Hello dear Canadian Desis,

Toronto Real Estate Board (TREB) released the Annual Statistics for 2018 for the residential transactions done through TREB MLS system.

Highlights:

- There is a decline of 16.1% in sales in 2018 as compared to 2017.
- New Listings have also declined in 2018 as compared to 2017 by 12.7%
- Overall average selling price was down by 4.3% in 2018 compared to 2017.
- However, in December 2018, the average price increased by 2.1% in comparison with
December 2017 price.
- Prices for Detached properties came down whereas it went up for Semi-Detached,
Townhouses and Condominium apartments.

May be it's Good time to upgrade from Condo / Townhouse / Semi-Detached to a Detached property.

If somebody wants report pertaining to any specific area of GTA, please get in touch with me and I can share the report.

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TREB RELEASES RESALE MARKET FIGURES AS REPORTED BY GTA REALTORS®

TORONTO, ONTARIO – 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, TREB President.

“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,” said Jason Mercer, TREB’s Director of Market Analysis and Service Channels.

Summary of TREB MLS® Sales and Average Price December 1 - 31, 2018
2018 2017
Sales Average Price New Listings Sales Average Price New Listings
(416 area) 1,473 762,627 1,426 1,953 740,721 2,133
(905 area) 2,308 742,237 2,882 2,923 730,922 4,156
GTA 3,781 750,180 4,308 4,876 734,847 6,289



TREB MLS® Sales & Average Price By Home Type December 1 - 31, 2018
Sales Average Price
416 905 Total 416 905 Total
Detached 340 1,250 1,590 1,145,892 891,095 945,580
Yr./Yr. % Change -24.1% -14.8% -17.0% -8.0% -2.2% -4.4%
Semi-Detached 116 226 342 939,859 661,186 755,707
Yr./Yr. % Change -32.6% -26.6% -28.8% 4.0% 3.9% 3.2%
Townhouse 162 455 617 714,456 591,851 624,042
Yr./Yr. % Change -18.2% -31.1% -28.1% 10.0% 2.9% 5.3%
Condo Apartment 848 337 1,185 594,381 454,135 554,497
Yr./Yr. % Change -23.9% -21.8% -23.4% 11.4% 5.8% 9.9%

Source: Toronto Real Estate Board; CREA

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Sanjeev Manocha, MBA
Real Estate Sales Representative
Accredited Buyer Representative (ABR)

Re/Max West Realty Inc, Brokerage
96, Rexdale Blvd., Toronto

Mobile: 416-843-7600
Office: 416-745-2300
http://www.manocharealty.com" rel="nofollow">LINK