INFOGRAPHICS: December 2018 TREB Toronto Market Reports
It’s a new month in a new year, so here are the latest real estate market updates for areas covered by the Toronto Real Estate Board (TREB)!
In its most recent monthly report, Greater Toronto Area REALTORS reported a total of 77,426 residential transactions through TREB’s MLS System in 2018. This total is a 16.1% decline compared to 92,263 sales in 2017.
In 2018, average selling price was also down by 4.3% year-over-year for all home types across the TREB market area.
Home prices went up very slightly in the City of Toronto, however. This is due to the fact that the condominium apartment segment has been performing better from a pricing perspective compared to detached properties, and it comprises a large portion of sales in the City of Toronto.
As for factors that may be affecting this movement, according to TREB President Garry Bhaura,
“Higher borrowing costs coupled with the new mortgage stress test certainly prompted some households to temporarily move to the sidelines to reassess their housing options. With this said, it is important to note that market conditions were improved in the second half of the year, both from a sales and pricing standpoint.”
TREB’s Director of Market Analysis and Service Channels, Jason Mercer, adds,
“After spiking in 2017, new listings receded markedly in 2018. In many neighbourhoods, despite fewer sales from a historic perspective, some buyers still struggled to find a home meeting their needs. The result was a resumption of a moderate year-over-year pace of home price growth in the second half of the year. Price growth was strongest for less-expensive home types, as many home buyers sought more affordable home ownership options.”
The following data is a comparison between December 2017 and December 2018 numbers, and is current as of January 2019. For last month’s numbers, check out our previous infographic!
Click on the images for a larger view!
(Protip: Make sure to grab the printable PDF versions, too! It fits best when printed on A4-sized sheets, AND we’ve added an area on the sheet where you can attach your business card! 🙂 )
UPDATE: In January 2020, TREB has since rebranded to TRREB, the Toronto Regional Real Estate Board.