Tag Archives: TREB

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The Power Seat – building industry CEOs call for government change

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The Power Seat – building industry CEOs call for government change

The Power Seat is a new feature series in which we put one pointed question to a select, specific audience.

We asked CEO level executives among the homebuilding community:

“You have been invited to a meeting with representatives of municipal, provincial and federal governments, and it’s your turn to speak. What do you say to them?”

Joe Vaccaro
CEO, Ontario Home Builders’ Association

This year is one of continual growth, which presents the opportunity to respond to the current and future challenges Ontarians face. All levels of government project an increase in Ontario’s population of 2.6 million #homebelievers by 2031. Change is where need meets opportunity.

We need more housing supply and choice across Ontario, and that means housing can be a cornerstone solution to climate change, the employment skills gap and the economy. Instead of viewing growth as a problem, let’s view it as the change opportunity for the type of future, communities and neighbourhoods that Ontarians want to call home.

*****  *****
 

Dave Wilkes
President and CEO, BILD

All three levels of government need to work collaboratively, rather than in silos, and with one agenda, rather than competing ones. With a housing affordability and supply problem impacting the GTA, we need solutions-oriented collaboration.

We need to make it simpler to bring new homes to market by streamlining the process, faster to build new homes by reducing approval times, and fairer by making sure fees and taxes are equitable

 *****  *****
 

Gary Switzer
Chief Executive Officer MOD Developments, Toronto

Help us do our job to create new housing. We have a shortage of housing because of the lack of supply. Don’t look at new housing as a golden goose that you can keep laying on more and more municipal charges. Right now, about 24 per cent of the cost of all new housing is going to some level of government in the form of taxes, levies, charges and fees.

 *****  *****
 

Daniel Berholz
President, The Rose Corporation

The three levels of government, as well as builders and developers, may all have different constituencies, but our objectives are remarkably similar.

Affordable housing works for all of us. Good planning works for all of us. Good design works for all of us. Building Green buildings works for all of us. Governments working together with developers works for all of us and can help facilitate all of this.

At The Rose Corporation, we accomplished exactly this, working with York Region, the Town of Newmarket and the federal government (CMHC). Together, we are now building a sustainable, complete and better overall community for having worked in close consultation with each other.

 *****  *****
 

Johnathan Schickedanz
General Manager, FarSight Homes, President, Durham Region Home Builders’ Association

The largest issue surrounds climate change, GHG emissions and resilience in new housing. Over the next decade, these may be some of the biggest changes our industry will face. Our building code is about to be changed to begin steering the industry towards net-zero homes.

Government needs to support the R&D side of the construction industry so that new and better products can be developed. Net-zero homes are achievable. There are a number of builders that have already constructed a discovery home and are looking at the ability to market this in a production capacity. Although from a technical perspective this is achievable, it will come at a significant cost. Net-zero homes will not be cheap.

The bigger question, then, is, will such initiatives be affordable? This is what governments will have to balance. When they regulate such a high minimum standard, our industry will be forced to meet the requirements. This is where R&D pays back. We need materials and products that are approved and available at the best price points possible to adopt into our building program.

Government should keep a close eye on the timing for mandating high standards of construction, and be mindful that affordability must be a top priority in the implementation.

 *****  *****
 

John DiMichele
CEO, Toronto Real Estate Board

Housing affordability is one of the most important issues facing Canadians today. TREB remains diligent, along with other real estate boards and associations across Canada, in urging all levels of government to remove barriers and reduce the cost of homeownership.

With all levels of government in Canada, plus reputable international bodies acknowledging that we have a housing supply problem, and specifically the affordability pressures facing the GTA, it’s imperative for the growth of our city and region that we have flexible housing market policies that will help sustain balanced market conditions over the long term.

The time is now and policymakers need to translate their acknowledgment of supply issues into concrete solutions in 2020 to bring a greater array of ownership and rental housing online. As always, TREB will be there to help policymakers have the right impact on the market and Canadians.

 *****  *****
 cl_feb2020_the_power_seat_bob_finniganBob Finnigan
Principal and COO of Acquisition & Housing, Herity, Toronto

 The bottom line is this: Unless we can shorten the time it takes to bring developments through the approval process and to market faster, demand is going to continue to outstrip supply.

