TORONTO, ONTARIO, July 5, 2018 – Toronto Real Estate Board President Garry Bhaura, in his first market release as
TREB President, is pleased to announce some positive signs with respect to the housing market.
Greater Toronto Area REALTORS® reported 8,082 home sales through TREB’s MLS® System in June 2018 – up 2.4 per
cent compared to the low June 2017 result. After preliminary seasonal adjustment, sales were also up 17.6 per cent
on a monthly basis between May 2018 and June 2018, continuing the trend of somewhat volatile month-over-month
changes over the past year as home buyers reacted to various policy changes impacting the market.
“Home ownership has proven to be a positive long-term investment. After some adjustment to the Fair Housing Plan,
the new Office of The Superintendent of Financial Institutions (OSFI) stress test requirement and generally higher
borrowing costs, home buyers are starting to move back into the market, with sales trending up from last year’s lows.
Market conditions appear to be tightening, with sales accounting for a greater share of listings, as new listings have
dropped compared to last year,” said Mr. Bhaura.
The average selling price edged up by two per cent on a year-over-year basis to $807,871 in June 2018. After
preliminary seasonal adjustment, the average selling price was also up by 3.3 per cent month-over-month between
May 2018 and June 2018. The MLS® Home Price Index (HPI) was down by 4.8 per cent on a year-over-year basis, but
remained basically flat month-over-month. The difference in the year-over-year rates of change between the average
price and the MLS® HPI was likely due, at least in part, to a change in the mix of properties sold in June 2018
compared to June 2017, with low-rise home types accounting for a greater share of sales in June 2018.
“The expectation is to see improvement in sales over the next year. Over the same period, however, it is likely that
issues surrounding the supply of listings will persist. This suggests that competition between buyers could increase,
exerting increased upward pressure on home prices. With a new provincial government in place and municipal
elections on the horizon, housing supply should be top-of-mind for policy makers,” said Jason Mercer, TREB’s Director
of Market Analysis and Service Channels.
Housing Issues Important to Voters
With a new provincial government at Queen’s Park and municipal election campaigns underway, Toronto REALTORS®
are continuing to speak out for home buyers, sellers, and renters.
“We look forward to working with all returning and newly elected MPPs, and speaking out during the municipal
election campaign, to ensure that home ownership and housing affordability issues are a top priority for elected
officials. In this regard, one of the most important issues is ensuring that no new municipal land transfer taxes are
imposed on home buyers. We hope the new provincial government and municipal election candidates will represent
the views of the people on this issue, which are clear: they oppose land transfer taxes because they are a barrier to
home ownership and discourage individuals and families from 'right-sizing', further constraining the supply of homes
available for purchase”, said Mr. Bhaura.
A poll conducted by Ipsos Public Affairs, by on-line survey of 1200 GTA residents (500 in the ‘416’ area code and 700
in the ‘905’ area code) between May 18 and May 22, 2018, found:
• 77% support reducing the provincial land transfer tax and 68% support repealing the provincial land transfer tax
• 76% support reducing the Toronto municipal land transfer tax and 69% support repealing the Toronto municipal
land transfer tax
“We look forward to working with the provincial and Greater Toronto Area municipal governments on effective ways
to address housing affordability, namely increasing housing supply, especially ‘missing middle’ housing options (home
types that bridge the gap between detached houses and condominium apartments), and reducing tax burdens like
land transfer taxes,” added Mr. Bhaura.
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
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 Tim Syrianos, TREB President.
The MLS® Home Price Index (HPI) Composite Benchmark was down by 5.4 per cent year-overyear.
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 2018.1
“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
TREB is releasing the results, today, of a poll conducted by Ipsos Public Affairs regarding issues
relevant to the upcoming provincial election.
“Housing and real estate issues are top of mind for many Ontario and GTA voters, and they often
turn to their REALTOR® for opinions on these matters. That’s why we think it’s important to help
shine the spotlight on these issues during the provincial election campaign,” said Tim Syrianos,
TORONTO, ONTARIO, May 3, 2018 – Toronto Real Estate Board President Tim Syrianos announced that
Greater Toronto Area REALTORS® reported 7,792 sales through TREB’s MLS® System in April 2018. The
average selling price was $804,584. On a year-over-year basis, sales were down by 32.1 per cent and the
average selling price was down by 12.4 per cent.
