TORONTO, January 4, 2019
Toronto Real Estate Board 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 MLS 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.
Prices Up Slightly:
Home prices were up very slightly in the City of Toronto and down in the surrounding GTA regions. The condominium segment, 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.
New listings receded markedly in 2018. In many neighbourhoods, 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. Many home buyers sought more affordable home ownership options.