November 7, 2022 | Market Watch
GTA REALTORS® Release October Stats
TORONTO, ONTARIO, November 3, 2022 – Despite the continued housing market transition to a higher borrowing cost environment, the average selling price in the Greater Toronto Area (GTA) found some support near $1.1 million since the late summer. GTA home sales continued to adjust to substantially higher interest rates in October 2022, both on an annual and monthly basis. However, new listings are also down year-over-year and month-over-month. The persistent lack of inventory helps explain why the downward trend in home prices experienced in the spring has flattened over the past three months.
GTA REALTORS® reported 4,961 sales through the Toronto Regional Real Estate Board’s (TRREB) MLS® System in October 2022 – a similar number to September 2022 but down by 49.1 per cent compared to October 2021. Yearover-year sales declines were similar across major market segments. New listings were down by 11.6 per cent year-over-year and reached an October level not seen since 2010. New listings were down on an annual basis more so for mid-density and high-density home types, which helps to explain why prices have held up better in these categories compared to detached houses.
“With new listings at or near historic lows, a moderate uptick in demand from current levels would result in a noticeable tightening in the resale housing market in short order. Obviously, there is still a lot of short-term economic uncertainty. In the medium-to-long-term, however, the demand for housing will rebound. Public policy initiatives like the recently introduced provincial More Homes Built Faster Act and strong mayor provisions will help ensure we see more homes being built to affordably meet the needs of new households,” said TRREB President Kevin Crigger.
The MLS® Home Price Index (HPI) Composite Benchmark was down by 1.3 per cent year-over-year in October 2022. The average selling price for all home types combined, at $1,089,428, was down by 5.7 per cent compared to October 2021. The monthly trends for both the MLS® HPI Composite and the average selling price have flattened in recent months following steeper declines in the spring and early summer.
“Home prices in the GTA have found support in recent months because price declines in the spring and summer mitigated the impact of higher borrowing costs on average monthly mortgage payments. The Bank of Canada’s most recent messaging suggests that they are reaching the end of their tightening cycle. Bond yields dipped as a result, suggesting that fixed mortgage rates may trend lower moving forward, which would help affordability,” said TRREB Chief Market Analyst Jason Mercer.
Toronto Neighbourhoods to Watch in 2020
Here are some of the best up and coming neighbourhoods in Toronto to keep your eyes on
Little PortugalThere’s an Old-World-meets-New vibe to Little Portugal. Starting in the 1950’s, thousands of Portuguese immigrants made their first home in the west-end area. Over the years, it’s steadily been in transition, as many of the original residents have moved to the suburbs while urban professionals settled in. As a result, there are cool bars, quaint restaurants and independent retailers, but the older family bakeries and cafes are still around. This central Toronto neighbourhood is bordered by Lansdowne, College, Bathurst and the UP Express rail line.
Oakwood-VaughanThe Oakwood-Vaughan neighbourhood, commonly known as OV, is largely residential with commercial strips on its bordering streets and roads. New families and long-time homeowners have worked to establish a vibrant community feel over the past decade by transforming the area into a family and arts-based hub. Its borders are Eglinton, Dufferin, St. Clair and Winona Drive.
Kensington-ChinatownKensington-Chinatown is a well-known multicultural neighbourhood that is popular for its outdoor market, which is a top destination for tourists visiting the city. As one of the older neighbourhoods in Toronto it was designated a National Historic Site in 2006, and its approximate border between College, Queen, Bathurst and University. This famous neighbourhood is home to the AGO, OCAD, and some of the most eclectic shops in the city.
Dufferin GroveDufferin Grove is gaining in popularity amongst its fellow neighbourhoods such as Trinity-Bellwoods, West Queen West and The Junction. The neighbourhood which is bordered by Bloor Street West, Ossington Ave, College Street, and Dufferin Street is predominantly two or three-storey detached or semi-detached homes. The homes in this area are larger than those found in most downtown Toronto neighbourhoods, and have become popular for families interested in living close to the Downtown core while enjoying all the benefits of small town charm.
Would you like to know more about these and other up and coming neighbourhoods in Toronto? If so, please feel free to reach out to me. firstname.lastname@example.org
What are the best Investment Neighbourhoods In Toronto?