The year-over-year change in the overall average selling price has been impacted by both changes in
market conditions as well as changes in the type and price point of homes being purchased. This is
especially clear at the higher end of the market. Detached home sales for $2 million or more accounted for
5.5 per cent of total detached sales in April 2018, versus 10 per cent in April 2017. The MLS® Home Price
Index strips out the impact of changes in the mix of home sales from one year to the next. This is why the
MLS® HPI Composite Benchmark was down by only 5.2 per cent year-over-year versus 12.4 per cent for
the average price.
“While average selling prices have not climbed back to last year’s record peak, April’s price level represents
a substantial gain over the past decade. Recent polling conducted for TREB by Ipsos tells us that the great
majority of buyers are purchasing a home within which to live. This means these buyers are treating home
ownership as a long-term investment. A strong and diverse labour market and continued population growth
based on immigration should continue to underpin long-term home price appreciation,” said Mr. Syrianos.
After preliminary seasonal adjustment1, the month-over-month change (i.e. March 2018 to April 2018) in
sales and the average selling price was minimal, with sales decreasing 1.6 per cent and the average selling
price decreasing by 0.2 per cent. The month-over-month sales trend has flattened out over the past two
months following a steeper drop-off in January and February.
“The comparison of this year’s sales and price figures to last year’s record peak masks the fact that market
conditions should support moderate increases in home prices as we move through the second half of the
year, particularly for condominium apartments and higher density low-rise home types. Once we are past
the current policy-based volatility, home owners should expect to see the resumption of a moderate and
sustained pace of price growth in line with a strong local economy and steady population growth,” said Jason
Mercer, TREB’s Director of Market Analysis.
Provincial Election Candidates Should Make Housing Issues a Top Priority
With a provincial election campaign about to begin, GTA REALTORS® hope that all of the provincial parties
will make housing issues a priority. Home ownership is a worthwhile investment that benefits our economy,
individual finances and quality of life,” said Mr. Syrianos
“In recent months and years, there has been significant intervention in housing markets by all levels of
government, through regulatory changes and taxation. We believe the next step should be tax relief,
especially from Land Transfer Taxes, both provincial and the Toronto Land Transfer Tax, and efforts to
facilitate an increase in the supply of missing middle housing that fills the gap between single family homes
and high rises. Furthermore, we believe that any attempt to increase the Toronto Land Transfer Tax should
require approval from the provincial government, given the significance of Toronto’s economy to the
Province and the connections between the Toronto real estate market and that of the broader GTA,” added
TORONTO, ONTARIO, APRIL 4, 2018 – Toronto Real Estate Board President Tim Syrianos
announced that Greater Toronto Area REALTORS® reported 7,228 residential transactions
through TREB’s MLS® System in March 2018. This result was down by 39.5 per cent compared to
a record 11,954 sales reported in March 2017 and down 17.6 per cent relative to average March
sales for the previous 10 years.
The number of new listings entered into TREB’s MLS® System totaled 14,866 – a 12.4 per cent
decrease compared to March 2017 and a three per cent decrease compared to the average for the
previous 10 years.
“TREB stated in its recent Market Outlook report that Q1 sales would be down from the record
pace set in Q1 2017,” said Mr. Syrianos. “The effects of the Fair Housing Plan, the new OSFImandated
stress test and generally higher borrowing costs have prompted some buyers to put
their purchasing decision on hold. Home sales are expected to be up relative to 2017 in the
second half of this year.”
The MLS Home Price Index Composite Benchmark was down by 1.5 percent on a year-over-year
basis for the TREB market area as a whole. The overall average selling price was down by 14.3
per cent compared to March 2017.
While the change in market conditions certainly played a role, the dip in the average selling price
was also compositional in nature. Detached home sales, which generally represent the highest
price points in a given area, declined much more than other home types. In addition, the share of
high-end detached homes selling for over $2 million in March 2018 was half of what was reported
in March 2017, further impacting the average selling price.
