Greater Toronto, November 5, 2018 – Toronto Real Estate Board President Garry Bhaura
announced year-over-year increases in home sales and average sale prices reported through
TREB’s MLS® System in October 2018.
Greater Toronto Area REALTORS® reported 7,492 sales through TREB’s MLS® System in
October 2018 – a six per cent increase compared to October 2017. On a preliminary seasonally
adjusted basis, sales were down by one per cent compared to September 2018.
The average sale price for October 2018 was up 3.5 per cent on a year-over-year basis to
$807,340. After preliminary seasonal adjustment, the average selling price was up one per cent
compared to September 2018. The MLS® Home Price Index (HPI) Composite Benchmark was
up by 2.6 per cent compared to October 2017. Price growth continued to be driven be the
condominium apartment and higher density low-rise market segments.
“Annual sales growth has been positive since the late spring. While the OSFI stress test and
higher borrowing costs have kept sales below 2016’s record pace, many households in the
Greater Toronto Area remain upbeat on home ownership as a quality long-term investment. A
strong regional economy and steady population growth will continue to support the demand for
housing ownership as we move into 2019,” said Mr. Bhaura.
There were 14,431 new Listings entered into TREB’s MLS® System in October 2018 – down 2.7
per cent compared to October 2017. The fact that sales were up and new listings were down
year-over-year in October suggests that market conditions became tighter.
“Annual sales growth has outstripped annual growth in new listings for the last five months,
underpinning the fact that listings supply remains an issue in the Greater Toronto Area. With
municipal elections in the rear view mirror, all levels of government need to concentrate on
policies that could remove impediments to a better-supplied housing market, including
facilitating the development of a broader array of medium density housing choices,” said Jason
Mercer, TREB’s Director of Market Analysis.
Source:Toronto Real Estate Board
New Down Payment Requirement Starting Feb. 15, 2016
TORONTO, December 12, 2015 – Finance Minister Bill Morneau on Feb.11, 2015 announced changes to the rules for
government-backed mortgage insurance to contain risks in the housing market, reduce taxpayer exposure and
support long-term stability. Effective February 15, 2016, the minimum down payment for new insured mortgages
will increase from 5 per cent to 10 per cent for the portion of the house price above $500,000. The 5 per cent
minimum down payment for properties up to $500,000 remains unchanged.
See below my graphics on the changes and my impact assessment on the housing market.
No Ontario communities outside Toronto to have land transfer tax
TORONTO, December 1, 2015 - There will be no extension of Municipal land transfer
tax beyond Toronto. Toronto has been charging municipal land transfer tax on top
provincial land transfer tax. The Ontario Real Estate Association was arguing against
the additional land transfer tax and as a result this and other consultations by the
Municipal Affairs Minister Ted McMeekin, he has decided not to extend the municipal
land transfer tax beyond Toronto.
February 8, 2012 - Canadian Real Estate Association (CREA) and five other major real estate boards
including Toronto Real Estate Board have developed a new index to measure the trend in house prices
and inflation in the housing market. There are a number of indices under MLS® HPI indices.
This is similar to Consumer Price Index (CPI) that is a measure of consumer price inflation.
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