

TREB Total

4.92%

3.07%

3.94%

6.12%

7.97%

Halton Region

6.99%

6.34%

3.24%

11.88%

8.07%

Peel Region

6.66%

5.47%

6.11%

5.72%

11.78%

City of Toronto

5.92%

2.95%

5.05%

2.72%

8.01%

York Region

0.12%

-0.58%

0.87%

-0.88%

3.77%

Durham Region

2.67%

2.37%

2.64%

5.85%

1.63%

Orangeville

0.54%

0.63%

0.80%

–

South Simcoe County¹

0.61%

-3.80%

-0.92%

–

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”)

21,586

869,666

37,260

20,575

833,010

35,744

Rest of GTA (“905”)

38,591

772,857

74,636

33,628

758,595

75,553

GTA

60,177

807,584

111,896

54,203

786,842

111,297

Annual TREB MLS® Sales & Average Price By Home Type – Year-to-Date 2019

Sales

Average Price

416

905

Total

416

905

Total

Detached

6,148

21,435

27,583

1,304,003

915,645

1,002,206

Yr./Yr. % Change

12.4%

18.1%

16.8%

-1.5%

-0.1%

-0.9%

Semi-Detached

1,959

3,737

5,696

1,031,307

684,910

804,045

Yr./Yr. % Change

13.7%

14.5%

14.2%

3.8%

4.1%

3.9%

Townhouse

2,245

7,831

10,076

767,597

621,254

653,860

Yr./Yr. % Change

14.2%

13.3%

13.5%

3.6%

2.4%

2.7%

Condo Apartment

11,092

4,993

16,085

624,315

473,173

577,398

Yr./Yr. % Change

-1.7%

9.0%

1.4%

6.0%

5.6%

5.3%

Jan.-Aug. 2019 TREB MLS® System Condominium Apartment Rental Market Summary*

Apartment Type

Month/Year

Rentals

Average Rent

One-Bedroom

Jan.-July 2019

14,226

$2,201

Jan.-July 2018

12,442

$2,071

Yr./Yr. % Chg.

14.3%

6.3%

Two-Bedroom

Jan.-July 2019

8,591

$2,874

Jan.-July 2018

7,750

$2,748

Yr./Yr. % Chg.

10.9%

4.6%

*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.
August ’18	6,947	3.0%	$804,581	-0.3%
September ’18	6,922	-0.4%	$800,687	-0.5%
October ’18	6,793	-1.9%	$807,128	0.8%
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	7,903	0.8%	$826,789	0.2%

Source: Toronto Real Estate Board; CREA Seasonal Adjustment

¹Preliminary 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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