“Right now, when we are comparing home prices, we are comparing two starkly different periods
of time: last year, when we had less than a month of inventory versus this year with inventory
levels ranging between two and three months. It makes sense that we haven’t seen prices climb
back to last year’s peak. However, in the second half of the year, expect to see the annual rate of
price growth improve compared to Q1, as sales increase relative to the below-average level of
listings,” said Jason Mercer, TREB’s Director of Market Analysis.
TREB continues to stress that housing and housing affordability need to be at the forefront of the
policy debates leading into this year’s provincial and municipal elections.
“A well-functioning housing market is not only important to ensure that people have a place to live;
it is also important because it supports hundreds of thousands of jobs, billions of dollars in spin-off
expenditures and billions of dollars in government revenues. Issues such as the below-average
level of housing supply and often inadvisable policy ideas and negative measures such as land
transfer taxes, vacancy taxes, speculation taxes and second home taxes should also be
thoroughly debated by all candidates,” said Mr. Syrianos.
ONTARIO, March 6, 2018 – Toronto Real Estate Board President Tim
Syrianos announced that Greater Toronto Area REALTORS® reported 5,175 residential
transactions through TREB’s MLS® System in February 2018. This result was down 34.9
percent compared to the record 7,955 sales reported in February 2017.
The number of new listings entered into TREB’s MLS® System totaled 10,520, a 7.3 per
cent increase compared to the 9,801 new listings entered in February 2017. However, the
level of new listings remained below the average for the month of February for the
“When TREB released its Outlook for 2018, the forecast anticipated a slow start to the
year compared to the historically high sales count reported in the winter and early spring
of 2017. Prospective home buyers are still coming to terms with the psychological impact
of the Fair Housing Plan, and some have also had to reevaluate their plans due to the new
OFSI-mandated mortgage stress test guidelines and generally higher borrowing costs,”
said Mr. Syrianos.
The MLS® Home Price Index Composite Benchmark was up by 3.2 per cent on a yearover-
year basis for the TREB market area as a whole. This growth was driven by the
apartment and townhouse market segments, with annual benchmark price increases of
18.8 per cent and 7.5 per cent respectively. Single-family detached and attached
benchmark prices were down slightly compared to February 2017. The overall average
selling price for February sales was down 12.4% year-over-year to $767,818. However,
putting aside the price spike reported in the first quarter of 2017, it is important to note that
February’s average price remained 12 per cent higher than the average reported for
February 2016, which represents an annualized increase well above the rate of inflation
for the past two years.
“As we move further into the spring and summer months, growth in sales and selling
prices is expected to pick up relative to last year. Expect stronger price growth to continue
in the comparatively more affordable townhouse and condominium apartment segments.
This being said, listings supply will likely remain below average in many neighbourhoods
in the GTA, which, over the long-term, could further hamper affordability,” said Jason
TORONTO, ONTARIO, February 6, 2018 – Toronto Real Estate Board President Tim Syrianos announced
that Greater Toronto Area REALTORS® reported 4,019 residential transactions through TREB’s MLS® System
in January 2018. This result was down by 22 per cent compared to a record 5,155 sales reported in January
The number of new listings entered into TREB’s MLS® System amounted to 8,585 – a 17.4 per cent increase
compared to 7,314 new listings entered in January 2017. However, it is important to note that the level of
new listings was the second lowest for the month of January in the past 10 years.
“TREB released its outlook for 2018 on January 30th. The outlook pointed to a slower start to 2018,
especially compared to the record-setting pace experienced a year ago. As we move through the year,
expect the pace of home sales to pick up, as the psychological impact of the Fair Housing Plan starts to
wane and home buyers find their footing relative to the new OSFI-mandated stress test for mortgage
approvals through federally regulated lenders,” said Mr. Syrianos.
The MLS® Home Price Index Composite Benchmark was up by 5.2 per cent year-over-year. This annual rate
of growth was driven by the condominium apartment market segment, with double-digit annual growth
versus the single-family segment, with prices essentially flat compared to last year. The overall average
selling price was down by 4.1 per cent year-over-year to $736,783. This decline was weighted toward the
detached segment of the market. In the City of Toronto, the average selling price was up for all home
types except for detached houses.
