The Toronto Real Estate Board (TREB) has released their September 2018 figures for resale homes in the Greater Toronto Are. There were 6,455 sales through TREB’s MLS® System during the month, up 1.9 per cent compared to September 2017. The average selling price was up by 2.9 per cent over the same period to $796,786. There were 15,920 new listings entered into TREB’s MLS® System in September 2018, down by 3.1 per cent compared to September 2017.
Market conditions have become tighter with sales up year-over-year but new listings down, so buyers may have have had a harder time finding a new home to meet their needs. TREB President Garry Bhaura commented “It is healthy to see sales and prices in many areas across the Greater Toronto Area up a bit, compared to last year’s lows. At the same, however, it is important to remember that TREB’s market area is made up of over 500 communities. Market conditions have obviously unfolded differently across these communities."
Bhaura added “While higher borrowing costs and tougher mortgage qualification rules have kept sales levels off the record pace set in 2016, many households remain positive about home ownership as a quality long-term investment. As the GTA population continues to grow, the real challenge in the housing market will be supply rather than demand. The Toronto Real Estate Board is especially concerned with issues affecting housing supply as we move towards municipal elections across the region.”
Month over month, after preliminary seasonal adjustment, sales were only up by 0.2 per cent in September 2018 compared to August 2018. Average selling price, after preliminary seasonal adjustment, dropped by 0.5 per cent month-over-month though.
Jason Mercer, TREB’s Director of Market Analysis, noted “Generally speaking, annual rates of price growth have been stronger for higher density home types in 2018, including condominium apartments, townhouses and semi-detached houses. In many neighbourhoods, these home types provide more affordable home ownership options. This is why a policy focus on increasing mid-density housing options throughout the GTA is important.”
With the municipal election less than three weeks away, TREB is highlighting key housing issues for consideration when voting, and is giving voters an opportunity to communicate with candidates about these issues through a dedicated web site: UnLockMyHousingOptions.com.