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Central Toronto Real Estate TREB October, 2018 Resale Market Watch Report

November 18, 2018 by Central Toronto Real Estate Blog

Central Toronto Real Estate TREB October, 2018 Resale Market Watch Report

 

Greater Toronto, November 5, 2018 – TREB October, 2018 Resale Market Watch Report. Toronto Real Estate Board President Garry Bhaura announced year-over-year increases in home sales and average sale prices 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 six per cent increase compared to October 2017. On a preliminary seasonally adjusted basis, sales were down by one per cent compared to September 2018.

 

The average sale price for October 2018 was up 3.5 per cent on a year-over-year basis to $807,340. After preliminary seasonal adjustment, the average selling price was up one per cent compared to September 2018. The MLS® Home Price Index (HPI) Composite Benchmark was up by 2.6 per cent compared to October 2017. Price growth continued to be driven be 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 per cent 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.“

 

TREB remains committed to high quality housing research. We will be releasing our fourth annual Market Year in Review and Outlook Report at the beginning of February 2019. The report will include updated consumer survey results, including home buying intentions for 2019, and exciting new research related to housing supply,” added Mr. Bhaura.

 

 

 

 

 

A TREB Primer on Seasonality and Seasonal Adjustment: click here

 

1 Preliminary seasonal adjustment undertaken by the Canadian Real Estate Association (CREA). Removing normal seasonal variations allows for more meaningful analysis of monthly changes and underlying trends.

 

For full report click here: TREB Market Watch October 2018

 

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Filed Under: Toronto Buyer Posts, Toronto Mortgage Posts, Toronto News Posts, Toronto Real Estate Posts, Toronto Seller Posts Tagged With: 2018, Downtown Toronto Real Estate Market, Greater Toronto Area Real Estate Market, GTA market, How Is Toronto Real Estate Market, Real Estate Agent Market Toronto, real estate market, resale, Toronto Home Sales October 2018, Toronto Real Estate Board Market News, Toronto Real Estate Board Market Watch, Toronto Real Estate Chart, Toronto Real Estate Gta, Toronto Real Estate Market Analysis, Toronto Real Estate Market October, Toronto Real Estate Market Watch, treb

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