While some neighbourhoods in Toronto may be out of budget for would-be Torontonians, there are many that if you cash in now, will yield amazing returns on your investment. If you are interested in the best investment neighbourhoods in Toronto, look no further!
This neighbourhood is getting a lot of attention from the media. In the past five years it has consistently been featured by Toronto Life, BlogTO, Airbnb and more as one of the top 3 neighbourhoods for first time Toronto homebuyers. This is because there are many excellent schools for young families as well as green space. It will also have great TTC access when the Eglinton Crosstown is complete.
Humber Summit is one of the best investment neighbourhoods in Toronto. It is bordered by Steeles and Finch at the north and south ends, and winds around the Humber River between Kipling Avenue and Weston Road. If you love green spaces, this is the neighbourhood for you! There is Rowntree Mill Park that is perfect for picnics and nature walks. There is also the West Humber Parkland Trail which is 5.5 kilometres of beautifully paved paths perfect for cycling, running, or bird watching. If you love golf, there is also the Humber Valley Public Golf Course which is a par 70 course with challenging valley-land holes.
Yonge and Sheppard
This neighbourhood used to be known as the suburbia of Toronto. Now it is time to dismantle that thought and replace it with the truth – it is bustling and constantly growing! This neighbourhood is one of the hotspots for Toronto condo development. Due to its northerly location, the prices for these condos are still competitive enough for first-time homebuyers to move to the city and enjoy the great night life that comes with this neighbourhood.
It is important to note that Leslieville East is not the same as Leslieville. This neighbourhood is located in between The Beaches and Leslieville. It is about a twenty-minute streetcar ride to downtown Toronto, which means that it is well located with great access to transit. If you do not mind living around construction during its revitalization, you could reap some serious rewards when this neighbourhood is fully up and running!
While not directly along the subway line, this neighbourhood is well situated between midtown and downtown Toronto. If your heart is set on buying a home rather than a condo, this is a great neighbourhood to do it, especially given its location. Best of all? You are steps from Greek Town with some of Toronto’s best food!
These are just a few of the best investment neighbourhoods in Toronto!
If you are interested in learning more about these neighbourhoods, to ensure it is the right place for your dream home or an investment property – please feel free to reach out to me!
Market Watch - January 2020
TORONTO, February 6, 2020 - TRREB President Michael Collins announced that Greater Toronto Area REALTORS® reported 4,581 home sales through TRREB’s MLS® System in January 2020 – up by 15.4 per cent compared to January 2019. On a preliminary seasonally adjusted basis, sales were up by 4.8 per cent compared to December 2019.
“We started 2020 where 2019 left off, with very strong growth in the number of sales up against a continued dip in the number of new and available listings. Tighter market conditions compared to a year ago resulted in much stronger growth in average selling prices. Steady population growth, low unemployment and low borrowing costs continued to underpin substantial competition between buyers in all major market segments,” said Mr. Collins.
The MLS® HPI Composite Benchmark price was up by 8.7 per cent compared to January 2019 – the highest annual rate of growth for the Benchmark since October 2017. The condominium apartment market segment continued to lead the way in terms of MLS HPI® price growth, but all home types experienced price growth above seven per cent when considering the TRREB market area as a whole. The average selling price in January was up by 12.3 per cent, driven by the detached and condominium apartment segments in the City of Toronto.
“A key difference in the price growth story in January 2020 compared to January 2019 was in the low-rise market segments, particularly with regard to detached houses. A year seems to have made a big difference. It is clear that many buyers who were on the sidelines due to the OSFI stress test are moving back into the market, driving very strong year-over-year sales growth in the detached segment. Strong sales up against a constrained supply continues to result in an accelerating rate of price growth,” said Jason Mercer, TRREB’s Director of Market Analysis and Service Channels.
Toronto Condo Market 2020
January 31, 2020
The Toronto condo market 2020 is off to a great start! Things are looking particularly good if you are a seller. While sales have settled a bit since the lofty prices we saw in 2017, Toronto condo prices have continued to escalate in the past year and the prediction is that in 2020 they will keep with this trend.
