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TORONTO’S REAL ESTATE MARKET STILL IN FLUX

THE TORONTO REAL ESTATE BOARD (TREB) RELEASES STATISTICS FOR JANUARY 2018 – 6th FEBRUARY 2018

TREB MARKET WATCH - JANUARY 2018 - Summary Charts

The TORONTO REAL ESTATE BOARD just released their monthly “MARKET WATCH” statistical review for the month of January 2018. In the accompanying press release, TREB President, Tim Syrianos announced that Greater Toronto Area REALTORS® reported 4,019 residential transactions through TREB’s MLS® System in January 2018.

Apparently, this result was down by 22% compared to the all-time record 5,155 sales reported last year (January 2017). Also, to add more fuel to the nay-sayers, the doom & gloom bubble hypers & non-hibernating real estate bears was the additional statistic regarding new listings entered into the system in January. This amounted to 8,585 new listings being added to MLS – a 17.4% increase compared to 7,314 new listings entered in January 2017. 

However, what will quickly be over-looked for the more hypable headlines is the note that followed this last statistic:

“…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.”

In addition to these easily sensationalizable statistics, TREB added the following context to their monthly, statistical announcement:

“…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.”

And, another stat that will likely be overlooked and under-hyped was TREB’s MLS® Home Price Index Composite Benchmark, which was up by 5.2% year-over-year.  Apparently, this annual rate of growth was driven by Toronto’s vibrant condominium apartment market segment, which has enjoyed unprecedented double-digit annual growth versus the single-family segment – i.e. freehold houses – with prices essentially flat compared to last year. 

In summary, the press release and report go on to state that the overall average selling price was down by 4.1 per cent year-over-year to $736,783.  However, this decline was weighted toward the detached segment of the market which had been stagnating for some time. And, by way of comparison, in the City of Toronto, the average selling price was up for all home types except for detached houses*.

(To view the full TREB JANUARY – 2018 MARKET REPORT click here!