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.