“It is not surprising that home prices in some market segments were flat to down in January compared to
last year. At this time last year, we were in the midst of a housing price spike driven by exceptionally low
inventory in the marketplace. It is likely that market conditions will support a return to positive price
growth for many home types in the second half of 2018. The condominium apartment segment will be the
driver of this price growth,” said Jason Mercer, TREB’s Director of Market Analysis.
“With the City of Toronto’s Executive Committee meeting today to make recommendations on the City’s
2018 Budget, City Councillors would be wise to note the vast difference between last January’s real estate
market and this January’s, given the City’s inadvisable reliance on the Municipal Land Transfer Tax. The
amount of revenue that the City generates from this tax goes up and down with the real estate market.
The last year should be a wake-up call for City Council. They should heed the City Manager’s ongoing
warnings of over-reliance on this tax. The Land Transfer Tax is not a good way to fund municipal services,”
The revenue generated by the Municipal Land Transfer Tax is based on the number of real estate
transactions and the value of those transactions. When the MLTT was first implemented in 2008, it made
up less than 2% of the City’s operating budget. Today, it makes up 7%, a 250% increase.
TORONTO, ONTARIO, December 5, 2017 – Toronto Real Estate Board President Tim Syrianos
announced that Greater Toronto Area REALTORS® reported 7,374 transactions through TREB’s
MLS® System in November 2017. This result was up compared to October 2017, bucking the
regular seasonal trend. On a year-over-year basis, sales were down by 13.3 per cent compared to
New listings entered into TREB’s MLS® System in November 2017 amounted to 14,349 – up by
37.2 per cent compared to November 2016, when the supply of listings was very low from a
“We have seen an uptick in demand for ownership housing in the GTA this fall, over and above the
regular seasonal trend. Similar to the Greater Vancouver experience, the impact of the Ontario
Fair Housing Plan and particularly the foreign buyer tax may be starting to wane. On top of this, it
is also possible that the upcoming changes to mortgage lending guidelines, which come into effect
in January, have prompted some households to speed up their home buying decision,” said Mr.
The MLS® Home Price Index (HPI) composite benchmark price was up by 8.4 per cent on a yearover-
year basis in November 2017. The average selling price for all home types combined was
down by two per cent compared to November 2016, due in large part to a smaller share of
detached home sales versus last year. On a year-to-date basis, the average selling price was up by
13.4 per cent compared to the same period last year. High density home types continued to lead
the way in terms of price growth, with the average condominium apartment price up by doubledigits
compared to November 2016.
“Changes in market conditions have not been uniform across market segments. In line with
insights from consumer polling undertaken by Ipsos in the spring, we are still seeing seller’s
market conditions for townhouses and condominium apartments in many neighbourhoods versus
more balanced market conditions for detached and semi-detached houses. We will have more
insights to share about consumer intentions for 2018 at the end of January when TREB releases its
third annual Market Year in Review and Outlook report,” said Jason Mercer, TREB’s Director of
TORONTO, ONTARIO, November 2, 2017 – Toronto Real Estate Board President Tim
Syrianos reported 7,118 residential sales through TREB’s MLS® System in October 2017.
This result represented an above-average increase between September and October of
almost 12 per cent, pointing to stronger fall market conditions.
On a year-over-year basis, October sales were down compared to 9,715 transactions in
October 2016. Total sales reported through the first 10 months of 2017 amounted to
80,198 – down from 99,233 for the same time period in 2016.
“Every year we generally see a jump in sales between September and October. However,
this year that increase was more pronounced than usual compared to the previous ten
years. So, while the number of transactions was still down relative to last year’s record
pace, it certainly does appear that sales momentum is picking up,” said Mr. Syrianos.
