TREB has released its latest round of numbers for the Greater Toronto Area (GTA) in 2018. It is a mixed bag really as per several experts. The number of homes sold in Toronto and other parts of the GTA came down last year while there were lower listings being put up for sale in the market as well. Both sellers and buyers took some time in 2018 to adjust to cooling measures like the stringent mortgage regulations or the stress test and also the higher rates of interest.
Yet, the market did not do too badly with several months witnessing decent growth. Toronto’s condominium segment continues to be a shining star in the GTA realty market and this growth will continue to be driven by commercial progress in Toronto and the influx of skilled talent on account of rising employment opportunities. For 2018, TREB has stated that 77, 426 units were sold in the residential category via its MSL (Multiple Listing Service) system. This indicates de-growth of 16.1% as compared to 2017 when 92, 263 units were sold.
TREB has also stated that new listings dropped by 12.7% in 2018 to stand at 155, 823 units. The average selling prices for all types of property also came down by 4.3% in the GTA which makes it more of a buyer’s market at present. The average price stands at $787, 300. TREB is the representative of 52, 000+ realty agents in the entire region and has confirmed that sales volumes for December 2018 were lower by 22.5% with 3, 781 units sold. For December 2017, 4, 876 units were sold as per TREB reports.
However, the average sale price went up marginally by 2.1% for December 2018 to stand at $750, 180 as compared to $734, 847 in December 2017. The sales volumes were the lowest over the last few years ever since 2012 as per reports. The average pricing for detached homes in the City of Toronto came down by 8% to stand at $1.145 million. For the suburban 905 area, prices came down by 2.2% to stand at $891, 095. Condo prices went up by 11.4% in the City of Toronto to stand at $594, 381 while they increased by 5.8% in the suburbs to stand at $454, 135 backed by strong demand. These trends indicate that the GTA will be more of a buyer’s market or attain greater balance in terms of prices this year. As a result, buyers can snap up properties at comparatively more reasonable price points.