Central Toronto Real Estate TREB Released June, 2019 Resale Market Figures
Toronto Real Estate Board (TREB) announced that Greater Toronto Area REALTORS® reported
8,860 sales through TREB’s MLS® System in June 2019, representing a 10.4 per cent increase
compared to June 2018. Over the same time period, total new listings remained at a similar level
for the month of June, 2019 and active listings at month-end of June, 2019 were down by
5.7 per cent.
Sales and new listings statistics for the first half of 2019 compared to first half of 2018
painted a similar story to that of June, 2019.
Sales were up by 8.5 per cent, while new listings were up by less than one per cent (1%).
This shows that sales accounted for a greater share of listings compared to last year,
which means that competition between buyers increased, resulting in renewed
price growth in many segments of the market.
In reality, during the first half of the year up to June, 2019, more sale were reported from
less actively listings that were available in the market. There was more competition in
the market from the higher number of qualified buyers when less available listings for sale,
So, the actual sold prices increased modestly.
TREB states that the Greater Toronto Area continues to grow in terms of employment,
population and overall diversity. As more people are attracted to our region from all around the
world, they obviously need a place to live. Over the next year (2020), the demand for ownership
and rental housing will continue to grow. TREB expects that more policy actions will be taken
by the all levels of Government (Federal, Provincial and Municipal) for alleviating the
constrained supply of housing and providing more flexibility around demand-side policies.
TREB also earnestly hopes that there will be some relief from the OSFI two percentage point
mortgage stress test and the increase of allowable amortization periods on insured mortgages,
The overall average selling price in June 2019 was $832,703 – up by three per cent
compared to the average of $808,066 in June 2018. Price growth was driven by the higher
density market segments, including semi-detached houses, townhouses and condominium
apartments. The MLS® Home Price Index Composite Benchmark was up by a similar annual
rate of 3.6 per cent. For the first half of 2019, the average selling price was $810,661,
representing an increase of 2.4 per cent compared to the first half of 2018.
As per Jason Mercer, TREB’s Chief Market Analyst, “the buyers started moving off the sidelines
in the spring, as evidenced by strong year-over-year price growth throughout the second
quarter.
However, because we saw little change in the number of new listings, market conditions
tightened and price growth picked up, especially for more higher density home types,
which, on average, are less-expensive than the traditional detached houses and as they
provide more affordable housing options under the new OSFI stress test rules,”
TREB CEO John DiMichele thought that, “While some home buyers may have adjusted to the
OSFI stress test by looking to more affordable housing options, this could present an issue
over the longer term because we aren’t adding a meaningful amount of new mid-density
housing supply to bridge the gap between condominium apartments and detached houses.
Finding ways to add more mid-density housing types to existing neighbourhoods and new
developments needs to be a key component of municipal, provincial and federal housing
plans and policies moving forward,”
Source: Toronto Real Estate Board
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