TORONTO, ONTARIO, May 6, 2019 – Toronto Real Estate Board President Garry Bhaura announced that Greater
Toronto Area REALTORS® reported a substantial year-over-year increase in home sales in April 2019. The number of
residential transactions jumped by 16.8 per cent to 9,042 compared to 7,744 in April 2018. On a preliminary
seasonally adjusted basis, sales were up 11.3 per cent compared to March 2019.
New listings were also up year-over-year by eight per cent. However, the annual growth rate for new listings was
much lower than that reported for sales. This suggests that market conditions continued to tighten which points
toward an acceleration in price growth.
“The strong year-over-year growth in sales is obviously a good news story and likely represents some catch-up from a
slow start to the year. TREB’s sales outlook for 2019 anticipates an increase relative to 2018. It should be noted,
however, that growth in new listings is not keeping pace with sales. This points to the ongoing housing supply issue in
the GTA. In this regard TREB welcomes the provincial government’s Housing Supply Action Plan announced last week
to reduce red tape and improve the mix of housing types. TREB provided input on the Plan through submissions and
participation on working groups,” said Mr. Bhaura.
The year-over-year rate of price growth generally edged up in April relative to the first three months of the year. The
MLS® HPI Composite benchmark was up by 3.2 per cent – the highest rate of growth in more than a year. The
average selling price was up by 1.9 per cent to $820,148, representing the strongest annual rate of growth so far in
2019. On a preliminary seasonally adjusted basis, the average selling price was also up by 1.1 per cent compared to
Price growth continued to be driven by the condominium apartment segment and higher-density low-rise segments.
The average price for detached houses dipped year-over-year, specifically in regions surrounding the City of Toronto.
The detached market segment, with the highest price point on average, has arguably been hardest hit by measures
such as the OSFI stress test.
“While sales were up year-over-year in April, it is important to note that they remain well-below April levels for much
of the past decade. Many potential home buyers arguably remain on the sidelines as they reassess their options in
light of the OSFI-mandated two percentage point stress test on mortgages. Longer term borrowing costs have
trended lower this year and the outlook for short-term rates, for which the Bank of Canada holds the lever, is flat to
down this year. Unfortunately, against this backdrop, we have seen no movement toward flexibility in the OSFI stress
test,” said Jason Mercer, TREB’s Chief Market Analyst.
Tight market conditions in the condominium apartment rental market remain in place. Year-to-date (January 2019
through April 2019) condominium rental transactions for one-bedroom and two-bedroom apartments were up by
10.2 per cent and 9.7 per cent respectively compared to the same period in 2018. Average year-to-date rents for onebedroom
apartments were up by 7.3 per cent on an annual basis to $2,150. Over the same period, two-bedroom
apartment rents were up by 4.1 per cent to $2,815.
“The supply of ownership and rental housing is of paramount importance to the GTA, from the perspective of
affordability and economic competitiveness of the region, insofar as talented people are more likely to move to the
region if they can easily find housing that meets their needs within their budgets. With this in mind, it is also
important to think about housing supply through the lens of public transportation. TREB has been highlighting the
important links between housing and transportation for a number of years, including through research conducted for
TREB by CANCEA and the Pembina Institute dealing with transportation infrastructure’s impact on affordability and
transit supportive development respectively. TREB will continue research in these areas moving forward,” said TREB
CEO, John DiMichele.
TORONTO, ONTARIO, April 3, 2019 – Toronto Real Estate Board President Garry Bhaura
announced that Greater Toronto Area REALTORS® reported 7,187 residential sales through TREB’s
MLS® System in March 2019. This result was inline with 7,188 sales reported in March 2018. For
the first quarter of 2019, sales were down by one per cent compared to Q1 2018.
While March and Q1 sales remained relatively flat compared to last year, new listings have
declined more so than sales. March new listings were down by 5.1 per cent year-over-year and
Q1 new listings were down by 1.5 per cent.