The MLS® Home Price Index Composite benchmark price was up by 9.7 per cent on a
year-over-year basis in October. Annual rates of price growth were strongest for
townhouses and condominium apartments. The average selling price for October
transactions was $780,104 – up by 2.3 per cent compared to the average of $762,691 in
“The housing market in the GTA has been impacted by a number of policy changes at the
provincial and federal levels. Similar to the track followed in the Greater Vancouver Area,
it appears that the psychological impact of the Fair Housing Plan, including the tax on
foreign buyers, is starting to unwind,” said Jason Mercer, TREB’s Director of Market
“TREB will be undertaking its annual consumer polling process over the last two months of
2017. This polling will include research into the impact of recent and proposed
government policy changes on consumer intentions to buy and sell homes in the GTA,
including the impacts of the new OSFI guideline and a potential vacancy tax in the City of
Toronto. In addition, TREB continues to work with different levels of government on
solutions to the long-term housing supply issues in the region,” added Mr. Syrianos.
TORONTO, ONTARIO, October 4, 2017 – Toronto Real Estate Board President Tim
Syrianos announced that Greater Toronto Area REALTORS® reported 6,379 sales through
TREB’s MLS® System in September 2017. This result was down by 35 per cent compared
to September 2016.
The number of new listings entered into TREB’s MLS® System amounted to 16,469 in
September – up by 9.4 per cent year-over-year.
“The improvement in listings in September compared to a year earlier suggests that home
owners are anticipating an uptick in sales activity as we move through the fall. Consumer
polling undertaken for TREB in the spring suggested that buying intentions over the next year
remain strong. As we move through the fourth quarter we could see some buyers moving off
the sidelines, taking advantage of a better-supplied marketplace,” said Mr. Syrianos.
The average selling price in September 2017 was $775,546 – up 2.6 per cent compared to
September 2016. The MLS® Home Price Index (HPI) composite benchmark was up by 12.2
per cent on a year-over-year basis. A key reason for the difference in annual growth rates
between the average price and the MLS® HPI composite is the fact that detached homes –
the most expensive market segment on average – accounted for a smaller share of overall
transactions this year compared to last.
“With more balanced market conditions, the pace of year-over-year price growth was more
moderate in September compared to a year ago. However, the exception was the
condominium apartment market segment, where average and benchmark sales prices were
up by more than 20 per cent compared to last year. Tighter market conditions for
condominium apartments follows consumer polling results from the spring that pointed
toward a shift to condos in terms of buyer intentions,” said Jason Mercer, TREB’s Director of
TORONTO, ONTARIO, August 3, 2017 – Toronto Real Estate Board President Tim
Syrianos announced that Greater Toronto Area REALTORS® reported 5,921 residential
transactions through TREB’s MLS® System in July 2017. This result was down by 40.4
per cent on a year-over-year basis, led by the detached market segment – both in the City
of Toronto and surrounding regions.
While sales were down, the number of new listings reported were only slightly (+5.1 per
cent) above last year’s level.
“A recent release from the Ontario government confirmed TREB’s own research which
found that foreign buyers represented a small proportion of overall home buying activity in
the GTA. Clearly, the year-over-year decline we experienced in July had more to do with
psychology, with would-be home buyers on the sidelines waiting to see how market
conditions evolve,” said Mr. Syrianos.
“Summer market statistics are often not the best indicators of housing market conditions.
We generally see an uptick in sales following Labour Day, as a greater cross-section of
would-be buyers and sellers start to consider listing and/or purchasing a home. As we
move through the fall, we should start to get a better sense of the impacts of the Fair
Housing Plan and higher borrowing costs,” said TREB CEO John DiMichele.
The MLS® Home Price Index (HPI) Composite Benchmark price was up by 18 per cent on
a year-over-year basis. However, the Composite Benchmark was down by 4.6 per cent
relative to June. Monthly MLS® HPI declines were driven more so by single-family home
types. The average selling price for all home types combined was up by five per cent
year-over-year to $746,218.
“Home buyers benefitted from more choice in the market this July compared to the same
time last year. This was reflected in home prices and home price growth. Looking
forward, if we do see some would-be home buyers move off the sidelines and back into
the market without a similar increase in new listings, we could see some of this newfound
choice erode. The recent changes in the sales and price trends have masked the fact that
housing supply remains an issue in the GTA,” said Jason Mercer, TREB’s Director of