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February 2018
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TREB MLS® Sales Activity 1,7
Economic Indicators GTA REALTORS® Release February Stats Real GDP Growth
Q4
i
2017
--
1.7%
Toronto Employment Growth ii
January
2018
4.5%
Toronto Unemployment Rate
January
2018
5.9%
Inflation Rate (Yr./Yr. CPI Growth) ii
January
2018
2018
--
2018
--
Prime Rate iv
February
The number of new listings entered into TREB’s MLS® System totaled 10,520, a 7.3 per cent increase compared to the 9,801 new listings entered in February 2017. However, the level of new listings remained below the average for the month of February for the previous 10 years. “When TREB released its Outlook for 2018, the forecast anticipated a slow start to the year compared to the historically high sales count reported in the winter and early spring of 2017. Prospective home buyers are still coming to terms with the psychological impact of the Fair Housing Plan, and some have also had to reevaluate their plans due to the new OFSI-mandated mortgage stress test guidelines and generally higher borrowing costs,” said Mr. Syrianos.
7,955 5,175
1.7%
Bank of Canada Overnight Rate iii
February
TORONTO, ONTARIO, March 6, 2018 – Toronto Real Estate Board President Tim Syrianos announced that Greater Toronto Area REALTORS® reported 5,175 residential transactions through TREB’s MLS® System in February 2018. This result was down 34.9 percent compared to the record 7,955 sales reported in February 2017.
The MLS® Home Price Index Composite Benchmark was up by 3.2 per cent on a year-over-year basis for the TREB market area as a whole. This growth was driven by the apartment and townhouse market segments, with annual benchmark price increases of 18.8 per cent and 7.5 1.25% per cent respectively. Single-family detached and attached benchmark prices were down slightly compared to February 2017. The overall average selling price for February sales was down 12.4% year-over-year to $767,818. However, putting aside the price spike reported in the first 3.45% quarter of 2017, it is important to note that February’s average price remained 12 per cent higher than the average reported for February 2016, which represents an annualized increase well above the rate of inflation for the past two years.
February 2018
February 2017
TREB MLS® Average Price 1,7
----
3.34% 4.15% 5.14%
Sources and Notes: i - Statistics Canada, Quarter-over-quarter growth, annualized ii - Statistics Canada, Year-over-year growth for the most recently reported month iii - Bank of Canada, Rate from most recent Bank of Canada announcement iv - Bank of Canada, Rates for most recently completed month
“As we move further into the spring and summer months, growth in sales and selling prices is expected to pick up relative to last year. Expect stronger price growth to continue in the comparatively more affordable townhouse and condominium apartment segments. This being said, listings supply will likely remain below average in many neighbourhoods in the GTA, which, over the long-term, could further hamper affordability,” said Jason Mercer, TREB’s Director of Market Analysis.
Sales & Average Price By Major Home Type1,7 Metrics Sales Average Price February 2018 2018 Detached Semi - Detached Townhouse Condo Apartment
416
905
Total
416
905
Total
524 146 183 1,142
1,645 308 664 489
2,169 454 847 1,631
$1,282,240 $985,902 $776,642 $570,275
$911,065 $648,338 $600,671 $435,216
$1,000,736 $756,894 $638,691 $529,782
-18.6% -9.0% 15.5% 10.7%
-17.8% -9.1% -8.1% 7.6%
-17.2% -8.6% -2.9% 10.1%
Year-Over-Year Per Cent Change Detached Semi - Detached Townhouse Condo Apartment
Detached -33.6% -43.3% -41.2% Semi --29.8% Detached -28.7% -26.3% Townhouse -28.2% -26.4% -26.8% Condo-32.8% Apartment-30.8% -29.9%
$767,818
11 Year Year 33 Year Year 55 Year Year
$876,363
Mortgage February 2018 2018 Month RatesFebruary
February 2018
February 2017
Year-Over-Year Summary Sales New Listings Active Listings Average Price Average DOM
1,7
2018
2017
% Chg.
5,175 10,520 13,362 $767,818 25
7,955 9,801 5,400 $876,363 13
-34.9% 7.3% 147.4% -12.4% 92.3%