There have been some very positive enhancements the provincial government has put through to try and reduce these timeframes, by reducing red tape and other changes, and we’re grateful for that.

But in many cases the Province and the municipalities do not see eye to eye on how policies should be applied, and this constant fighting continuously thwarts the positive efforts and mires the process.

We have to work together – the politicians, building industry and public – to accept growth, have growth pay for growth, and not for unrelated municipal spending as well. We need to plan to have adequate supply of all types of housing, but especially what is missing in our urban areas today – the two- and three-bedroom midrise condos – the “missing middle.”

 *****  *****
 

Niall Collins
President, Great Gulf Residential, Toronto

It’s vital that all three levels of government work together to address the housing affordability issue by increasing the supply of housing to meet demands of growth in the GTA for decades to come.

Sustained infrastructure growth requires multi-level government support partnering with private enterprise to foster innovation in procurement and delivery and that the planning approval process is streamlined to avoid increased costs which impact housing affordability.

The cities in the Greater Golden Horseshoe need to actually adopt and implement provincial policies on development densities near transport nodes. Ultimately, the homeowners carry the burden of the increased costs from a lack of land supply, approval delays and development charge increases.

 *****  *****
 

Christopher Alexander
Executive Vice-President and Regional Director, ReMax of Ontario- Atlantic Canada

Canadian economists and politicians have spent the better part of the last decade sighing with relief and sharing kudos for having skirted the U.S. housing crisis. Meanwhile, north of the border, Canadians are on a rollercoaster ride, as a result of government intervention and other factors. We’ve experienced record-high housing prices, record-low interest rates, economic downturns, and domestic speculators and foreign investors pushing people out of their homes because they can’t afford to live there anymore. We’ve seen housing inventory drop, and new development hindered by red tape and mounting development fees.

We need to keep up with housing demand to maintain sustainable housing values. It’s a complex issue with many moving parts.

To Mayor John Tory: Eliminate the municipal Land Transfer Tax, or at the very least, cap it. With Toronto’s ever-increasing property values, this tax is prohibitive in an already unaffordable market. The prospect of having to pay double LTT is deterring some move-up buyers from listing their homes, further straining the already low housing supply. How do you intend to stimulate housing market activity?

To Premier Doug Ford: Domestic and foreign immigration to Ontario is critical to a healthy economy, but as you work to continue attracting the biggest and best businesses to the province, where will you house the employees and their families? Housing supply is critically low, with developers stuck behind red tape and buried under development fees, preventing them from building the homes Ontarians so desperately need.

To Prime Minister Justin Trudeau: Canada needs a National Housing Strategy that addresses inventory and affordability in our cities. Many Canadians, especially Millennials, new immigrants and those employed in the so-called “gig economy” feel homeownership is becoming less tangible by the day. While politicians of all stripes acknowledge the mounting urgency of affordable housing, few are offering any timely or compelling solutions. Focus on creating supply and affordability in a sustainable way, instead of continuing to support corrective measures that have constrained Canadians from participating in the economically beneficial practice of homeownership.

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Buyer confidence remains high

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Buyer confidence remains high

In December 2019, residential sales reported through TREB’s MLS System by Greater Toronto Area realtors were up by 17.4 per cent year-over- year to 4,399. Total sales for calendar year 2019 amounted to 87,825 – up by 12.6 per cent compared to the decade low 78,015 sales reported in 2018. On an annual basis, 2019 sales were in line with the median annual sales result for the past decade.

We certainly saw a recovery in sales activity in 2019, particularly in the second half of the year. As anticipated, many homebuyers who were initially on the sidelines moved back into the market place starting in the spring. Buyer confidence was buoyed by a strong regional economy and declining contract mortgage rates over the course of the year.

While sales were up in 2019, the number of new listings entered into TREB’s MLS system was down by 2.4 per cent year-over-year. For the past decade, annual new listings have been largely in a holding pattern between 150,000 and 160,000, despite the upward trend in home prices over the same period.

I asked Jason Mercer, TREB’s chief market analyst, for his thoughts on the latest numbers.