“The OSFI stress test continues to impact home buyers’ ability to qualify for a mortgage. TREB is
still arguing that the stress test provisions and mortgage lending guidelines generally, including
allowable amortization periods for insured mortgages, should be reviewed. The supply of listings
in the GTA also remains a problem. Bringing a greater diversity of ownership and rental housing
online, including ‘missing middle’ home types, should be a priority of all levels of government.
TREB is happy to be taking part in the City of Toronto’s consultations for the Housing TO – 2020-
2030 Action Plan, and will certainly be raising the supply issue during these discussions,” said Mr.
“While the City of Toronto’s recently announced Housing TO – 2020-2030 Action Plan is exciting
and commendable, and TREB looks forward to contributing solutions as a Member of the External
Advisory Committee, the recently proposed increase to the Municipal Land Transfer Tax on higher
priced properties is problematic. As the recent City budget process showed, the MLTT is not a
sustainable revenue source from which to fund municipal programs. On top of this, additional
MLTT on higher priced homes could have a trickle-down effect on the supply of homes throughout
the housing price continuum,” said TREB CEO John Di Michele.
The MLS® Home Price Index Composite Benchmark was up by 2.6 per cent year-over-year in
March, while the average price for March sales was up by a lesser annual rate of 0.5 per cent to
$788,335. The average selling price for Q1 2019 was up by 1.1 per cent year-over-year.
“Market conditions have remained tight enough to support a moderate pace of price growth.
Despite sales being markedly lower than the record levels of 2016 and early 2017, the supply of
listings has also receded. This means that in many neighbourhoods throughout the GTA, we
continue to see competition between buyers for available listings, which provides a level of
support for home prices,” said Jason Mercer, TREB’s Chief Market Analyst.
TORONTO, ONTARIO, March 5, 2019 – Toronto Real Estate Board President Gurcharan (Garry)
Bhaura announced that Greater Toronto Area REALTORS® reported 5,025 homes sold through
TREB’s MLS® System in February 2019. This sales total was down by 2.4 per cent on a year-overyear
basis. Sales were also down compared to January 2019 following preliminary seasonal
“The OSFI mandated mortgage stress test has left some buyers on the sidelines who have
struggled to qualify for the type of home they want to buy. The stress test should be reviewed
and consideration should be given to bringing back 30 year amortizations for federally insured
mortgages. There is a federal budget and election on the horizon. It will be interesting to see
what policy measures are announced to help with home ownership affordability,” said Mr.
Despite sales being down year-over-year, new listings actually declined by a greater annual rate.
This suggests that market conditions became tighter compared to last year. Tighter market
conditions continued to support year-over-year average price growth.
Both the MLS® Home Price Index Composite Benchmark and the average selling price were up
modestly on a year-over-year basis in February 2019. The MLS® HPI Composite Benchmark was
up by 2.4 per cent year-over-year. The average selling price for all home types combined was up
by 1.6 per cent over the same period. Price growth was driven by the condominium apartment
segment and higher density low-rise home types. On a preliminary seasonally adjusted basis the
average selling price was down compared to January 2019.
“Home sales reported through TREB’s MLS® System have a substantial impact on the Canadian
economy. A study conducted by Altus for TREB found that, on average, each home sale reported
through TREB resulted in $68,000 in spin-off expenditures accruing to the economy. With sales
substantially lower than the 2016 record peak over the last two years, we have experienced a hit
to the economy in the billions of dollars, in the GTA alone. This hit has also translated into lower
government revenues and, if sustained, could impact the employment picture as well,” said Jason
Mercer, TREB’s Director of Market Analysis and Service Channels.
The rental market continued to operate in a high demand, low inventory environment during the
first two months of 2019. Strong competition between renters resulted in average rents for onebedroom
and two-bedroom apartments leased through TREB’s MLS® System increasing wellabove
the rate of inflation on a year-over-year basis for the January-February period. The average
one-bedroom rent was up by 8.1 per cent to $2,145. The average two-bedroom rent was up by
7.4 per cent to $2,810.
