April 20, 2018
 
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Real Estate News Toronto April 2018
TREB Releases Monthly Market Figures Reported By GTA REALTORS®

 


TREB RELEASES MONTHLY MARKET FIGURES REPORTED BY GTA REALTORS®

TORONTO, April 4, 2018 -- Toronto Real Estate Board President Tim Syrianos announced that Greater Toronto Area REALTORS® reported 7,228 residential transactions through TREB’s MLS® System in March 2018. This result was down by 39.5 per cent compared to a record 11,954 sales reported in March 2017 and down 17.6 per cent relative to average March sales for the previous 10 years.

The number of new listings entered into TREB’s MLS® System totaled 14,866 – a 12.4 per cent decrease compared to March 2017 and a three per cent decrease compared to the average for the previous 10 years.

“TREB stated in its recent Market Outlook report that Q1 sales would be down from the record pace set in Q1 2017,” said Mr. Syrianos. “The effects of the Fair Housing Plan, the new OSFI-mandated stress test and generally higher borrowing costs have prompted some buyers to put their purchasing decision on hold. Home sales are expected to be up relative to 2017 in the second half of this year.”

The MLS Home Price Index Composite Benchmark was down by 1.5 percent on a year-over-year basis for the TREB market area as a whole. The overall average selling price was down by 14.3 per cent compared to March 2017.

While the change in market conditions certainly played a role, the dip in the average selling price was also compositional in nature. Detached home sales, which generally represent the highest price points in a given area, declined much more than other home types.  In addition, the share of high-end detached homes selling for over $2 million in March 2018 was half of what was reported in March 2017, further impacting the average selling price.

“Right now, when we are comparing home prices, we are comparing two starkly different periods of time: last year, when we had less than a month of inventory versus this year with inventory levels ranging between two and three months.  It makes sense that we haven’t seen prices climb back to last year’s peak.  However, in the second half of the year, expect to see the annual rate of price growth improve compared to Q1, as sales increase relative to the below-average level of listings,” said Jason Mercer, TREB’s Director of Market Analysis.

TREB continues to stress that housing and housing affordability need to be at the forefront of the policy debates leading into this year’s provincial and municipal elections.

“A well-functioning housing market is not only important to ensure that people have a place to live; it is also important because it supports hundreds of thousands of jobs, billions of dollars in spin-off expenditures and billions of dollars in government revenues.  Issues such as the below-average level of housing supply and often inadvisable policy ideas and negative measures such as land transfer taxes, vacancy taxes, speculation taxes and second home taxes should also be thoroughly debated by all candidates,” said Mr. Syrianos.  

 

Summary of TREB MLS®  Sales and Average Price March 1 - 31, 2018

 

 

2018

2017

 

 

Sales

Average Price

New Listings

Sales

Average Price

New Listings

 

City of Toronto ("416")

2,797

817,642

4,438

4,224

897,856

5,715

 

Rest of GTA ("905")

4,431

763,674

10,428

7,730

924,563

11,263

 

GTA

7,228

784,558

14,866

11,954

915,126

16,978

 

TREB MLS® Sales & Average Price  By Home Type March 1 - 31, 2018

 

Sales

Average Price

 

416

905

Total

416

905

Total

             

Detached

706

2,414

3,120

1,293,903

921,515

1,005,779

Yr./Yr. % Change

-41.1%

-47.7%

-46.3%

-17.1%

-17.9%

-17.1%

Semi-Detached

236

450

686

1,032,358

651,967

782,831

Yr./Yr. % Change

-28.5%

-31.6%

-30.6%

-5.0%

-12.4%

-8.8%

Townhouse

260

865

1,125

735,650

609,375

638,558

Yr./Yr. % Change

-27.8%

-35.9%

-34.2%

-3.5%

-11.7%

-9.5%

Condo Apartment

1,573

610

2,183

590,184

449,967

551,003

Yr./Yr. % Change

-32.0%

-34.7%

-32.7%

7.1%

2.1%

6.1%

March 2018 Year-Over-Year Per Cent Change in the MLS® HPI

 

 

Composite (All Types)

Single-Family Detached

Single-Family Attached

Townhouse

Apartment

 

TREB Total

-1.50%

-6.69%

-5.52%

2.32%

14.11%

 

Halton Region

-0.98%

-2.99%

-3.15%

4.00%

8.64%

 

Peel Region

-2.48%

-5.49%

-4.94%

-0.58%

10.73%

 

City of Toronto

4.78%

-6.17%

-1.63%

6.66%

15.94%

 

York Region

-10.70%

-13.23%

-13.42%

-3.29%

10.74%

 

Durham Region

-2.19%

-2.68%

-2.55%

-1.60%

6.34%

 

Orangeville

8.91%

8.86%

8.68%

-

-

 

South Simcoe County1

-7.19%

-7.80%

-3.23%

-

-

 

Source: Toronto Real Estate Board

       

 

1South Simcoe includes Adjala-Tosorontio, Bradford West Gwillimbury, Essa, Innisfil and New Tecumseth

 

 

                                       

 

Real Estate News April 2018

They bought their prebuilt homes at the market’s peak. Now they face financial ruin

A group of buyers in an Oakville subdivision say they have been trapped in a unique period in the Toronto-area housing market that has left them in an “impossible” situation.