“Over the last 10 years, TREB has been drawing attention to the housing supply issue in the GTA. Increasingly, policy makers, research groups of varying scope and other interested parties have acknowledged that the lack of a diverse supply of ownership and rental housing continues to hamper housing affordability in the GTA. Taking 2019 as an example, we experienced a strong sales increase up against a decline in supply. Tighter market conditions translated into accelerating price growth. Expect further acceleration in 2020 if there is no relief on the supply front.”

The MLS Home Price Index Composite Benchmark was up by 7.3 per cent on a year-over-year basis in December 2019. From June 2019 onward, the annual growth rate in the MLS HPI Composite Benchmark accelerated. The average selling price in December 2019 was $837,788 – up almost 12 per cent year-over- year. For calendar year 2019, the average selling price was $819,319 – up by four per cent compared to $787,856 in 2018.

I asked TREB’s CEO John DiMichele what the new year has in store for the GTA real estate market.

“TREB is committed to conducting and sponsoring evidence based, empirical research on housing market and broader regional economic issues. We share this research in order to contribute to the policy debate. On February 6, 2020, TREB will be releasing its Market Year in Review and Outlook report, which will contain consumer polling results, market overviews and forecasts, and new third-party research on housing and the economy in the GTA.”

Michael Collins is president of the Toronto Real Estate Board, a professional association that represents 54,500 professional realtor members in the Greater Toronto Area. You can contact him at trebpres@trebnet.com. For updates on the real estate market, visit trebhome.com.

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November 2019 showed strongest annual price growth of the year

November 2019 showed strongest annual price growth of the year

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November 2019 showed strongest annual price growth of the year

The growing demand for ownership housing continued in November to keep pace with what we’ve seen throughout the second half of the year. More than 7,090 sales were reported through TREB’s MLS system in November 2019, a 14.2-per-cent increase compared to November 2018. Detached homes and other ground-oriented types of housing led sales during this time.

Sales rose, yet listings continued to drop. The number of new listings entered into TREB’s MLS System in November was down 17.9 per cent when compared to last year. And, the number of active listings at the end of the month was also down by 27.2 per cent on a year-over-year basis.

Increased sales up against a constrained supply of listings is resulting in increased competition between buyers and stronger price growth across the market from condos to detached homes.

In fact, November saw the strongest annual rates of price growth for 2019, with the average selling price for all home types combined up by 7.1 per cent when compared to November 2018 to $843,637.

As more buyers impacted by the OSFI mortgage stress test come back to the market, alongside the ever-growing GTA population and declining negotiated mortgage rates, it’s likely demand for ownership housing will increase even further.

This could contribute to an increasing rate of price growth if we see no relief on the listings supply front. To alleviate this, bringing more housing supply online should be a top priority for all levels of government. And, when governments design policy to address supply issues they should be mindful of creating a housing supply that meets consumer demand.

What does housing supply look like next to consumer demand? The results from TREB-commissioned Ipsos polling surveys show that many intending buyers are still focused on purchasing ground-oriented housing.

We need to see the development of a greater diversity of mid-density housing to bridge the gap between detached homes and highrise condos. Alongside a diverse supply of housing, the GTA needs flexible housing market policies that will help sustain balanced market conditions over the long term.

It’s encouraging that the City of Toronto introduced HousingTO 2020-2030, a 10-year action plan to address present and future housing demands. Specifically, it’s great to see the plan’s comprehensive approach and acknowledgment of the important role of the full housing continuum, including ownership housing. TREB was pleased to participate in the External Advisory Committee, which helped form the plan.

Moving into the new year, policymakers at all levels of government should actively translate their acknowledgment of supply issues into concrete solutions to bring a greater array of ownership and rental housing online.

Michael Collins is president of the Toronto Real Estate Board, a professional association that represents 54,500 professional realtor members in the Greater Toronto Area.

You can contact him at trebpres@trebnet.com.

For updates on the real estate market, visit trebhome.com.


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Continued resurgence in demand for ownership housing

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Continued resurgence in demand for ownership housing

With the increasing demand for ownership housing throughout the spring and summer, September 2019 reached a peak for the highest annual rate of price growth for 2019. In September, the average selling price for all home types combined was up by 5.8 per cent over September 2018 to $843,115.

Sales were also up by 22 per cent on a year-over-year basis, with 7,825 sales reported through TREB’s MLS system. Although this month’s market figures are still well-below the record peak of more than 9,800 sales in 2016, the growth of sales seen demonstrates two key trends: Strong year-over-year sales growth and a continued resurgence in demand for ownership housing.

