June 4, 2018 -- Greater Toronto Area REALTORS® reported 7,834 sales through TREB's MLS® System in May 2018. This result was down by 22.2 per cent compared to May 2017. While the number of sales was down year-over-year, the annual rate of decline was less than reported in February, March and April, when sales were down by more than 30 per cent. On a month-over-month basis, seasonally adjusted May sales were basically flat compared to April.
LCAR Unit 14 - Real Estate Brokerage - 14th Edition Revised
THE TORONTO REAL ESTATE BOARD'S MAY 2018 MARKET SALES STATISTICS WITH MEDIA RESPONSE
1. THE TORONTO REAL
ESTATE BOARD (TREB)’s
MAY 2018
MARKET WATCH
SALES STATISTICS
PUBLISHED 4TH
JUNE 2018
2. 20
81.8%
MAY
2018
UNITS
7,834
AVERAGE PRICE
$805,320
MAY
2017
UNITS
10,066
AVERAGE PRICE
$862,149
Royal LePage Real Estate Services Ltd., Brokerage
CORPORATE BROKERAGE
Year-Over-Year
Average
Sale Price
Detached Sales Average Price
416 782 $1,426,094
905 2,562 $929,401
Semi-Detached Sales Average Price
416 242 $1,067,128
905 405 $665,628
Townhouse Sales Average Price
416 303 $741,296
905 997 $609,923
Condo Apartment Sales Average Price
416 1,745 $602,804
905 648 $455,413
Year-Over-Year
Average Days
On Market
Year-Over-Year
Number
of Sales
7,834
$805,320
22.2%
6.6%
Sales & Average Price By Major Home TypeMLS Sales Activity
May 2018 Market StatsStatistics provided by the Toronto Real Estate Board
Royal LePage Real Estate Services Ltd., Brokerage
www.rlpgta.ca
Facebook: RoyalLePageRealEstateServicesLtd.Brokerage /company/royal-lepage-real-estate-services-ltd.-brokerage
3. Toronto Employment
Growth
April 2018 2.6%
Month May 2018
1 Year
3 Year
5 Year
3.49%
4.30%
5.34%
May 2018
1 Year
3 Year
5 Year
Market Watch
For All TREB Member Inquiries:
(416) 443-8158
For All Media/Public Inquiries:
(416) 443-8152
GTA REALTORS® Release May Stats
TORONTO, ONTARIO, June 4, 2018 – Greater Toronto Area REALTORS® reported 7,834 sales
through TREB’s MLS® System in May 2018. This result was down by 22.2 per cent compared to
May 2017. While the number of sales was down year-over-year, the annual rate of decline was
less than reported in February, March and April, when sales were down by more than 30 per
cent. On a month-over-month basis, seasonally adjusted May sales were basically flat compared
to April.
Supply of homes available for sale continued to be an issue. New listings were down by 26.2 per
cent. The fact that new listings were down by more than sales in comparison to last year means
that competition increased between buyers. Recent polling conducted by Ipsos for TREB
suggests that listing intentions are down markedly since the fall.
“Home ownership remains a sound long-term investment. Unfortunately, many home buyers
are still finding it difficult find a home that meets their needs. In a recent Canadian Centre for
Economic Analysis study undertaken for the Toronto Real Estate Board, it was found that many
people are over-housed in Ontario, with over five million extra bedrooms. These people don’t list
their homes for sale, because they feel there are no alternative housing types for them to move
into. Policy makers need to focus more on the ‘missing middle’ – home types that bridge the
gap between detached houses and condominium apartments,” said Mr. Syrianos.
The MLS® Home Price Index (HPI) Composite Benchmark was down by 5.4 per cent year-over-
year. The average selling price for all home types combined was down by 6.6 per cent to
$805,320. On a seasonally adjusted basis, the average selling price was up by 1.1 per cent
compared to April 2018.
“Market conditions are becoming tighter in the Greater Toronto Area and this will provide
support for home prices as we move through the second half of 2018 and into 2019. There are
emerging indicators pointing toward increased competition between buyers, which generally
leads to stronger price growth. In the City of Toronto, for example, average selling prices were
at or above average listing prices for all major home types in May,” said Jason Mercer, TREB’s
Director of Market Analysis.
TREB MLS® Sales Activity
7,834
10,066
May 2018 May 2017
TREB MLS® Average Price
$805,320
$862,149
May 2018 May 2017
Year-Over-Year Summary
2018 2017 % Chg.
