October TREB Sales Report: Sales Increased by 6%, Average Sale Price Up 3.5% Driven by Condo Sales

Toronto Real Estate Board President Garry Bhaura announced today, November 5, 2018 that year-over-year increases in home sales and average sale prices were reported through TREB's MLS® System in October 2018.

Greater Toronto Area REALTORS® reported 7,492 sales through TREB's MLS® System in October 2018 – a 6% increase compared to October 2017.  On a preliminary seasonally adjusted basis, sales were down by 1% compared to September 2018.

The average sale price for October 2018 was up 3.5% on a year-over-year basis to $807,340. After preliminary seasonal adjustment, the average selling price was up 1% compared to September 2018.  Price growth continued to be driven by the condominium apartment and higher density low-rise market segments. 

"Annual sales growth has been positive since the late spring.  While the OSFI stress test and higher borrowing costs have kept sales below 2016's record pace, many households in the Greater Toronto Area remain upbeat on home ownership as a quality long-term investment.  A strong regional economy and steady population growth will continue to support the demand for housing ownership as we move into 2019," said Mr. Bhaura.

There were 14,431 new Listings entered into TREB's MLS® System in October 2018 – down 2.7% compared to October 2017. The fact that sales were up and new listings were down year-over-year in October suggests that market conditions became tighter.

"Annual sales growth has outstripped annual growth in new listings for the last five months, underpinning the fact that listings supply remains an issue in the Greater Toronto Area.  With municipal elections in the rear view mirror, all levels of government need to concentrate on policies that could remove impediments to a better-supplied housing market, including facilitating the development of a broader array of medium density housing choices," said Jason Mercer, TREB's Director of Market Analysis.

For more go to: http://www.trebhome.com/

Summary of TREB MLS®  Sales and Average Price October 1 - 31, 2018

2018

2017

Sales

Average Price

New Listings

Sales

Average Price

New Listings

City of Toronto ("416")

3,031

869,870

5,292

2,863

819,124

5,035

Rest of GTA ("905")

4,461

764,855

9,139

4,206

754,041

9,802

GTA

7,492

807,340

14,431

7,069

780,400

14,837

TREB MLS® Sales & Average Price  By Home Type October 1 - 31, 2018

Sales

Average Price

416

905

Total

416

905

Total

Detached

882

2,446

3,328

1,311,265

914,179

1,019,416

Yr./Yr. % Change

10.1%

6.0%

7.1%

1.4%

0.4%

1.0%

Semi-Detached

331

443

774

1,026,829

659,622

816,657

Yr./Yr. % Change

17.0%

9.7%

12.7%

8.1%

3.4%

6.6%

Townhouse

272

882

1,154

766,718

621,564

655,777

Yr./Yr. % Change

-3.5%

2.2%

0.8%

2.9%

4.9%

4.1%

Condo Apartment

1,519

608

2,127

603,153

461,013

562,523

Annual Summary of TREB MLS® Sales and Average Price Year-to-Date

2018

2017

Sales

Average Price

New Listings

Sales

Average Price

New Listings

City of Toronto ("416")

25,853

838,637

46,274

30,235

843,298

52,509

Rest of GTA ("905")

41,619

758,460

94,701

49,826

827,574

105,353

GTA

67,472

789,181

140,975

80,061

833,512

157,862