Meanwhile, tightening market conditions can be seen through the lagging number of new listings which were down by 1.9 per cent when compared to 2018, more evidence of a continued lack of supply in the GTA housing market.

Building more diverse housing stock key to alleviating affordability pressures

With the election recently wrapped up and all federal political parties having included measures in their respective platforms to address affordability issues, particularly those faced by first-time buyers, it will be interesting to see how these promises unfold with the new government in place.

Most of the solutions proposed by the parties have been focused on addressing demand. Of course, demand-side policies are important, but it’s absolutely necessary for all levels of government to design policy that is focused on promoting a sustainable supply of different housing types.

Recent TREB-commissioned Ipsos polling results show that many intending buyers are still focused on purchasing ground-oriented housing such as semi-detached or townhomes. These results emphasize the need for a greater diversity of housing types to bridge the gap between detached homes and highrise condos.

The need for greater and more diverse ownership and rental housing is further underpinned by Statistics Canada’s most recent national population estimate, which represented the highest 12-month population increase ever recorded.

Michael Collins is president of the Toronto Real Estate Board, a professional association that represents 54,500 professional realtor members in the Greater Toronto Area. You can contact him at trebpres@trebnet.com. For updates on the real estate market, visit trebhome.com.

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GTA condo sales and prices surge in the third quarter

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GTA condo sales and prices surge in the third quarter

GTA condo sales and prices both surged in the third quarter of 2019, according to the latest figures from the Toronto Real Estate Board (TREB). There were 6,407 condominium unit sales in the third quarter, up 11.1 per cent compared to Q3 2018, while average prices rose 5.8 per cent to $584,564.

“As economic conditions continue to be favourable for job growth in the Greater Toronto Area, people have continued to come to the city for work,” says TREB President Michael Collins. “Homeownership is important to many Canadians, and, as a relatively affordable housing option, condos in the GTA offer prospective buyers the chance to achieve their dreams of owning property.”

Year-over-year price growth in Toronto, which accounted for nearly 70 per cent of transactions, was slightly lower at 5.6 per cent, with an average price of $628,074.

Strong price growth above the rate of inflation was driven by tightening market conditions, with sales up and listings down relative to last year. One factor underpinning the dip in listings may be the fact that, according to CMHC data, new condominium apartment completions were down year-to-date through August relative to the same time frame in 2018. This may have translated into fewer investor-owned units being listed for sale in Q3 2019 compared to Q3 2018, TREB says.

“Condominium apartments are obviously a popular choice amongst first-time home-buyers,” says Jason Mercer, TREB’s chief market analyst. “Moreover, it is also important to remember that condominium apartments owned by investors represent a huge component of the GTA rental stock and certainly account for most additions to the rental stock, on net, over the past decade. With this in mind, a well-supplied condo segment will be important moving forward to ensure that we can keep up with population growth driven by a strong and diverse regional economy.”

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Stress test should be reviewed

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Stress test should be reviewed

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 down by one per cent compared to Q1 2018.

While March and Q1 sales remained relatively flat compared to last year, new listings have declined moreso 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.

I asked TREB’s CEO John DiMichele to share his thoughts regarding the City’s Action Plan.

“While the City of Toronto’s recently announced Housing TO – 2020- 2030 Action Plan is exciting and commendable, and we look 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 DiMichele.

As for the MLS Home Price Index Composite Benchmark, it 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 yearover- year.

To summarize, 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. You can stay up to date on the GTA real estate market by following us on social media, or visit trebhome.com for GTA listings updated in real time.

Garry Bhaura is president of the Toronto Real Estate Board. You can contact him at TREBpres@trebnet.com. For updates on the real estate market, visit trebhome.com. If commercial property is what interests you, contact a TREB realtor by visiting trebcommercial.com.

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Breaking down the GTA housing market in 2019

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Breaking down the GTA housing market in 2019

This year has gotten off to a good start with sales, listings and price all up on a year-over-year basis. This is encouraging, especially when the inclement weather experienced in the GTA on the last week of the month is considered.