Of the condos that will be for sale in 2020, it is predicted that the higher levels of interest will be in the more affordable condos. In 2019, 81% of condos were purchased at a purchase price of less than $700,000. This makes sense when the median price of a two-storey home in Toronto is expected to exceed $1,000,000 this year. As detached and semi-detached homes become more and more expensive in Toronto, people are turning to options that allow them to stay in the city and minimize their commute to work. If you are interested in shopping for a condo this year, it is predicted that the Toronto condo market 2020 will rise by 6% year-over-year to a price of $600,000.
There are many reasons why the Toronto condo market 2020 is on the surge, here are the top three:
- The Toronto Job Market
Toronto is, and will continue to remain, Canada’s business capital. As long as there is a plethora of jobs to choose from and apply to in Toronto, condo ownership will always be sought after in the city.
- The Toronto Rental Housing Deficit
While job growth is an asset for residents of Toronto, when it is paired with an increase in average hourly wages it seems like a dream come true! This dream can be hampered when you do not consider other factors such as rental availabilities. RBC predicts that rental households will increase about 22,200 a year in Toronto between the years of 2018 and 2022. The growth in need is a lot larger than the number of rental housing units being built to accommodate new Torontonians.
- Federal Government Support For First-Time Homebuyers
Earlier in 2019, the federal government rolled out the First-Time Homebuyers’ Incentive. Originally, when this plan was implemented it offered 5% or 10% incentive for a first-time buyer’s purchase of either a newly constructed home, an existing home or a mobile/manufactured home. On closer inspection, many found that the average price of a Toronto home or condo exceeded the maximum mortgage allowed for in the incentive. The minority Liberal government has made a campaign promise to expand the program by increasing both the maximum mortgage as well as the qualifying household income. This means that there is hope that first-time condo buyers in Toronto can potentially get some help from the government to live in the neighbourhood of their dreams.
Market Watch Report December and Annual 2019 Stats
Getting Your Home Market Ready
Life is full of surprises. Just when you think you have your bearings, something comes in and changes your situation. Perhaps it’s a job offer in a different city, or a situation with your family; in need of more space, or less space – and before you know it, you’re seriously considering a big move elsewhere. If you are in need of getting your home ready in time to hit the market in a short space of time, here’s a cheat sheet to follow to help bring your home up to scratch.
Get the Lay of the Land
First things first: how much is your home valued? Research your local housing market to determine what kind of homes are advertised in your area and what prices they are listed at. Examine the comparable sales in your neighbourhood to better understand how much your home could feasibly go for. Once you have a rough number in your head, seek help from a trusted real estate agent. Their wealth of expertise will greatly help you with the process of selling.
Declutter and Clean the Home
Over the years we tend to accumulate a vast number of things you can categorize as “stuff”. Getting rid of as much of this as possible will go a long way towards enticing potential buyers. It will give viewers of your home a better idea of the space they will plan to make use of. If there’s a significant amount of possessions to sift through, rent out a storage unit while the home is on the market. Once this is done, give the house a deep cleaning. Anything and everything that you can think of (mopping floors, dusting surfaces, washing windows, between stair spindles) will offer the best first impression to prospective buyers visiting your home.
Repaint, Repair, Replace
Nothing makes a home feel fresh and replenished more than a new coat of paint. Not only will it give your home a new look and feel, but neutral colors like white and light grays will make rooms appear larger and allow interested parties to imagine themselves living there as opposed to considering another person’s bold color choices. However, the functionality of your home is just as important as how it looks. Find a reliable handyperson who can come in and fix or replace anything that needs fixing. Sometimes all it takes is a faulty kitchen drawer or a door that doesn’t shut properly to put viewers in a negative mindset. Have them leave in awe of how clean well maintained your home is.
Set the Stage
It has been proven in many studies that staging homes often leads to faster sales and higher prices. It also lets the viewer see how they can get the best out of the house. This starts from when they arrive at the home, such as cutting the grass, having the yard beautifully landscaped and the entrance welcoming. The interior should be as equally spruced up and tidied to perfection. Ask yourself how you would want to view a house for sale, and what aids can help enhance a room feature or take attention away from an imperfection. Your real estate agent is a great source of advice for this too.
This can be a hard one to wrap your head around; why would I want to take away the things that make my home a home? The thing is, the items that you believe set your home as yours are distracting for someone trying to project their own future into the space. Give them a blank enough canvas to work in without coming across as too soulless. So an abundance of framed photos, fridge decorations, or personal items that create a distinctive presence should be put away for viewers. However, strike a fine balance with a few nice photos and small touches that complement a room will make your home feel lived in and more inviting.