“With vacancy rates hovering in the one per cent range and average rents increasing in the high
single digits, it is clear that signing a lease for a rental unit is not an easy proposition in the GTA.
While some rent control provisions have been relaxed by the new provincial government, policy
makers need to look at further initiatives to encourage rather than discourage investment in
rental apartments. A recent Ipsos survey conducted for TREB found that almost one-quarter of
investment property owners are very likely to list their property for sale this year, which is
concerning in an already tight rental market,” said TREB CEO John DiMichele.
TORONTO, ONTARIO, January 4, 2019 – Toronto Real Estate Board President Garry Bhaura
announced that Greater Toronto Area REALTORS® reported a total of 77,426 residential
transactions through TREB’s MLS® System in 2018. This result represented a 16.1 per cent
decline compared to 92,263 sales reported in 2017. Total new listings entered into TREB’s MLS®
System were down by 12.7 per cent over the same period to 155,823.
The overall average selling price for 2018 transactions, at $787,300, was down by 4.3 per cent
year-over-year for all home types combined across the TREB market area.
Home prices were up very slightly in the City of Toronto and down in the surrounding GTA regions.
This dichotomy reflects the fact that the condominium apartment segment, which accounted for a
large proportion of sales in the City of Toronto, performed better from a pricing perspective than
the detached market segment. The average price for condominium apartment sales across the
TREB market area was up by 7.8 per cent year-over-year.
“Higher borrowing costs coupled with the new mortgage stress test certainly prompted some
households to temporarily move to the sidelines to reassess their housing options. With this said,
it is important to note that market conditions were improved in the second half of the year, both
from a sales and pricing standpoint,” said Garry Bhaura, TREB President.
“After spiking in 2017, new listings receded markedly in 2018. In many neighbourhoods, despite
fewer sales from a historic perspective, some buyers still struggled to find a home meeting their
needs. The result was a resumption of a moderate year-over-year pace of home price growth in
the second half of the year. Price growth was strongest for less-expensive home types, as many
home buyers sought more affordable home ownership options,” said Jason Mercer, TREB’s
Director of Market Analysis and Service Channels.
On February 6, TREB will be releasing its fourth annual Market Year-in-Review and Outlook
Report. The report will feature the latest results from the Ipsos surveys of existing home owners
and intending home buyers. The surveys will cover off home buying intentions, impacts of recent
government policy decisions, interesting information on investment property ownership, renovation
spending and mortgage trends. The report will also contain information on the new home and
commercial real estate markets. New research on mid-density housing by the Ryerson Centre for
Urban Research and Land Development and a study on transit-supportive development by the
Pembina Institute will also be presented.
TORONTO, ONTARIO, December 5, 2018 – Toronto Real Estate Board President Garry Bhaura
announced the continuation of moderate price growth in November 2018 compared to November 2017. The
MLS® Home Price Index (HPI) Composite Benchmark was up by 2.7 per cent year-over-year. The average
selling price was up by 3.5 per cent year-over-year to $788,345.
Greater Toronto Area REALTORS® reported 6,251 residential transactions through TREB’s MLS® System
in November 2018. This result was down by 14.7 per cent compared to November 2017, when we saw a
temporary upward shift in demand as the market was distorted by the looming OSFI-mandated stress test at
the end of last year.
“New listings were actually down more than sales on a year-over-year basis in November. This suggests
that, in many neighbourhoods, competition between buyers may have increased. Relatively tight market
conditions over the past few months have provided the foundation for renewed price growth,” said Mr.
On a preliminary seasonally adjusted basis, sales were down by 3.4 per cent compared to October 2018.
