Sales, Listings, Prices All Down From Year Before, writes the President of the Toronto Real Estate Board
The story of the Greater Toronto Area real estate market in 2018 was one of moderation, with improvement of market conditions in the second half of the year. Sales, listings and average selling price were all down compared with 2017: there were 77,426 transactions (down 16.1 per cent), 155,823 new listings (down 12.7 per cent), and an overall average selling price of $787,300 (down 4.3 per cent).
In the first half of the year, it’s likely that many would-be buyers chose to delay purchasing a home due to higher borrowing costs and the new mortgage stress test, which could have contributed to the decline in the number of transactions.
On the flip side, a decline in listings contributed to increased competition among buyers looking to find a home that meets their needs. In turn, this fuelled a resumption of moderate year-over-year price growth in the second half of 2018.
Toronto Real Estate Board Market Watch year in review for 2018.
It’s also true that certain segments of the market performed better than others, from a pricing perspective. For instance, home prices were up slightly in the City of Toronto where a large proportion of sales were of condos. The condo market was the tightest market segment last year, with substantial competition among buyers who were searching for relatively affordable ownership housing options.
It is important to remember that Toronto Real Estate Board’s market area is made up of more than 500 communities and market conditions unfold differently across these communities. This is why it’s important to work with a professional Toronto Real Estate Board (TREB) member real estate agent who is familiar with local market conditions in your areas of interest.
For information on the GTA real estate market in 2018 and in December, check out the infograph accompanying this article.
Stay tuned for TREB’s fourth annual market year in review and outlook report.
Toronto Real Estate Board Market Watch for December 2018.
On Feb. 6, TREB will be releasing its fourth annual Market Year in Review & Outlook Report, this year focusing on envisioning housing options and supply for livable communities.
The 2019 edition will feature a comprehensive market year in review and outlook, including the latest results from Ipsos surveys of existing homeowners and intending homebuyers, covering home-buying intentions, impact of recent government policy decisions, interesting information on investment property ownership, renovation spending and mortgage trends.
Additionally, the report will contain information on the new-home, rental and commercial markets. And you won’t want to miss new research from the Ryerson Centre for Urban Research and Land Development on mid-density housing and from the Pembina Institute on transit-supportive development.
You’ll want to check TREBhome.com, or TREB’s social media channels @TREBHome for a copy of the report, beginning on Feb. 6.
Original Article Source: https://www.toronto.com/opinion-story/9117267-toronto-real-estate-board-takes-deep-look-into-2018-gta-housing-market/