Whatever your reasons are to put your home on the market, I want to help you make it as smooth and as seamless as possible so you can focus on the things in life that are important to you. If you are thinking about moving, contact me today for a confidential consultation.
When is the Best Time to Sell?
Are you thinking about capitalizing on the real estate market but not sure if the timing is right? Well that depends. What’s your next move?
If You’re Trading Up
Trading up is just that…trading your current situation for a better one. One that will improve your quality of life, get your kids into a better school district, that will impact your future wealth building, and allow you to live the future you have been envisioning. Many people underestimate the impact their home has on them; if you’re ready to make changes but are holding back, make sure those reasons have a larger impact on your livelihood than what you would gain by making your next move.
If You’re Downsizing
A majority of homeowners who are downsizing typically own a home at a higher price point than average priced homes (which have a bigger market and greater demand), so they tend to be less sensitive to market fluctuations. The sale price can therefore be far more influenced by a specific buyer.
Downsizing is also regarded as a move motivated by significant life changes and lifestyle goals. Assuming there are no major corrections in market, the timing should be based on your goals and when the time is right for you to move on.
Think local. What is happening across Canada – even what is happening on the other side of the 401 – can be dramatically different than what is happening in your specific neighbourhood. As a general rule, Toronto’s Central, Westside and Eastside neighbourhoods (think Etobicoke over to the Beaches and up to Sheppard Avenue) have proven to be resilient and insulated from much of the value fluctuations.
How Can You Maximize Your Sale Price?
There are a few key factors that will affect the value of your home and the sale price you achieve.
Clearly this is one thing you can’t change, but a proper comparative market analysis will ensure the right pricing strategy to drive the best offers.
This you can control. In fact, my team and I are big believers in this and have built our approach around client care and providing that extra step – through advice on renovations, providing home staging, etc. – to help my clients achieve the greatest value for their home.
Strategy & Negotiation
Your home is typically your largest financial asset. Working with a trusted, proven professional does make a difference. How an agent prices the home, how they run offers, their relationship and strength in dealing with other agents, their knowledge of the market will ALL make a significant difference…to the tune of tens of thousands of dollars.
What’s your Why?
Finally, have a good long think about your reasons…is the agent logical, emotional? I’ve guided clients through this conversation and sometimes the answer is to stay in their home. It’s truly about your goals, priorities and comfort level.
Thinking of selling your home? Contact me today for a conversation and / or a second opinion.
Want to live in Leslieville?
Here is a rundown of what Toronto’s east end neighbourhood has to offer.
In the last few years, Leslieville has unfolded into one of Toronto’s hippest neighbourhoods. Even die-hard west enders are finding themselves drawn to the area’s hip cafes, trendy eateries, and eclectic boutiques. Of course, it’s not just the amenities that make this east-end neighbourhood a great place to live. With its picturesque streets and charming homes, Leslieville sometimes feels more like a friendly village—which is a big part of what residents like about it. If you’re considering joining the area, here’s what you should know…
Leslieville sits close to other desirable neighbourhoods in East Toronto, like Riverdale and the Beaches. The area is nestled between Coxwell Avenue to the east and Empire Avenue to the west, while its southern and northern boundaries are Eastern Avenue and the Canadian National Railway tracks (respectively). Within these borders, you’ll find everything that you and your family need.
Parents who settle into the area won’t be disappointed by the educational opportunities it provides. Duke of Connaught Junior and Senior Public School, Morse Street Junior Public School, and St. Joseph Catholic School are all great schooling options in the neighbourhood.
Where to eat & shop
The number of gush-worthy restaurants in Leslieville is multiplying. Without a doubt, Greta Solomon’s is one of the neighbourhood favourites. This quaint bistro is known as much for its charming ambiance as it is for its French-inspired dishes. Ascari Enoteca is another must-visit spot along the Queen Street East strip. The pasta is made in-house, and the wine list is impressive. Other hotspots include Eastside Social (for high-end comfort food) and Goods and Provisions (for upscale gastropub fare).
