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
TORONTO, June 5, 2017 – Toronto Real Estate Board President Larry Cerqua announced that
Greater Toronto Area REALTORS® reported 10,196 sales through TREB’s MLS® System in May
2017 – down by 20.3 per cent compared to 12,790 sales reported in May 2016. Sales of detached
homes were down by 26.3 per cent. Sales of condominium apartments were down by 6.4 per
The supply of listings was up strongly over the same period. Active listings – the number of
properties available for sale – at the end of May were up by 42.9 per cent compared to the record
low a year earlier. The number increased considerably for low-rise home types including detached
and semi-detached houses and townhouses. Active listings for condominium apartments were
down compared to May 2016.
“Home buyers definitely benefitted from a better supplied market in May, both in comparison to the
same time last year and to the first four months of 2017. However, even with the robust increase
in active listings, inventory levels remain low. At the end of May, we had less than two months of
inventory. This is why we continued to see very strong annual rates of price growth, albeit lower
than the peak growth rates earlier this year,” said Mr. Cerqua.
Selling prices continued to increase strongly in May compared to the same month in 2016. The
MLS® HPI Composite Benchmark price was up by 29 per cent year-over-year. The average
selling price for all home types combined for the TREB Market Area as a whole was up by 14.9 per
cent to $863,910. Year-over-year price increases were greater for condominium apartments
compared to low-rise home types. This likely reflects the fact that the low-rise market segments
benefitted most from the increase in listings.
“The actual, or normalized, effect of the Ontario Fair Housing Plan remains to be seen. In the
past, some housing policy changes have initially led to an overreaction on the part of homeowners
and buyers, which later balanced out. On the listings front, the increase in active listings suggests
that homeowners, after a protracted delay, are starting to react to the strong price growth we’ve
experienced over the past year by listing their home for sale to take advantage of these equity
gains,” said Jason Mercer, TREB’s Director of Market Analysis.
ONTARIO, May 3, 2017 –The Toronto Real Estate Board has examined property
assessment and land registry data in Ontario and has concluded that foreign buyer ownership, as
well as speculation by foreign and domestic buyers and multiple ownership in the Greater Golden
Horseshoe housing market remains low.
TREB is releasing their analysis of this data at the same time as TREB President Larry Cerqua
announces that Greater Toronto Area REALTORS® entered 33.6 per cent more new listings into
TREB's MLS® System in April 2017, at 21,630, compared to the same month in 2016. New listings
were up by double-digits for all low-rise home types, including detached and semi-detached
houses and townhouses. New listings for condominium apartments were at the same level as last
Total sales for the TREB market area as a whole amounted to 11,630 – down 3.2 per cent yearover-
year. One issue underlying this decline was the fact that Easter fell in April in 2017 versus
March in 2016, which resulted in fewer working days this year compared to last and, historically,
most sales are entered into TREB's MLS® System on working days.
"The fact that we experienced extremely strong growth in new listings in April means that buyers
benefitted from considerably more choice in the marketplace. It is too early to tell whether the
increase in new listings was simply due to households reacting to the strong double-digit price
growth reported over the past year or if some of the increase was also a reaction to the Ontario
Government's recently announced Fair Housing Plan," said Mr. Cerqua.
The MLS® Home Price Index (HPI) Composite Benchmark Price was up by 31.7 per cent yearover-
year in April 2017. Similarly, the average selling price for all home types combined was up by
24.5 per cent to $920,791.
"It was encouraging to see a very strong year-over-year increase in new listings. If new listings
growth continues to outpace sales growth moving forward, we will start to see more balanced
market conditions. It will likely take a number of months to unwind the substantial pent-up demand
that has built over the past two years. Expect annual rates of price growth to remain well-above the
rate of inflation as we move through the spring and summer months," said Jason Mercer, TREB's
Director of Market Analysis.
TORONTO, ONTARIO, April 5, 2017– Toronto Real Estate Board President Larry Cerqua
announced that Greater Toronto Area REALTORS® reported 12,077 residential sales through
TREB’s MLS® System in March 2017. This result represented a 17.7 per cent increase compared
to the 10,260 sales reported in March 2016. For the TREB market area as a whole, annual sales
growth was strongest for condominium apartments and detached houses.
The number of new listings also increased on a year-over-year basis, at 17,051 – a 15.2 per cent
increase compared to March 2016. The strongest growth in new listings was experienced in the
detached market segment. While new listings were up strongly compared to last year, the rate
new listings growth was still lower than the rate of sales growth. As a result, GTA market
conditions continued to tighten.
“It has been encouraging to see that policymakers have not implemented any knee-jerk policies
regarding the GTA housing market. Different levels of government are holding consultations with
market stakeholders and TREB has participated and will continue to participate in these
discussions. Policy makers must remember that it is the interplay between the demand for and
supply of listings that influences price growth,” said Mr. Cerqua.
Strong competition between buyers continued to cause high levels of price growth in all major
market segments. The MLS® Home Price Index (HPI) Composite Benchmark Price was up by
28.6 per cent year-over-year. For the TREB market area as a whole, the average selling price was
up by 33.2 per cent, with similar annual rates of growth in the low-rise and condominium apartment
“Annual rates of price growth continued to accelerate in March as growth in sales outstripped
growth in listings. A substantial period of months in which listings growth is greater than sales
growth will be required to bring the GTA housing market back into balance. As policy makers seek
to achieve this balance, it is important that an evidence-based approach is followed,” said Jason
Mercer, TREB’s Director of Market Analysis.