There were 4,009 home sales in January 2019, up 0.6 per cent and listings were up 10.5 per cent with 9,456 homes listed on TREB’s MLS system in January. While the average selling price was up by 1.7 per cent on a year-over-year basis, after preliminary seasonal adjustment the average selling price edged lower when compared to the previous month.

One trend to keep an eye on as we move through 2019 is stronger price growth for higher-density lowrise (such as condo townhomes, duplexes) and condominium apartment home types.

As the market experiences increasing affordability pressures, it is likely that many of those looking to buy a home will prefer to purchase these often lower-priced home types. Much of the affordability pressure we are seeing in the GTA has been driven by the OSFI mandated two percentage point mortgage stress test, a provision TREB is urging the government to revisit with an eye toward more flexibility.

A BROADER LOOK AT THE GTA HOUSING MARKET THROUGH TREB’S MARKET YEAR IN REVIEW & OUTLOOK REPORT 2019

On Feb. 6, TREB released its Market Year in Review & Outlook Report. While you can download a copy of the report from trebhome.com, I want to highlight some of the exciting contents and ground-breaking research contained in this year’s issue.

The report takes an in-depth look at the market in 2018 and provides a forecast for 2019. The analysis is punctuated by TREB-commissioned Ipsos surveys of existing homeowners and intending buyers, and helps to predict what 2019 will look like in terms of sales and price. It also shines the spotlight on issues ranging from preferred home types to the impact of the new mortgage qualification guidelines on buying intentions. The report also breaks down the rental market, the commercial market, and the new homes and residential land sectors.

This year’s report focused on envisioning housing options and supply for livable communities and features TREB-commissioned research on transit supportive development from the Pembina Institute and a study on missing middle housing from Ryerson University’s Centre for Urban Policy and Land Development.

The effects of transit-supportive development are highlighted by two real-life case studies – at Long Branch and Pickering GO Stations – and show that housing built within a 10-minute walk of a transit station, and in areas that feature a balanced mix of housing, jobs, shopping and services, can result in potential housing and transportation savings ranging from 10 to 56 per cent for individuals, families and retirees.

The Ryerson University Centre’s research offers some workable ideas on how to create more missing middle housing, which could fill the gaps in the types of homes needed and positively impact affordability. The study shows that there is plenty of opportunity to build this type of housing and that doing so could result in savings of between 20 to 49 per cent.

Garry Bhaura is president of the Toronto Real Estate Board. You can contact him at TREBpres@trebnet.com. For updates on the real estate market, visit trebhome.com. If commercial property is what interests you, contact a TREB realtor by visiting trebcommercial.com.

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Homebuyers head to GTA west… but don't ignore the east

Homebuyers head to GTA west… but don’t ignore the east

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Homebuyers head to GTA west… but don’t ignore the east

It’s not exactly earth-shattering news, since we’ve been able to observe the trend for the last few years, but a new report from ReMax of Ontario-Atlantic Canada underlines just to what degree homebuyers are heading west.

West, as in Hamilton and Halton Region – Burlington, Oakville, Halton Hills and Milton.

In analyzing sales trends in nine Toronto Real Estate Board (TREB) districts over the past five years, ReMax notes those areas captured 10.1 per cent of total market share in 2018, with a 2.3-per-cent increase over 2013.

The reasons are fairly obvious: The quest for homes at affordable prices. Indeed, this spillover effect has stimulated homebuying activity in most areas flanked by Toronto’s core and Hamilton. Burlington, in particular, soared between 2013 and 2018, with home sales almost doubling and average prices climbing 50 per cent to $769,142.

Builders of new homes also recognize the appetite for lowrise homes in the west.

But with such strong growth in Burlington, how long will this market remain an affordable option?

“The communities in the west will still be affordable compared to Toronto proper, but what we are going to see is a continued uptick in demand for more of the outlying communities like Brantford, Waterdown, Kitchener-Waterloo, Cambridge and even as far-reaching as London and Niagara,” Christopher Alexander, executive vice-president, ReMax of Ontario-Atlanti Canada, told HOMES Publishing. “What will really impact the growth of these markets, outside of availability and affordability, will be the underlying transit systems and investments in local economies, as people still have a need to be connected to the GTA core.”

But, Alexander also told HOMES Publishing, the window of opportunity to head west may be closing.

“As the west end of the GTA continues to see growth and price appreciation, a leveling effect will likely come into play (with the east region),” he says.