Leslieville’s main drag for shopping runs along Queen Street, where you’ll find an eclectic mix of shops and boutiques. If home design is your thing, you’ll love the inspiring decor and furniture at Black Rooster Decor. If you’re looking for truly unique women’s apparel, Doll Factory by Damzels is a great bet. Fans of all things retro will adore Gadabout Vintage, while the Arts Market has a little bit of something for everyone.
Things to do
Once you start looking into living in Leslieville, you’ll find that there’s no shortage of things to do in the area. The Leslieville Farmer’s Market, held on Sundays in Jonathan Ashbridge Park, is a major attraction for families. The area is also home to a variety of festivals, including the Leslieville Beer Festival and the Leslieville Food and Drink Festival.
Nature enthusiasts are drawn to the neighbourhood for its green space. Greenwood Park, spans 2.6 hectares and features baseball diamonds, an off-leash dog area, a pool, and a covered skating rink (among other amenities). Jimmie Simpson Park is also well worth checking out—especially if you’re looking for sports facilities, such as tennis or basketball courts.
Leslieville is well served by public transport, with transit routes along not only Queen and Gerard streets, but on Carlaw, Jones, Greenwood, and Eastern avenues. Depending on where you settle in the neighbourhood, you can access the Bloor-Danforth subway lines via Broadview, Chester, or Pape station. Drivers will also find that they have an easy commute, thanks to the area’s proximity to Lakeshore Boulevard, the Gardiner Expressway, and the Don Valley Parkway.
If you’re thinking of living in Leslieville, you’ll have no shortage of housing options. South of Queen East, you’ll find an abundance of row and semi-detached homes, as well as a variety of cottage-style houses. Residences tend to get larger as you move toward Riverdale. Single-family home prices in Leslieville usually sit around the $1M mark, while condos go for closer to $600K.
If you have questions about living in Leslieville, message me and we can discuss in more detail
April Market Update
The Toronto market continues to be somewhat flat, despite single-digit growth. What is worth nothing: if no more listings were to come to market the available listing inventory would only last 2 months (sales to listings ratio) - which means that the housing and condo markets remain seller's markets in the core of Toronto. If we compare our stats to 2 through 5 years ago this is a much calmer market with slower growth but don't let the media headlines fool you, the downtown Toronto market is solid. Note: the suburbs are a different story - this is very much a buyers market - the supply in some cases is far more than 9 months of inventory. If we were to remove the 905 segment statistics we would have a higher percentage value growth to demonstrate in our city's core.
Net takeaway: the core of Toronto is strong. You may find some "deals" here and there but don't hold your breath for these!
Greater Toronto Area REALTORS® reported 7,187 residential sales through TREB's MLS® System in March 2019. This result was inline with 7,188 sales reported in March 2018. For the first quarter of 2019, sales were done by one per cent compared to Q1 2018.
While March and Q1 sales remained relatively flat compared to last year, new listings have declined more so than sales. March new listings were down by 5.1 per cent year-over-year and Q1 new listings were down by 1.5 per cent.
"The OSFI stress test continues to impact home buyers' ability to qualify for a mortgage. TREB is still arguing that the stress test provisions and mortgage lending guidelines generally, including allowable amortization periods for insured mortgages, should be reviewed. The supply of listings in the GTA also remains a problem. Bringing a greater diversity of ownership and rental housing online, including 'missing middle' home types, should be a priority of all levels of government. TREB is happy to be taking part in the City of Toronto's consultations for the Housing TO - 2020-2030 Action Plan, and will certainly be raising the supply issue during these discussions," said Mr. Bhaura.
"While the City of Toronto's recently announced Housing TO - 2020-2030 Action Plan is exciting and commendable, and TREB looks forward to contributing solutions as a Member of the External Advisory Committee, the recently proposed increase to the Municipal Land Transfer Tax on higher priced properties is problematic. As the recent City budget process showed, the MLTT is not a sustainable revenue source from which to fund municipal programs. On top of this, additional MLTT on higher priced homes could have a trickle-down effect on the supply of homes throughout the housing price continuum," said TREB CEO John Di Michele.
The MLS® Home Price Index Composite Benchmark was up by 2.6 per cent year-over-year in March, while the average price for March sales was up by a lesser annual rate of 0.5 per cent to $788,335. The average selling price for Q1 2019 was up by 1.1 per cent year-over-year.
