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Cindie Carr-Harris
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TORONTO REAL ESTATE BOARD MAY MARKET WATCH
Monday, 04 June 2018, 08:30:00 AM

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

April.1

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

Market Analysis.

Housing Issues Important to Voters

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,

TREB President.

 

 

 

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