GTA Real Estate Market Report December 2018
Greater
Toronto Realtors reported 3,781 residential sales through the Toronto MLS
system in December 2018. The number of transactions in December represented a 22.5%
decrease compared to 4,876 transactions reported in December 2017.
Residential
sales in the GTA for 2018 totalled 77,426 which is a 16.1% decline compared to
92,263 sales in 2017. Total new listings entered into TREB’s MLS system were
down by 12.7% over the same period. The overall selling price for 2018 transactions,
at $787,300, was down by 4.3% year-over-year for all home types combined across
the TREB market area.
For the
region as a whole the semi-detached home
type in the GTA experienced the largest sales decrease in December at 28.8%.
The
number of new listings reported in December 2018 was down by 31.5% compared to December 2017.
The number of active listings reported in December 2018 was down by 11.6%
compared to December 2017.
“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 Gary Bhaura, TREB’s President.
The average price in December was up by 2.1% from the same time last year to $750,180. Condo apartments in the GTA led the way in terms of an average price increase at 9.9% compared to the same time last year.
“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 buyers sought more
affordable home ownership options,” said Jason Mercer, TREB’s Director of
Market Analysis.
Sales of Toronto (416 area code) condominium apartments decreased by 23.9% in December 2018. The average selling price of a Toronto condo (416 area code) increased by 11.4% in December 2018 from the same time last year to $594,381
Condominium
apartments accounted for 31.3% of total GTA sales in December while detached
homes accounted for 42.1% of the total sales.
Other
notable statistics include the average days on the market for December at 31
days, up from 27 days a year earlier. The sales-to-listings ratio for December
2018 was 33.0% which is still classified as a seller’s market. A ratio from
24%-28% is considered a balanced market.
Sellers
are looking for market value for their property. I prepare a comparative market
analysis (CMA) for all of my Buyer clients prior to submitting an offer to
determine the property's market value range
Real estate is very neighbourhood specific, building specific and
even very street specific in some areas. The numbers as reported above are GTA
averages. Results in one neighbourhood , on one street or in one building do
not indicate that all other neighbourhoods, streets or buildings are
experiencing the same results. We are still seeing multiple offers in some
areas for the best homes and condos.
Do you have any questions about Toronto Real Estate? Please contact me
direct at 416-520-6746 or by
email, David@DavidStoddard.ca
** You can follow my real estate posts on FACEBOOK. Click here to LIKE my real estate page
Oh, by the way......if you know of someone who would appreciate the level of service I provide, please call me, text me or email me with their name and number. I'll be happy to follow up and take great care of them.