INFOGRAPHICS: November 2018 TREB Toronto Market Reports
We’re at the home stretch for the year! Here are the latest real estate market updates for areas covered by the Toronto Real Estate Board (TREB)!
According to their November 2018 Market Watch report, as well as their press release, there is a continuation of moderate price growth in November 2018 compared to November 2017, with the average selling price going up by 3.5% year-over-year.
Meanwhile, on a preliminary seasonally adjusted basis, and compared to October 2018, sales were down by 3.4%, and the average selling price after preliminary seasonal adjustment was down by 0.8%. (Check out TREB’s Primer on Seasonality and Seasonal Adjustment here!)
TREB President Harry Bhaura notes,
“New listings were actually down more than sales on a year-over-year basis in November. This suggests that, in many neighbourhoods, competition between buyers may have increased. Relatively tight market conditions over the past few months have provided the foundation for renewed price growth.”
Jason Mercer, TREB’s Director of Market Analysis, also adds,
“Home types with lower average price points have been associated with stronger rates of price growth over the past few months.
Given the impact of the OSFI-mandated mortgage stress test and higher borrowing costs on affordability, it makes sense that the condo apartment and semi-detached market segments experienced relatively stronger rates of price growth in November, as market conditions in these segments remained tight or tightened respectively over the past year.”
Looking at the housing market from a policy perspective, TREB is encouraged with the provincial government’s recent announcement and on-going public consultation regarding a housing supply action plan.
Regarding this point, TREB CEO John Di Michele said,
“Housing supply remains a key issue in the GTA market. More specifically, an adequate supply and appropriate mix of housing types must be part of the conversation, as has been recognized by the provincial government in their consultation documents.
Transit supportive and gentle density ‘missing middle’ housing should be a priority.
TREB has commissioned research on these subjects and looks forward to sharing it at our Market Outlook Economic Summit on February 6, 2019, and as part of the provincial government’s consultations, when results are available in coming months.
TREB is also encouraged that the provincial government remains committed to public transit expansion.
TREB has long advocated for improvements to the Greater Golden Horseshoe transit and transportation network, and feels the time is right to have a conversation about the level of provincial and municipal responsibility that would be the most efficient arrangement to realize subway expansion sooner in Toronto, and the GTA, as this will impact the housing market.”
UPDATE: In January 2020, TREB has since rebranded to TRREB, the Toronto Regional Real Estate Board.
The following data is a comparison between November 2017 and November 2018 numbers, and is current as of December 2018. 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! 🙂 )