Real Estate News

July 2018 Newsletter


GTA REALTORS® Release June Stats

July 5, 2018 -- Toronto Real Estate Board President Garry Bhaura, in his first market release as TREB President, is pleased to announce some positive signs with respect to the housing market.

Greater Toronto Area REALTORS® reported 8,082 home sales through TREB's MLS® System in June 2018 – up 2.4 percent compared to the low June home buyers reacted to various policy changes impacting the market.

"Homeownership has proven to be a positive long-term investment. After some adjustment to the Fair Housing Plan, the new Office of The Superintendent of Financial Institutions (OSFI) stress test requirement and generally higher borrowing costs, home buyers are starting to move back into the market, with sales trending up from last year's lows. Market conditions appear to be tightening,

with sales accounting for a greater share of listings, as new listings have dropped compared to last year," said Mr. Bhaura.

Average Market Price


Market Activity

                                   Active Listings       New Listings          Sold listings


The average selling price edged up by two per cent on a year-over-year basis to $807,871 in June 2018. After preliminary seasonal adjustment, the average selling price was also up by 3.3 per cent month-over-month between May 2018 and June 2018. The MLS® Home Price Index (HPI) was down by 4.8 per cent on a year-over-year basis, but remained basically flat month-over-month. The difference in the year-over-year rates of change between the average price and the MLS® HPI was likely due, at least in part, to a change in the mix of properties sold in June 2018 compared to June 2017, with low-rise home types accounting for a greater share of sales in June 2018.

"The expectation is to see improvement in sales over the next year. Over the same period, however, it is likely that issues surrounding the supply of listings will persist. This suggests that competition between buyers could increase, exerting increased upward pressure on home prices. With a new provincial government in place and municipal elections on the horizon, housing supply

should be top-of-mind for policy makers," said Jason Mercer, TREB's Director of Market Analysis and Service Channels.


Retrieved from Toronto Real Estate Board Report


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