The average selling price after preliminary seasonal adjustment was down by 0.8 per cent compared to
“Home types with lower average price points have been associated with stronger rates of price growth over
the past few months. Given the impact of the OSFI-mandated mortgage stress test and higher borrowing
costs on affordability, it makes sense that the condo apartment and semi-detached market segments
experienced relatively stronger rates of price growth in November, as market conditions in these segments
remained tight or tightened respectively over the past year,” said Jason Mercer, TREB’s Director of Market
Looking at the housing market from a policy perspective, TREB is encouraged with the provincial
government’s recent announcement and on-going public consultation regarding a housing supply action
“Housing supply remains a key issue in the GTA market. More specifically, an adequate supply and
appropriate mix of housing types must be part of the conversation, as has been recognized by the provincial
government in their consultation documents. Transit supportive and gentle density 'missing middle' housing
should be a priority. TREB has commissioned research on these subjects and looks forward to sharing it at
our Market Outlook Economic Summit on February 6, 2019, and as part of the provincial government’s
consultations, when results are available in coming months,” said TREB CEO John Di Michele.
“TREB is also encouraged that the provincial government remains committed to public transit expansion.
TREB has long advocated for improvements to the Greater Golden Horseshoe transit and transportation
network, and feels the time is right to have a conversation about the level of provincial and municipal
responsibility that would be the most efficient arrangement to realize subway expansion sooner in Toronto,
and the GTA, as this will impact the housing market,” added Mr. Di Michele.
Greater Toronto, October 3, 2018 – Toronto Real Estate Board President Garry Bhaura
announced that Greater Toronto Area REALTORS® reported 6,455 sales through TREB’s MLS®
System in September 2018 – up 1.9 per cent compared to September 2017. The average selling
price for September 2018 sales was up by 2.9 per cent over the same period to $796,786. The
MLS® HPI composite benchmark price was up by two per cent year-over-year.
New listings entered into TREB’s MLS® System in September 2018 amounted to 15,920 – down
by 3.1 per cent compared to September 2017. With sales up year-over-year and new listings
down, market conditions became tighter. Many buyers may have found it more difficult to find a
home meeting their needs.
“It is healthy to see sales and prices in many areas across the Greater Toronto Area up a bit,
compared to last year’s lows. At the same, however, it is important to remember that TREB’s
market area is made up of over 500 communities. Market conditions have obviously unfolded
differently across these communities. This is why it’s important to work with a REALTOR® who is
familiar with local market conditions in your areas of interest,” said Mr. Bhaura.
“While higher borrowing costs and tougher mortgage qualification rules have kept sales levels off
the record pace set in 2016, many households remain positive about home ownership as a quality
long-term investment. As the GTA population continues to grow, the real challenge in the housing
market will be supply rather than demand. The Toronto Real Estate Board is especially concerned
with issues affecting housing supply as we move towards municipal elections across the region,”
added Mr. Bhaura.
On a monthly basis, after preliminary seasonal adjustment, sales edged up by 0.2 per cent in
September 2018 compared to August 2018. The average selling price, after preliminary seasonal
adjustment, edged lower by 0.5 per cent month-over-month.
“Generally speaking, annual rates of price growth have been stronger for higher density home
types in 2018, including condominium apartments, townhouses and semi-detached houses. In
many neighbourhoods, these home types provide more affordable home ownership options. This
is why a policy focus on increasing mid-density housing options throughout the GTA is important,”
said Jason Mercer, TREB’s Director of Market Analysis.
TORONTO, ONTARIO, September 6, 2018 – Toronto Real Estate Board President Garry Bhaura
announced sales and price increases on a year-over-year basis in August. Greater Toronto Area
REALTORS® reported 6,839 sales through TREB’s MLS® System in August 2018 – an 8.5 per cent
increase compared to August 2017.
Both the average selling price, at $765,270, and the MLS® Home Price Index Composite Benchmark for
August 2018 were up compared to the same month in 2017, by 4.7 per cent and 1.5 per cent respectively.
The average selling price increased by more than the MLS® HPI Composite due, at least in part, to a
change in the mix of sales compared to last year. Detached home sales were up by double digits on a yearover-
year percentage basis – substantially more than many other less-expensive home types.