Sales
New Listings
Active Listings
Average Price
Average DOM
7,834 10,066 -22.2%
19,022 25,764 -26.2%
20,919 18,477 13.2%
$805,320 $862,149 -6.6%
20 11 81.8%
Sources and Notes:
i - Statistics Canada, Quarter-over-quarter
growth, annualized
ii - Statistics Canada, Year-over-year
growth for the most recently reported
month
iii - Bank of Canada, Rate from most
recent Bank of Canada announcement
iv - Bank of Canada, Rates for most
recently completed month
Real GDP Growth
Q1 2018 1.3%
Toronto Unemployment
Rate
April 2018 5.9%
Inflation Rate (Yr./Yr. CPI
Growth)
April 2018 2.2%
Bank of Canada Overnight
Rate
May 2018 -- 1.25%
Prime Rate
May 2018 -- 3.45%
Economic Indicators
Metrics Sales Average Price
416 905 Total 416 905 Total
2018
Detached
Semi - Detached
Townhouse
Condo Apartment
782 2,562 3,344 $1,426,094 $929,401 $1,045,553
242 405 647 $1,067,128 $665,628 $815,803
303 997 1,300 $741,296 $609,923 $640,543
1,745 648 2,393 $602,804 $455,413 $562,892
Sales & Average Price By Major Home Type
May 2018
May 2018
i
ii
ii
iii
iv
Detached
Semi - Detached
Townhouse
Condo Apartment
-5.6% -9.0% -8.2%
0.3% -2.3% -1.2%
-0.1% -3.1% -2.5%
6.5% 1.2% 5.7%
Detached
Semi - Detached
Townhouse
Condo Apartment
-30.4% -27.9% -28.5%
-30.1% -28.9% -29.4%
-17.2% -12.2% -13.4%
-13.8% -19.9% -15.5%
1,7
1,7
1,7
1,7
Year-Over-Year Per Cent Change
Mortgage Rates
4. Toronto Real Estate Board
Market Watch, May 2018
SALES BY PRICE RANGE AND HOUSE TYPE MAY 2018
2
Price Range Detached Semi-Detached Att/Row/Twnhouse Condo Townhouse Condo Apt Link Co-op Apt Det Condo Co-ownership Apt Total
$0 to $99,999
$100,000 to $199,999
$200,000 to $299,999
$300,000 to $399,999
$400,000 to $499,999
$500,000 to $599,999
$600,000 to $699,999
$700,000 to $799,999
$800,000 to $899,999
$900,000 to $999,999
$1,000,000 to $1,249,999
$1,250,000 to $1,499,999
$1,500,000 to $1,749,999
$1,750,000 to $1,999,999
$2,000,000+
0 0 0 0 1 0 0 0 0 1
2 0 1 3 10 0 1 0 0 17
8 0 0 13 81 0 0 0 1 103
45 7 2 53 447 1 1 0 1 557
142 29 56 169 660 23 2 1 1 1,083
257 71 183 169 486 24 1 5 1 1,197
413 181 214 100 279 17 1 0 1 1,206
429 150 94 36 160 20 0 2 0 891
464 70 62 25 103 16 0 1 0 741
338 32 38 5 56 12 1 0 0 482
527 52 33 13 51 12 0 0 0 688
282 30 10 11 24 2 1 0 0 360
138 9 4 0 16 0 0 0 0 167
100 3 0 0 5 0 0 0 0 108
199 13 4 2 14 0 0 1 0 233
Price Range Detached Semi-Detached Att/Row/Twnhouse Condo Townhouse Condo Apt Link Co-op Apt Det Condo Co-ownership Apt Total
$0 to $99,999
$100,000 to $199,999
$200,000 to $299,999
$300,000 to $399,999
$400,000 to $499,999
$500,000 to $599,999
$600,000 to $699,999
$700,000 to $799,999
$800,000 to $899,999
$900,000 to $999,999
$1,000,000 to $1,249,999
$1,250,000 to $1,499,999
$1,500,000 to $1,749,999
$1,750,000 to $1,999,999
$2,000,000+
2 0 0 0 6 0 0 0 0 8
7 1 1 18 49 0 5 0 1 82
35 5 0 50 354 0 6 0 3 453
188 39 28 265 2,060 5 6 0 8 2,599
631 145 263 678 2,784 83 6 5 5 4,600
1,113 385 726 596 1,903 79 3 10 1 4,816
1,698 863 833 367 1,036 55 5 2 1 4,860
2,018 607 442 134 553 70 1 2 0 3,827
1,801 262 270 82 332 64 1 3 0 2,815
1,397 164 148 42 197 36 1 0 0 1,985
1,997 191 111 40 196 30 0 0 0 2,565
1,171 98 43 29 87 4 2 1 0 1,435
593 35 15 6 45 0 0 0 0 694
333 15 5 4 29 0 0 0 0 386
716 41 11 9 53 0 0 2 0 832
SALES BY PRICE RANGE AND HOUSE TYPE YEAR-TO-DATE, 2018
Total Sales
Share of Total Sales