GTA east areas such as Durham Region may not have the same appeal as the west – currently. “The west end of the GTA has a greater diversity of communities that are attracting a diverse range of buyers. In the past 10 years, there has been significant focus on the growth and development of these regions, whereas historically, Durham has not traditionally been viewed in this same regard. With the boom in areas towards the east, like Prince Edward County, and the affordability leveling out, we will likely see the tide begin to turn.”

So, yes, prospective homebuyers, go west if you like, but also keep an eye on the east.


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Behind the numbers , A deeper look into the 2018 GTA housing market

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Behind the numbers , A deeper look into the 2018 GTA housing market

The story of the GTA real estate market in 2018 was one of moderation, with improvement of market conditions in the second half of the year.

Sales, listings and average selling price were all down compared to 2017: there were 77,426 transactions (down 16.1 per cent), 155,823 new listings (down 12.7 per cent), and an overall average selling price of $787,300 (down 4.3 per cent).

In the first half of the year, it’s likely that many would-be buyers chose to delay purchasing a home due to higher borrowing costs and the new mortgage stress test, which could have contributed to the double digit decline in the number of transactions.

On the flip side, a decline in listings, contributed to increased competition between buyers looking to find a home that meets their needs. In turn, this fuelled a resumption of moderate year-over-year price growth in the second half of 2018.

It’s also true that certain segments of the market performed better than others from a pricing perspective. For instance, home prices were up slightly in the city of Toronto where a large proportion of sales were of condos. The condo market was the tightest market segment last year, with substantial competition between buyers who were searching for relatively affordable ownership housing options.

It is important to remember that TREB’s market area is made up of over 500 communities and market conditions obviously unfold differently across these communities. This is why it’s important to work with a professional TREB member realtor who is familiar with local market conditions in your areas of interest.

For information on the GTA real estate market in 2018 and in December, check out the infograph accompanying this article

GARRY BHAURA is president of the Toronto Real Estate Board, a professional association that represents 48,000 professional realtor members in the Greater Toronto Area. You can contact him At TREBpres@trebnet.com. For updates on the real estate market, visit TREBhome.com. If commercial property is what interests you, contact a TREB realtor by visiting TREBcommercial.com.

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GTA Condos

GTA condos lead resale price growth in 2018

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GTA condos lead resale price growth in 2018

GTA Condos

Multi-family homes – namely townhomes and condos – led the way in price growth among resale homes in the GTA in 2018, according to the latest statistics from the Toronto Real Estate Board (TREB).

Overall, the average selling price for the year was $787,300, down 4.3 per cent, while sales declined 16.1 per cent from 2017.

Home prices were up slightly in the city of Toronto and down in the surrounding GTA regions. This dichotomy reflects the fact that the condominium segment, which accounted for a large proportion of sales, performed better from a pricing perspective than detached homes. The average price for condominium sales across the TREB market area was up by 7.8 per cent year-over-year.

Higher borrowing costs

“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,” says Garry Bhaura, TREB president. “It is important to note that market conditions were improved in the second half of the year, both from a sales and pricing standpoint.”

“After spiking in 2017, new listings receded markedly in 2018,” adds Jason Mercer, TREB’s director of Market Analysis and Service Channels. “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 home buyers sought more affordable home ownership options.”

Outlook Report

TREB will be releasing its fourth annual Market Year-in-Review and Outlook Report on Feb 6, featuring the latest results from the Ipsos surveys of existing homeowners and intending homebuyers.  The report will also contain information on the new home market and other analyses.

 

GTA average prices by home type, yr/yr % change

Condominiums
416:
$594,381, 11.4%
905:
$454,135, 5.8%
Total:
$554,497, 9.9%

Townhomes
416
: $714,456, 10%
905: $591,851, 2.9%
Total: $624,042, 5.3%

Semi-detached
416
: $939,859, 4%
905: $661, 186, 3.9%
Total: $755,707, 3.2%

Detached
416
: $1.14 million, -8%
905: $891,095, -2.2%
Total: $945,580, -4.4%

 

RELATED READING

GTA home prices continue to rise

GTA new home market back to typical sales and openings levels in November

GTA moving into balanced market for 2019

Canada’s most and least expensive places to buy – and guess where Toronto is

 

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