“It is encouraging to see a continued resurgence in the demand for ownership housing. Many home buyers
who had initially moved to the sidelines due to the Ontario Fair Housing Plan and new mortgage lending
guidelines have renewed their search for a home and are getting deals done much more so than last year.
In a region where the economy remains strong and the population continues to grow, ownership housing
remains a solid long-term investment,” said Mr. Bhaura.
Month-over-month sales and price growth also continued in August. On a preliminary seasonally adjusted
basis, August 2018 sales were up by two per cent compared to July 2018. The seasonally adjusted August
2018 average selling price was down slightly by 0.2 per cent compared to July 2018, following strong
monthly increases in May, June and July.
“Market conditions in the summer of 2018, including this past August, were tighter than what was
experienced in the summer of 2017. In August, the annual rate of sales growth outpaced the annual rate of
new listings growth. We only have slightly more than two-and-a-half months of inventory in the TREB
market area as a whole and less than two months of inventory in the City of Toronto. This means that
despite the fact the sales remain off the record highs from 2016 and 2017, many GTA neighbourhoods
continue to suffer from a lack of inventory. This could present a problem if demand continues to accelerate
over the next year, which is expected,” said Jason Mercer, TREB’s Director of Market Analysis.
TREB Launches New Website Highlighting Municipal Election Issues Related to Housing
With municipal elections just over six weeks away, TREB is highlighting key housing issues for the public to
consider when voting and is providing an opportunity for voters to communicate about these issues with
election candidates through a new web site: UnLockMyHousingOptions.ca.
“One of the key issues facing home buyers and renters in the GTA is inadequate housing supply and choice,
and one of the main reasons for this is municipal policy that unnecessarily locks up housing options.
Whether it is approval delays, inflexible and outdated zoning rules, or market distorting taxes like Toronto’s
Land Transfer Tax, current municipal policies are a big part of the reason why there is not enough gentle
density housing, like semis, row homes, and multiplexes, in the GTA. This ‘missing middle’ option is critical
for a healthy real estate market and we are encouraging home buyers and renters to let municipal election
candidates know their views through our new election campaign web site: UnLockMyHousingOptions.ca,”
said Mr. Bhaura.
TORONTO, ONTARIO, August 3, 2018 – Toronto Real Estate Board President Garry
Bhaura announced strong growth in the number of home sales and the average selling
price reported by Greater Toronto Area REALTORS® in July 2018.
“Home sales result in substantial spin-off benefits to the economy, so the positive results
over the last two months are encouraging. However, no one will argue that housing
supply remains an issue. The new provincial government and candidates for the
upcoming municipal elections need to concentrate on policies focused on enhancing the
supply of housing and reducing the upfront tax burden represented by land transfer taxes,
province-wide and additionally in the City of Toronto,” said Mr. Bhaura.
Residential sales reported through TREB’s MLS® System for July 2018 amounted to
6,961 – up 18.6 per cent compared to July 2017. Over the same period, the average
selling price was up by 4.8 per cent to $782,129, including a moderate increase for
detached home types. New listings in July 2018 were down by 1.8 per cent year-overyear.
Preliminary seasonal adjustment pointed to strong month-over-month increases of 6.6 per
cent and 3.1 per cent respectively for sales and average price. Seasonally adjusted sales
were at the highest level for 2018 and the seasonally adjusted average price reached the
highest level since May 2017.
The MLS® Home Price Index (HPI) Composite Benchmark for July 2018 was down
slightly compared to July 2017. However, the annual growth rate looks to be trending
toward positive territory in the near future.
“We have certainly experienced an increase in demand for ownership housing so far this
summer. It appears that some people who initially moved to the sidelines due to the
psychological impact of the Fair Housing Plan and changes to mortgage lending
guidelines have re-entered the market. Home buyers in the GTA recognize that
ownership housing is a quality long-term investment,” said Jason Mercer, TREB’s Director
of Market Analysis.
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,