Average Price
3,344 647 701 599 2,393 127 8 10 5 7,834
42.7% 8.3% 8.9% 7.6% 30.5% 1.6% 0.1% 0.1% 0.1% 100.0%
$1,045,553 $815,803 $701,296 $569,444 $562,892 $706,793 $617,250 $808,300 $446,400 $805,320
Total Sales
Share of Total Sales
Average Price
13,700 2,851 2,896 2,320 9,684 426 36 25 19 31,957
42.9% 8.9% 9.1% 7.3% 30.3% 1.3% 0.1% 0.1% 0.1% 100.0%
$1,016,656 $780,401 $694,591 $566,106 $546,717 $694,889 $477,651 $786,156 $380,184 $785,822
1,7
1,7
29. Toronto Real Estate Board
Market Watch, May 2018
HISTORIC ANNUAL STATISTICS
27
Year Sales Average Price
2006
2007
2008
2009
2010
2011
2012
2013
2014
2015
2016
83,084 $351,941
93,193 $376,236
74,552 $379,347
87,308 $395,460
85,545 $431,276
89,096 $465,014
85,496 $497,130
87,049 $522,958
92,782 $566,624
101,213 $622,121
113,040 $729,837
2017 MONTHLY STATISTICS
NOTES
1 - Sales, dollar volume, average sale prices and median sale prices are based on firm transactions entered into the TREB MLS® system between the
first and last day of the month/period being reported.
2 - New listings entered into the TREB MLS® system between the first and last day of the month/period being reported.
3 - Active listings at the end of the last day of the month/period being reported.
4 - Ratio of the average selling price to the average listing price for firm transactions entered into the TREB MLS® system between the first and last day
of the month/period being reported.
5 - Average number of days on the market for firm transactions entered into the TREB MLS® system between the first and last day of the month/period
being reported.
6 - Due to past changes to TREB's service area, caution should be exercised when making historical comparisons.
7 - Past monthly and year-to-date figures are revised on a monthly basis.
8 - SNLR = Sales-to-New Listings Ratio. Calculated using a 12-month moving average (sales/new listings).
9 - Mos. Inv. = Months of Inventory. Calculated using a 12-month moving average (active listings/sales).
2018 MONTHLY STATISTICS
*For historic annual sales and average price data over a longer time frame go to:
January
February
March
April
May
June
July
August
September
October
November
December
Year to Date
3,989 $735,793
5,154 $767,858
7,201 $784,646
7,779 $804,832
7,834 $805,320
- -
- -
- -
- -
- -
- -
- -
31,957 $779,690
January
February
March
April
May
June
July
August
September
October
November
December
Annual
5,154 $768,427
7,955 $876,363
11,954 $915,125
11,468 $918,184
10,066 $862,149
7,893 $791,929
5,870 $745,896
6,308 $730,907
6,336 $774,650
7,071 $780,585
7,327 $761,385
4,878 $735,149
92,280 $822,622
1,6,7
1,7
1,7
http://www.torontorealestateboard.com/market_news/market_watch/historic_stats/p
df/TREB_historic_statistics.pdf
Copyright® 2018 Toronto Real Estate Board
$785,82231,957
37. This copy is for your personal non-commercial use only. To order presentation-ready copies of Toronto
Star content for distribution to colleagues, clients or customers, or inquire about permissions/licensing,
please go to: www.TorontoStarReprints.com
The competition among homebuyers is increasing in the Toronto region even though year-over-year
prices fell 6.6 per cent on average to $805,320 last month, from $862,149 in May 2017.
The number of resale home transactions declined 22.2 per cent in the same period.
