Real Estate in mid-town Toronto
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2019 Periodic Updates
GTA REALTORS® Release February 2019 Stats
Greater Toronto, 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 over-year basis. Sales were also down compared to January 2019 following preliminary
“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.
TORONTO, February 6, 2019 - TREB President Garry Bhaura announced that Greater
Toronto Area REALTORS® reported 4,009 home sales through TREB’s MLS® in
January 2019 – up by 0.6 per cent compared to January 2018. On a preliminary
seasonally adjusted basis, sales were up by 3.4 per cent compared to December
“It is encouraging to see the slight increase in January transactions on a year-overyear
basis, even with the inclement weather experienced in the GTA region during the
last week of the month. The fact that the number of transactions edged upwards is
in line with TREB’s forecast for higher sales in calendar year 2019,” said Mr. Bhaura
The MLS® HPI Composite Benchmark price was up by 2.7 per cent compared to
January 2018. The condominium apartment market segment continued to lead the
way in terms of price growth. The average selling price was up by 1.7 per cent on a
year-over-year basis. After preliminary seasonal adjustment, the average selling price
edged lower compared to December 2018.
“Market conditions in January, as represented by the relationship between sales and
listings, continued to support moderate year-over-year price increases, regardless of
the price measure considered. Given housing affordability concerns in the GTA,
especially as it relates to mortgage qualification standards, we have seen tighter
market conditions and stronger price growth associated with higher density low-rise
home types and condominium apartments, which have lower average selling prices
compared to single detached homes,” said Jason Mercer, TREB’s Director of Market
Analysis and Service Channels.
December and 2018 Annual Statistics Released
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
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.
“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.
2018 Periodic Updates
GTA REALTORS Release November 2018 Stats
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
“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. Bhaura.
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 October 2018.
“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 Analysis.
GTA REALTORS Release October Stats
Greater Toronto, November 5, 2018 – Toronto Real Estate Board President Garry Bhaura
announced year-over-year increases in home sales and average sale prices reported through
TREB’s MLS® System in October 2018.
Greater Toronto Area REALTORS® reported 7,492 sales through TREB’s MLS® System in
October 2018 – a six per cent increase compared to October 2017. On a preliminary seasonally
adjusted basis, sales were down by one per cent compared to September 2018.
The average sale price for October 2018 was up 3.5 per cent on a year-over-year basis to
$807,340. After preliminary seasonal adjustment, the average selling price was up one per cent
compared to September 2018. The MLS® Home Price Index (HPI) Composite Benchmark was
up by 2.6 per cent compared to October 2017. Price growth continued to be driven be the
condominium apartment and higher density low-rise market segments.
“Annual sales growth has been positive since the late spring. While the OSFI stress test and
higher borrowing costs have kept sales below 2016’s record pace, many households in the
Greater Toronto Area remain upbeat on home ownership as a quality long-term investment. A
strong regional economy and steady population growth will continue to support the demand for
housing ownership as we move into 2019,” said Mr. Bhaura.
There were 14,431 new Listings entered into TREB’s MLS® System in October 2018 – down 2.7
per cent compared to October 2017. The fact that sales were up and new listings were down
year-over-year in October suggests that market conditions became tighter.
“Annual sales growth has outstripped annual growth in new listings for the last five months,
underpinning the fact that listings supply remains an issue in the Greater Toronto Area. With
municipal elections in the rear view mirror, all levels of government need to concentrate on
policies that could remove impediments to a better-supplied housing market, including
facilitating the development of a broader array of medium density housing choices,” said Jason
Mercer, TREB’s Director of Market Analysis.
2017 Annual Statistics
North Toronto (Sherwood and Broadway)
2017 Sales Compared to 4 previous years.
2017 Sales Compared to 5 previous years.
GTA REALTORS Release Annual Stats for 2017 Summary
TORONTO, ONTARIO, January 4, 2018
Toronto Real Estate Board President Tim Syrianos
announced that Greater Toronto Area REALTORS reported 92,394 sales through TREB’s MLS
System in 2017. This total was down 18.3 per cent compared to the record set in 2016.
Record sales in Q1 were followed by a decline in Q2 and Q3 after the Ontario Fair Housing Plan
(FHP) was announced. The pace of sales picked up in Q4, as the impact of the FHP started to
wane, and some buyers arguably brought forward their home purchase in response to the new
OSFI stress test guidelines effective January 1, 2018.
“Much of the sales volatility in 2017 was brought about by government policy decisions.
Research from TREB, the provincial government and Statistics Canada showed that foreign
home buying was not a major driver of sales in the GTA. However, the Ontario Fair Housing
Plan, which included a foreign buyer tax, had a marked psychological impact on the
marketplace. Looking forward, government policy could continue to influence consumer
behavior in 2018, as changes to federal mortgage lending guidelines come into effect,” said Mr.
The average selling price for 2017 as a whole was $822,681 – up 12.7 per cent compared to
2016. This annual growth was driven more so by extremely tight market conditions during the
first four months of the year. In the latter two-thirds of 2017, fewer sales combined with
increased listings resulted in slower price growth. In December, the MLS Home Price Index
(HPI) Composite Benchmark was up by 7.2 per cent year over year, and the overall average
selling price was up by 0.7 per cent year over year.
“It is interesting to note that home price growth in the second half of 2017 differed substantially
depending on market segment. The detached market segment – the most expensive on
average – experienced the slowest pace of growth as many buyers looked to less expensive
options. Conversely, the condominium apartment segment experienced double-digit growth, as
condos accounted for a growing share of transactions,” said Jason Mercer, TREB’s Director of