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Monthly Market Update – January 2019

 

Toronto Real Estate Board announced that Greater Toronto Area REALTORS® reported 5,025 homes sold through TREB’s MLS® System in February 2019. This sales total was down by 2.4% on a year-over-year basis. Sales were also down compared to January 2019 following preliminary seasonal adjustment.

“The OSFI mandated mortgage stress test has left some buyers on the sidelines who have struggled to qualify for the type of home they want to buy. The stress test should be reviewed and consideration should be given to bringing back 30 year amortizations for federally insured mortgages…,” said Mr. Bhaura, the TREB president.

Despite sales being down year-over-year, new listings actually declined by a greater annual rate. This suggests that market conditions became tighter compared to last year. Tighter market conditions continued to support year-over-year average price growth.

The average selling price for all home types combined was up modestly by 1.6% on a year-over-year basis in February 2019.  Price growth was driven by the condominium apartment segment and higher density low-rise home types. On a preliminary seasonally adjusted basis the average selling price was down compared to January 2019.

“Home sales reported through TREB’s MLS® System have a substantial impact on the Canadian economy. A study conducted by Altus for TREB found that, on average, each home sale reported through TREB resulted in $68,000 in spin-off expenditures accruing to the economy. With sales substantially lower than the 2016 record peak over the last two years, we have experienced a hit to the economy in the billions of dollars, in the GTA alone. This hit has also translated into lower government revenues and, if sustained, could impact the employment picture as well,” said Jason Mercer, TREB’s Director of Market Analysis and Service Channels.(Courtesy of TREB)

If you'd like more information, or if you have a question that's not covered here, please ask me  — I'll be happy to help.



Monthly Market Update - February 2020
Monthly Market Update - January 2020.
Monthly Market Update - December 2019
Monthly Market Update - November 2019
Monthly Market Update - October 2019
Monthly Market Update - September 2019
Monthly Market Update - August 2019
Monthly Market Update - July 2019
Monthly Market Update - June 2019
Monthly Market Update - May 2019
Monthly Market Update - April 2019
Monthly Market Update - March 2019
Monthly Market Update - February 2019
Monthly Market Update - January 2019.
Monthly Market Update - December 2018
Monthly Market Update - November 2018
Monthly Market Update - October 2018
Monthly Market Update - September 2018
Monthly Market Update - August 2018
Monthly Market Update - July 2018
Monthly Market Update - June 2018
Monthly Market Update - May 2018
Monthly Market Update - April 2018
Monthly Market Update - March 2018
Monthly Market Update - February 2018
Monthly Market Update - January 2018
Monthly Market Update - December 2017
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