Detached and semi-detached houses continued to see the steepest decline in sales
compared to condos and townhouses. (ANDREW FRANCIS WALLACE / TORONTO
STAR FILE PHOTO)
Toronto-area home prices were down
again in May
By TESS KALINOWSKI Real Estate Reporter
Mon., June 4, 2018
38. Yes, there's no time like the present.
No, now is not the time.
I might given the right situation.
I'll never buy a home.
VoteVote View ResultsView Results
Still, there are indications that the competition to buy a home is on the rise, supporting higher
prices in the second half of the year and into early 2019, said Jason Mercer, director of market
analysis for the Toronto Real Estate Board (TREB).
Share your thoughts
Will you buy a home this year?
“Average selling prices were at or above average listing prices for all major home types in May,” he
said in a press release.
New listings of homes were down 26.2 per cent year over year in May, said TREB. There were
19,022 new listings of resale homes in May compared to 25,764 in May 2017.
Seasonally adjusted figures show the average selling price was actually up 1.1 per cent in May
compared to April.
Read more:
New-home sales in GTA hit 20-year low in April
Why priced-out city-dwellers are eyeing cottage country instead
Higher interest rates add to home buyer struggles
Detached and semi-detached houses continued to see the steepest decline in sales compared to
condos and townhouses.
The average detached house price fell 8.2 per cent in the Toronto region to $1.05 million, with the
biggest drop in the communities surrounding Toronto, where there was a 9 per cent price drop
compared to the same month last year. In the city of Toronto, detached house prices fell only 5.6 per
cent.
The condo market continued to register an increase in prices, with the average unit costing
$562,892, 5.7 per cent more than May last year. The city of Toronto saw the biggest condo price
increase of 6.5 per cent, to an average cost of $602,804.
39. Copyright owned or licensed by Toronto Star Newspapers Limited. All rights reserved. Republication or
distribution of this content is expressly prohibited without the prior written consent of Toronto Star
Newspapers Limited and/or its licensors. To order copies of Toronto Star articles, please go to:
www.TorontoStarReprints.com
York Region is still suffering disproportionate price declines compared to the rest of the GTA. While
the benchmark Home Price Index was down 5.4 per cent overall, the same indicator showed a 15.6
per cent drop in York. Detached house prices were down 17.5 per cent on the index.
Twenty-five per cent of respondents to an online Ipsos poll last month put housing affordability
among their top two concerns in the upcoming provincial election. The poll that included 500 city of
Toronto residents and 700 from 905-area communities also found that 35 per cent of respondents
said their vote would take into account parties’ stances on housing.
Seventy-seven per cent of respondents supported reducing the provincial land transfer tax and 68
per cent wanted to see the tax repealed.
TREB and the Ontario Real Estate Association are lobbying provincial candidates against allowing
municipalities outside the city of Toronto to levy their own land transfer taxes. Toronto got the
power to issue its tax in 2008, essentially doubling the provincial levy for homebuyers moving in the
city.
This year to date, the home price index shows the average price of a detached home has fallen 13.8
per cent in the Toronto region, while the average condo price is up 7 per cent.
The average GTA home price in 2017 was $822,622, including houses and condos.
TREB is also pushing for the province to increase the supply of housing in the Toronto area,
particularly the type known as the “missing middle” — stacked townhouses and midrise apartments
that can accommodate families and are more affordable than detached houses.
40. BUSINESS 06/04/2018 11:00 EDT | Updated 2 hours ago
69% Of Torontonians Say
Housing Issues Will Affect
Their Vote
The poll comes as the city's housing market records another
soft month.
Canadian Press
TORONTO — A majority of voters in the Greater Toronto Area say they
want Ontario's next government to do away with the province's land
transfer tax, according to a poll.
An online Ipsos Reid survey that was backed by the Toronto Real Estate
Board (TREB) and unveiled on Monday said 77 per cent of GTA residents
support reducing the tax, which is imposed on buyers across the province
and ranges from 0.5 to 2.5 per cent depending on the home being bought.
Meanwhile, 68 per cent of the 1,200 GTA residents polled between May 18
and 22 said they want the tax completely repealed and 69 per cent said
where a party stands on housing affordability will influence how they vote
on election day.
A for sale sign is shown in front of west-end Toronto homes, Sun. April 9, 2017. The
Toronto Real Estate Board (TREB) reports that May housing sales in the Greater Toronto
Area were down 22.2 per compared to May of last year.
