TORONTO, October 3, 2018 -- Toronto Real Estate Board President Garry Bhaura announced that Greater Toronto Area REALTORS® reported 6,455 sales through TREB's MLS® System in September 2018 – up 1.9 per cent compared to September 2017. The average selling price for September 2018 sales was up by 2.9 per cent over the same period to $796,786. The MLS® HPI composite benchmark price was up by two per cent year-over-year.
New listings entered into TREB's MLS® System in September 2018 amounted to 15,920 – down by 3.1 per cent compared to September 2017. With sales up year-over-year and new listings down, market conditions became tighter. Many buyers may have found it more difficult to find a home meeting their needs.
"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. This is why it's important to work with a REALTOR® who is familiar with local market conditions in your areas of interest," said Mr. Bhaura.
"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," added Mr. Bhaura.
On a monthly basis, after preliminary seasonal adjustment, sales edged up by 0.2 per cent in September 2018 compared to August 2018. The average selling price, after preliminary seasonal adjustment, edged lower by 0.5 per cent month-over-month.
"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," said Jason Mercer, TREB's Director of Market Analysis.
Housing Issues in the Upcoming Municipal Elections
With a municipal election just a few weeks away, TREB is continuing to highlight key housing issues for the public to consider when voting and is providing an opportunity for voters to easily communicate about these issues with election candidates through a dedicated web site: UnLockMyHousingOptions.com.
TREB is also hosting an election forum for TREB Members with Toronto Mayoral candidates John Tory and Jennifer Keesmat on real estate and housing issues, on October 3, 2018, at Parkview Manor, beginning at 1:00 p,m. and the media is invited. Each candidate will be addressing TREB Members and then taking questions, which will be moderated by John Moore, Host, Newstalk 1010. The candidates will be addressing TREB Members about their views on housing issues.
"Polling done by Ipsos Public Affairs has shown that housing issues are top of mind for voters in this election, so we are excited to be hosting Mayor Tory and Ms. Keesmat to provide them an opportunity to present their views on this issue. TREB has been working hard to highlight housing issues in this election and this event will help to do that," said Mr. Bhaura.