Toronto real estate market review – December 2018 (market watch)

This page provides a quick look on the Toronto real estate market review published by Toronto Real estate board on December 2018.

The most recent TREB market watch report for G.T.A (Toronto real estate market review) includes statistics for listed and sold properties in the Great Toronto Area. The report shows a total of 77,426 residential transactions in G.T.A through TREB’s MLS® System in 2018. That means 16.1% decline compared to 2017. This decline is accompanied by 12.70% decrease of new listings over the same period in 2017.

The average selling price for 2018 transactions (for all home types) was down by 4.3% year-over-year. This image is not the similar in all areas of the G.T.A and for all types of the properties.

Sold prices in the City of Toronto during this period were up very slightly. This is mostly from condominium market that covered a large amount of sales in the central core of the city. The average price for condominiums  sales across the TREB area showed an increase of 7.8 percent year-over-year.

This is mostly a result from Ontario Fair Housing Plan coupled with the new mortgage stress test. Many home buyers were directed to more affordable condominium market since enforcement of  these preventing rules since May 2017.

Another effect of these new rules was strong increase of the rent rates. The impact of these restrictive measurements is more visible in core regions of the city.

Toronto real estate market review

Is the negative trend for neighborhood markets is stable?!!

By analysis of quarterly and monthly reports of TREB we may conclude some changes. These changes may not be very strong at the  present. However, it seems that we can expect some important changes in the markets soon. That means the negative trend for neighborhood markets is likely to be changed.

Increasing of demand and prices in the central areas of the city started since may 2017. After over a year, we can see reduced price gap between condominiums comparing affordable houses. This image provides a positive image for more affordable houses market in neighborhoods with easy access to the city center. This trend is already visible in Burlington, Milton, Halton, Oakville, Mississauga and  Brampton. We can also expect to see similar trend in more impacted neighborhoods like Richmond Hill, Vaughan and Markham.

If you need more information about real estate market in G.T.A area and neighborhoods, please, Contact Us.

Leave a Reply

Your email address will not be published. Required fields are marked *