41. The Ipsos poll comes as the GTA grapples with increasing demand for
affordable housing in the wake of last year's frenzied pace that caused
home prices to soar. On Monday, TREB numbers for May were released,
revealing that last year's moves by Ontario's Liberal government to tax
vacant properties and non-residents purchasing homes within the province
have cooled the market, but many are still hesitating to wade into it.
Watch: How much home can "peak millennials" afford in Canada? (Story
continues below)
While all of the parties have rolled out platforms with measures aimed at
addressing housing problems, none have directly taken aim at the
provincial land transfer tax, which TREB has long lobbied against. Instead,
the NDP has promised a crackdown on housing speculators and an
overhaul of the government's zoning regulations, the Conservatives say
they will increase the supply of affordable housing and the Liberals are
vowing to work with developers, municipalities and other stakeholders to
enable small-scale residential intensification that would allow homeowners
to build multi-unit projects on their land.
In their last monthly housing numbers report before the election, TREB
said GTA home sales in May were down by 22.2 per cent compared with
the same month last year.
42. While the number of sales was down year-over-year to 7,834 units, the
annual rate of decline was less than reported in February, March and April,
when sales were down by more than 30 per cent, the board added.
It found the average selling price for all home types combined fell 6.6 per
cent to $805,320, new listings declined by 26 per cent year-over-year to
19,002 and the seasonally-adjusted month-over-month sales slipped 0.4
per cent lower than the previous month.
BMO Capital Markets economist Benjamin Reitzes took TREB's release to
be "not quite a positive report'' because the MLS Home Price Index was
down 5.4 per cent year-over-year, a larger fall than the prior month's 5.2
per cent drop.
However, Reitzes said stabilizing the market after last year — what some
consider a market peak, before the Ontario government brought in a
package of measures to cool the market — is key, especially if the Bank of
Canada is going to raise its benchmark interest rate again in July.
The Toronto board's May numbers brought a few bright spots for sellers.
On a seasonally adjusted basis, the average selling price was up 1.1 per
cent compared to the previous month of April.
Earlier on HuffPost Canada:
Move Over, Toronto: Ottawa Is Canada's New Hot Housing Market
You Now Need $100,000 In Income To Buy A Typical Toronto
Condo
43. Jason Mercer, TREB's director of market analysis, said market conditions
are becoming tighter in the GTA and this will provide support for home
prices through the second half of 2018 and into 2019.
"There are emerging indicators pointing toward increased competition
between buyers, which generally leads to stronger price growth,'' Mercer
said in a statement.
"In the City of Toronto, for example, average selling prices were at or
above average listing prices for all major home types in May.''
Metro Vancouver is seeing similar pricing conditions. The region's real
estate board said Monday that its benchmark price for condos was up 20
per cent to $701,700 when compared with last May and townhomes
jumped 16 per cent to $859,500 over the same period.
The board also said the composite benchmark price for all residential
properties in Metro Vancouver was $1,094,000, an 11.5 per cent increase
over May 2017, but that home sales plunged by 35.1 per cent from the
same month last year, putting the measure 19.3 per cent below the 10-year
average for the month.
However, the 2,833 homes that changed hands across the region that
month still represent a 10 per cent increase in transactions since April.
The polling industry's professional body, the Marketing Research and
Intelligence Association, says online surveys cannot be assigned a margin
of error because they do not randomly sample the population.
44. Toronto Real Estate Trends
Housing Market Report for June 2018
Current Toronto MLS stats indicate an average house price of $883,717 and 5,738 new listings in the last 28 days. As of today, Toronto housing data
shows median days on market for a home is 16 days.
Share Tweet
Current (May 04 - Jun 01) Past (Apr 06 - May 04)
Toronto Housing Prices
$884K
Avg sold price
0.8%
Monthly change
5.1%
Quarterly change
0.2%
Yearly change
Average price not what you expected? Here's why.
45. Average Sold Price
The change in average home price is affected by two factors:
1. The proportions of home types sold has changed. This means that the mix of homes sold has shifted from a majority of higher-priced homes to a
majority of lower-priced homes, or vice versa.
2. Assuming the mix of homes is relatively stable, all homes are being sold for more or less than the last period.
For example, if the average price decreased from last year, all homes sold this year were either sold for less and/or the majority of them were budget-
friendly condos, rather than expensive single-family homes.