TORONTO, ONTARIO, February 3, 2017 - Toronto Real Estate Board President Larry
Cerqua announced that Greater Toronto Area REALTORS® reported 5,188 residential
transactions through TREB's MLS® System in January 2017. This result was up by 11.8
per cent compared to 4,640 sales reported in January 2016. Annual rates of sales growth
were higher for condominium apartments than for low-rise home types.
January 2017 picked up where 2016 left off: sales were up on a year-over-year basis while
the number of new listings was down by double-digit annual rates for most major home
"Home ownership continues to be a great investment and remains very important to the
majority of GTA households. As we move through 2017, we expect the demand for
ownership housing to remain strong, including demand from first-time buyers who,
according to a recent Ipsos survey, could account for more than half of transactions this
year. However, many of these would-be buyers will have problems finding a home that
meets their needs in a market with very little inventory," said Cerqua.
The MLS® Home Price Index (HPI) Composite Benchmark price was up by 21.8 per cent
on a year-over-year basis in January. Similarly, over the same period, the average selling
price was up by 22.3 per cent to $770,745, with double-digit gains in the average prices
for all major home types.
“The number of active listings on TREB’s MLS® System at the end of January was
essentially half of what was reported as available at the same time last year. That
statistic, on its own, tells us that there is a serious supply problem in the GTA – a problem
that will continue to play itself out in 2017. The result will be very strong price growth for
all home types again this year,” said Jason Mercer, TREB’s Director of Market Analysis.
TORONTO, ONTARIO, January 5, 2017 – Toronto Real Estate Board President Larry
Cerqua announced that 2016 was a second consecutive record year for home sales.
Greater Toronto Area REALTORS® reported 113,133 home sales through TREB’s MLS®
System – up by 11.8 per cent compared to 2015. The calendar year 2016 result included
5,338 sales in December – an annual increase of 8.6 per cent.
The strongest annual rate of sales growth in 2016 was experienced for condominium
apartments followed by detached homes.
“A relatively strong regional economy, low unemployment and very low borrowing costs
kept the demand for ownership housing strong in the GTA, as the region’s population
continued to grow in 2016,” said Mr. Cerqua.
“It is important to point out that the strong demand that we experienced in 2016 was very
much domestic in nature. TREB recently commissioned Ipsos to survey its Members with
regard to the level and type of foreign buying activity within the Greater Toronto Area. The
results of the Ipsos survey suggest that the level of foreign buying activity is low in the
GTA. Only an estimated 4.9 per cent of GTA transactions, in which TREB Members acted
on behalf of a buyer, involved a foreign purchaser. In the City of Toronto, the share of
foreign buyers was five per cent,” continued Mr. Cerqua.
The methodology of the Ipsos research involved an online survey of the TREB
Membership hosted on the Ipsos platform. A total of 3,518 surveys were completed
between October 6 and October 21, 2016. The margin of error is ±2 percentage points 19
times out of 20. TREB will be releasing the full results of the Ipsos survey dealing with
foreign buyers on January 31, 2017, in conjunction with its Market Year in Review and
Outlook Report and related media event.
The annual rate of growth for the MLS® Home Price Index (HPI) in the TREB market area
accelerated throughout 2016 – from 10.7 per cent in January 2016 to 21 per cent in
December 2016. The overall average selling price for calendar year 2016 was $729,922 –
up 17.3 per cent compared to 2015. The pace of the annual rate of growth for the average
selling price also picked up throughout the year, including a climb of 20 per cent in
“Price growth accelerated throughout 2016 as the supply of listings remained very
constrained. Active listings at the end of December were at their lowest point in a decade-
and-a-half. Total new listings for 2016 were down by almost four per cent. In 2016, we
saw policy changes and policy debates pointed at the demand side of the market. If we
want to see a sustained moderation in the pace of price growth, what we really need is
more policy focus on issues impacting the lack of homes available for sale,” said Jason
TREB’s Market Year in Review and Outlook Report and media event will include an expert
panel and related submissions on the foundations of the housing supply issue in the GTA
and possible solutions.
With continued strong rates of price growth, housing affordability is a growing concern.
Unfortunately, the City of Toronto’s Budget Committee is considering an increase to the
Land Transfer Tax that could see buyers of average-priced homes pay another $750 to
the City, which would represent a seven per cent increase to the $11,000 that they already
pay City Hall as an upfront Land Transfer Tax closing cost. This would be on top of the
$12,000 that is also paid to the province. First-time buyers could end up paying $475
more, or, at best, be no better off, even though the province recently doubled their first
time buyer LTT rebate.
“The last thing people need is to dish out another $750, on top of the $11,000 that they
already pay City Hall. The City should be looking for ways to make housing affordability
better, not worse, especially for first-time buyers who could go backwards, or at best, be
no better off,” said Mr. Cerqua. “The Budget Committee should stop this proposal in its
tracks and instead enhance the rebate for first-time buyers.”