December and 2018 Annual Statistics
Released TORONTO, ONTARIO, January 4, 2019
Toronto Real Estate Board President Garry Bhaura announced that Greater Toronto Area REALTORS® reported a total of 77,426 residential transactions through TREB’s MLS® System in 2018. This result represented a 16.1 per cent decline compared to 92,263 sales reported in 2017.
Total new listings entered into TREB’s MLS® System were down by 12.7 per cent over the same period to 155,823. The overall average selling price for 2018 transactions, at $787,300, was down by 4.3 per cent year-over-year for all home types combined across the TREB market area. Home prices were up very slightly in the City of Toronto and down in the surrounding GTA regions.
This dichotomy reflects the fact that the condominium apartment segment, which accounted for a large proportion of sales in the City of Toronto, performed better from a pricing perspective than the detached market segment. The average price for condominium apartment sales across the TREB market area was up by 7.8 per cent year-over-year.
“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,” said Garry Bhaura. “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 lessexpensive home types, as many home buyers sought more affordable home ownership options,” said Jason Mercer, TREB’s Director of Market Analysis and Service Channels.
Call me for an accurate evaluation of your property. I will provide a top notch marketing plan and tell you about my satisfaction guarantee.
It’s about people, is not just a slogan - it’s who I am. I know what you’re thinking and feeling because I’ve been through it a number of times. I’m here to help you feel more comfortable, more relaxed and ultimately feel more like “home” until you re-establish your home. I’ll get to know you, your lifestyle and what is required to make your transition a smooth one.
If you are a buyer, it would be a good idea to hire Realtors, To help navigate this difficult market. I will discuss a plan to find the right home for you, be it a house, condominium, investment property, or a townhouse. I'm happy to announce that I've been awarded the Diamond Award for 2017 and the Lifetime Award of Excellence. This puts me in the top 3% in Canada for Royal LePage.
Search for your dream home here