 Toronto-area housing market

Read more:

A group of Oakville homebuyers, struggling to finance the pre-construction houses they bought in February 2017 at the height of last year’s real estate frenzy, are blaming “reckless” provincial housing policy and new mortgage rules for putting them on the brink of financial ruin.

The desperate buyers say they have been trapped in a unique period in the Toronto-area housing market — one engineered by provincial policy designed to cool the soaring costs of housing. The problem has been compounded by new mortgage rules that they believe have the potential to drive desperate buyers deeper in debt by sending them to alternative lenders that offer higher-interest loans.

Declining real estate sales in the Toronto region have meant the buyers have not been able to sell their existing homes for the amounts they anticipated when they contracted to buy new houses in Mattamy’s Preserve development near Dundas St. W. and Fourth Line. After they failed to sell when the market plunged or they took lower-than-expected prices, they say they couldn’t get larger loans to cover the difference.

“This impacts your health. Financially it breaks families,” said Zahir Bashiruddin. He and his wife bought a new house with a single-car garage so they would have fewer stairs to contend with while caring for their infant and toddler.

 

Read more:

 

Price drop crushes pre-construction home buyers’ dreams

GTA home sales down 40 per cent in March compared to last year, report shows

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Andrei Baiborodin

Sales Representative
Direct: (416)-562-3021
Bus: (416)987-8000
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The Top 10 Real Estate News Headlines March 2018
More Exciting News Real Estate Market

Top 10 Real Estate News Stories March 2018

$1 million-plus condo market to remain steady through spring

 

Sotheby’s International Realty Canada released its top-tier 2018 spring market forecast, predicting the luxury home market will normalize in the Greater Toronto Area (GTA), based on sales transactions through the MLS system.

Full Story on Toronto Star


New condo prices in the GTA continue to rise

The Building Industry and Land Development Association (BILD) released its monthly new housing report for February 2018, announcing that new condo prices in the Greater Toronto Area (GTA)continued to rise.

Full Story on Toronto Star

 


How will Sidewalk Toronto address affordable housing?

We had the pleasure of attending the first Sidewalk Toronto public roundtable meeting, one of the many ways Sidewalk Labs and Waterfront Toronto are consulting the public.

Full Story on Toronto Star

 


How the provincial election could impact the housing market

 

With Doug Ford looking like the frontrunner for premier in the upcoming provincial election, pundits are wondering what that might mean for the housing market.

Full Story on Toronto Star


 

TREB calls on provincial parties for housing policy debate

 

As everyone’s attention is shifting to the upcoming June 7 provincial election, the Toronto Real Estate Board (TREB) has called on all three major parties to outline their housing policies in a debate format.

Full Story on Toronto Star

 

 

 

 


 

From RBC Chief Executive’s stance on foreign cash in the Canadian housing market to B.C. introducing an anonymous ‘Realtor tip line’, to high-end home sales plummeting even as prices nudge up, we’ve cultivated a list of the top 10 stories. Here’s the latest news!

RBC Chief Sounds Alarm on Flood of Foreign Cash in Canadian Real Estate

Toronto, Canada’s biggest housing market, has been correcting over the past few months amid a slew of regulations put in place to steady booming prices and increasing debt.

Full Story on Bloomberg.com

 


 

  

There’s a riddle at the centre of Toronto’s housing affordability crisis: What is causing huge chunks of the city to lose population at the same time as the overall population is booming? The answer…

Full Story on TheGlobeandMail.com

There are just two roads in and out of Humber Bay Shores. On a bad day, the commute by car to downtown can take 40 minutes.  (BERNARD WEIL /TORONTO STAR)

Full Story on TheStar.com


 

Waterloo Region among best real estate markets for investment: report

Part of the downtown Kitchener skyline is seen on Thursday, March 31, 2016. (Dan Lauckner / CTV Kitchener)

 

Full Story on CTVNews.ca

 


 

 

B.C. court rules in favour of buyer who walked away from real estate deal over fatal shooting on property

The Vancouver home at the center of a lawsuit after a buyer walked away from the deal after learning of a murder on the property. (Ben Nelms/The Globe and Mail)

Full Story on The GlobeAndMail.com


 

Investing in Ontario real estate? These cities are the best bets

 

 

 

 

A new report from independent research think-tank Real Estate Investment Network (REIN) ranked Ontario’s largest metropolitan areas in terms of real estate market performance and suitability for investment over the next 5 years.

Full Story on MortgageBrokerNews.ca


Luxury home sales plummet 58% in Toronto as high-end sector hit hardest in slump

But prices did inch up to a cool $4,201,873

Luxury sales have slowed in Toronto.James MacDonald/Bloomberg

Full Story on FinancialPost.com

 

GTA Commercial REALTORS® Report Commercial Market Figures
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