"Market conditions have remained tight enough to support a moderate pace of price growth. Despite sales being markedly lower than the record levels of 2016 and early 2017, the supply of listings has also receded. This means that in many neighbourhoods throughout the GTA, we continue to see competition between buyers for available listings, which provides a level of support for home prices," said Jason Mercer, TREB's Chief Market Analyst.
Toronto Neighbourhoods to Watch in 2019
Here are some of the best up and coming neighbourhoods in Toronto
Mimico is one of the most underrated neighbourhoods in Toronto. Tucked away in southern Etobicoke, this neighbourhood begins south of the Gardiner down to the Humber Bay shores, east of Islington and west of Park Lawn. If you grew up in Toronto, you may fondly remember the area for its extensive “motel strip” that used to line the lakefront. Those lakefront properties are now lined with modern and sleek new condominium developments that are selling for as low as $400,000! If you want a lakefront locale with a 416 area code, why pay the luxury tax of living in a more populated neighbourhood when you can get equally outstanding views in Mimico?
While the name is new, the neighbourhood definitely is not. You may know the area as Bloordale Village, West Toronto or something else entirely, but the area west of Lansdowne that is bordered triangularly by three different railway lines encompasses the Junction Triangle (named in 2010!). This neighbourhood has undergone a huge revitalization wherein its former industrial core has since been renovated into beautiful residential lofts and townhomes. If you want to live close to High Park without paying High Park prices, but also want proximity to the Junction Gardens shopping district, then look no further than the Junction Triangle.
The neighbourhood of Rockcliffe-Smythe zigzags through the northwest corner of Toronto where the Humber River and Eglinton Avenue east to Weston Road, south along the old York/old Toronto border until it finishes around the east-west Galt Subdivision railway line. If you are interested in a predominantly residential neighbourhood filled with lots of green spaces such as golf courses and parks, this is a neighbourhood that you need to keep your eye on. Both BlogTO and Airbnb have listed Rockcliffe-Smythe as not only one of the top neighbourhoods in Toronto to visit, but also the world!
This neighbourhood begins exactly where you think it does: in and around the Sheppard subway station. If you had any preconceived notions that north Toronto is entirely composed of suburbia, you should think again. The Yonge-Sheppard neighbourhood is often known as “the second downtown” purely because the condo development as well as commercial development is second only to Toronto’s downtown core. The prices are very competitive for those who are seeking a downtown lifestyle, but who are not necessarily attached to the downtown core itself. The neighbourhood boasts amazing walk scores and is very TTC-accessible with only a 25 minute subway ride to the heart of downtown.
Five East Side Restaurants to Check Out During ...Winterlicious 2019
Toronto's annual winter food event, Winterlicious, is back for another season running from Jan. 25 - Feb. 7. Winterlicious will be showcasing nearly 200 participating Toronto restaurants, along with culinary events happening throughout the two-week-long festival. It’s a ticket to discover newcomers to Toronto's food scene or just check in on old favourites at a discount.
Three-course prix fixe lunches at this year's event go for $23, $28 or $33 depending on the establishment and menu, while dinners will be $33, $43 or $53.
Here's a round-up of five east side spots to check out during Winterlicious.
1. MAPLE LEAF TAVERN -- Maple Leaf Tavern is offering a $43 dinner menu. View the Winterlicious menu. 955 Gerrard St. E mapleleaftavern.ca
2. CLUNY -- Cluny is offering a three-course lunch for $28 and a three-course dinner for $43. 35 Tank House Ln. clunybistro.com
3. WYNONA -- Wynona is offering a $43 three-course dinner menu. 819 Gerrard St. E. wynonatoronto.com
4. BOKU SUSHI -- Boku Sushi is offering a three-course lunch for $23 and a three-course dinner for $33. 42 Gristmill Ln. bokusushi.ca
5. Il Ponte -- Il Ponte is offering a three-course lunch for $28 and a three-course dinner for $43. View the menu. 625 Queen St. E ilponte.ca
Check out the Winterlicious Menus here: https://www.toronto.ca/explore-enjoy/festivals-events/winterlicious/
MARKET WATCH...December and 2018 Annual Statistics Released
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 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.
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 lessexpensive home types, as many home buyers sought more affordable home ownership options," said Jason Mercer, TREB's Director of Market Analysis and Service Channels.