How we calculate our stats
All Properties
Jun 17 Jul 17 Sep 17 Nov 17 Jan 18 Mar 18 May 18
Pro-Rated
650K
700K
750K
800K
850K
900K
46. Sales Volume by Property Type
Detached Townhouse Condo
Jun 17 Jul 17 Sep 17 Nov 17 Jan 18 Mar 18 May 18
Pro-Rated
0%
20%
40%
60%
80%
100%
47. Detached Townhouse Condo
Note: +/- change calculated year-over-year
# Beds May 04 - Jun 01 3 mo ago 6 mo ago 1 year ago
2 Bd $881K -3% $866K $805K $911K
3 Bd $1.1M +1% $1.1M $1.1M $1.1M
4 Bd $1.7M -10% $1.6M $1.6M $1.9M
5 Bd $2.2M -29% $2.6M $2.2M $3.1M
6 Bd $2.5M -35% $2.8M $5.3M $3.8M
All $1.4M -8% $1.3M $1.3M $1.5M
48. Number of Sales and Inventory
Toronto Housing Inventory
5,738
new listings
(last 28 days)
2,727
homes sold
(last 28 days)
1
16
average days on market
102%
selling to listing price ratio
Sales Inventory
Pro-RatedSales
2,000
3,000
4,000
5,000
6,000
7,000
49. Average Days on Market
Jun 17 Jul 17 Sep 17 Nov 17 Jan 18 Mar 18 May 18
1,000
May 2017 May 2018
15
20
25
30
35
50. Detached Townhouse Condo
Note: +/- change calculated year-over-year
0-250K 250K-500K 500K-750K 750K-1M 1M-2.5M 2.5M-3M
10
# of
Beds
New Listings
May 04 - Jun 01
Sold Listings
May 04 - Jun 01
Active
Listings
Days on
Market
Sale
to List
2 Bd 226 -29% 105 -20% 206 -20% 16 +60% 100.76% -5%
3 Bd 924 -32% 379 -27% 988 -9% 15 +50% 101.06% -4%
4 Bd 690 -10% 226 -13% 891 +24% 16 +45% 100% -3%
5 Bd 151 -11% 50 -22% 213 +19% 16 +14% 99.24% 0%
6 Bd 21 -46% 4 -73% 43 -7% n/a n/a
All 2050 -23% 783 -22% 2392 +2% 15 +36% 100.65% -3%
51. Price Growth Days Turnover
Toronto Rankings
out of 23 in Greater Toronto
If the average price is skewed, the median is a more accurate reflection of the market.
City Average Price Median Price
King $1.4M $1.4M
Vaughan $1.0M $908K
Oakville $1.0M $855K
Richmond Hill $974K $920K
Aurora $949K $850K
10
Most expensive
th
4
Fastest Growing
th
1
Fastest Selling
st
7
Highest Turnover
th
#1
#2
#3
#4
#5
53. City Average Price Median Price
New Tecumseth $632K $605K
Orangeville $551K $532K
Georgina $541K $515K
Note: +/- change calculated year-over-year
#21
#22
#23
Home Prices Price vs Solds
Toronto vs. Greater Toronto
Area
Price Type
Property Type
Toronto Home Prices
700K
720K
740K
54. Aug Sep Oct Nov Dec 2018 Feb Mar Apr May
560K
580K
600K
620K
640K
660K
680K
Median (All Homes)
Have questions?
For media inquiries contact press@zolo.ca
55. Share Tweet
About this Report
Numbers are based on firm contract dates, not when the transaction is reported or when the contract closes.
A contract is firm when both the home seller and buyer agree to the transaction, however this may not be reported in a timely fashion. Therefore,
transaction reported dates are when the Realtor submits the sale to their local board. A contract is closed when the transaction actually occurs and the
buyers move into the house. Normally, contracts close about 6-8 weeks after a contract is firm, which means the data you're seeing is reported in real-
time.
Data is reported in 4 or 8 week periods.
28 and 56 day periods are used because some months have more weekends than others. This ensures that each period has the same amount of days
and weekends so that a like-for-like comparison can be made.
What does pro-rated data mean?
Based on historical reporting, it can take up to four weeks or more for transactions to be reported. This means that approximately 30% of home
transactions that occured within this period have yet to be included in this report. Because of this, this period's numbers are considered "pro-rated."
56. GTA residents want next Ontario government
to cut land transfer tax as home sales fall 22%
JANET MCFARLAND
PUBLISHED JUNE 4, 2018
UPDATED 6 HOURS AGO
Greater Toronto Area residents want the next provincial
government to reduce the land transfer tax and focus on
policies that increase housing supply in the region, according to
a poll from the Toronto Real Estate Board.
TREB released the poll findings Monday as it reported a 22-
per-cent drop in the number of homes sold in GTA in May
compared with a year earlier and a 26-per-cent decline in new
listings of homes for sale, both signals that many people are
still on the sidelines waiting for evidence of recovery in the
weak GTA market.
The decline in listings is helping keep prices stable despite
weak sales, TREB said, with the average selling price rising 1.1
per cent in May compared to April on a seasonally adjusted
basis. Compared with May last year, prices for homes of all
types were down 6.6 per cent in May.
“Market conditions are becoming tighter in the Greater
Toronto Area, and this will provide support for home prices as
we move through the second half of 2018 and into 2019,” said
Jason Mercer, TREB’s director of market analysis.
Mr. Mercer said there are emerging indications that there is
increasing competition and bidding wars for available homes,
57. which generally leads to price growth.
“In the City of Toronto, for example, average selling prices were
at or above average listing prices for all major homes types in
May,” he said in a statement.
An Ipsos poll of 1,200 GTA residents, conducted between May
18 and May 22, found 25 per cent ranked housing affordability
as one of their top two issues in the Ontario election campaign.
Although home prices have fallen since last spring, the region
remains expensive for many buyers. Sale prices averaged
$805,320 in the GTA in May, down from $862,149 in 2017.
Condominium prices are up 5.7 per cent on a year-over-year
basis to an average of $562,892, while detached home prices
are down 8.2 per cent to $1,045,553 on average.
Detached home prices have held up more in the City of
Toronto, where they are down 5.6 per cent on a year-over-year
basis to an average of $1,426,094 in May, while prices for
detached houses in the suburban 905 region outside Toronto
are down 9 per cent since last May to an average of $929,401.
The Ipsos poll also found 69 per cent of respondents agree that
parties’ platforms on housing affordability will influence their
voting decisions, and 56 per cent believe the government
should focus equally on increasing the supply of housing and
reducing demand for housing.
The poll also found 77 per cent of GTA residents support
reducing the provincial land transfer tax and 68 per cent
support repealing it entirely, TREB said.
TREB president Tim Syrianos said a recent study for TREB by
the Canadian Centre for Economic Analysis found many people
in Ontario have more space than they need, with at least five
million extra bedrooms, but they are not downsizing because
58. they feel there is no appealing alternative housing type to move
into.
He said policy makers need to focus more on the “missing
middle,” or mid-priced home types that fall between detached
houses and condominiums, such as semi-detached or town
homes.
FOLLOW JANET MCFARLAND ON TWITTER
@JMCFARLANDGLOBE
59. GTA year-over-year housing sales down 22.2 per cent in May
Real estate board says market conditions becoming tighter in the GTA
The Canadian Press · Posted: Jun 04, 2018 8:36 AM ET | Last Updated: 6 hours ago
The Toronto Real Estate Board (TREB) reports that May housing sales in the Greater Toronto Area were down
22.2 per compared to May of last year. (Mark Blinch/Reuters)
The Toronto Real Estate Board (TREB) reports that May housing sales in the Greater Toronto
Area were down 22.2 per compared to May of last year.
TREB says that while the number of sales was down year-over-year to 7,834 units, the annual
rate of decline was less than reported in February, March and April, when sales were down by
more than 30 per cent.
On a month-over-month basis, seasonally adjusted May sales were basically flat compared to
April.
60. Average house price in Canada fell 11% in past year
Toronto-area home sales and prices down from year ago levels: board
The average selling price for all home types combined was down by 6.6 per cent to $805,320.
But on a seasonally adjusted basis, the average selling price was up 1.1 per cent compared to
the previous month of April.
Jason Mercer, the board's director of market analysis, said market conditions are becoming
tighter in the GTA and this will provide support for home prices through the second half of 2018
and into 2019.
"There are emerging indicators pointing toward increased competition between buyers, which
generally leads to stronger price growth," Mercer said in a statement.
"In the City of Toronto, for example, average selling prices were at or above average listing
prices for all major home types in May."
Jason Mercer, TREB'S director of market analysis, says: 'There are emerging indicators pointing toward
increased competition between buyers, which generally leads to stronger price growth.' (Kate Bueckert/CBC)