10 stats about Toronto Housing Market

10 stats about Toronto Housing Market

1.795 new homes sold in the Greater Toronto Area in August, 681 were multi-family while 114 were low-rise single-family homes.

2. August was by far the lowest sales total for the year so far, but even with the slowdown, 2017 has still seen 31,749 homes sold in the first 8 months of the year.

3. That total is enough to put 2017 in contention for being a record year for new home sales, at least when it comes to multi-family. BILD says that the “overwhelming majority of the 31,749 new homes purchased so far this year were multi-family units, condo apartments in high-rise and mid-rise buildings and stacked town-homes.”

4. Year-to-date new home sales in 2017 are 28 per cent above the 10-year average. BILD and Altus Group point out that they’re also still ahead of where 2016 was at the same point.

5. Low-rise sales have continued to plummet in 2017, a trend that has been playing out over the last several years. “The longer-term decline in single-family’s share of new homes sales has now kicked into hyperdrive…” says Patricia Arsenault, Executive Vice President of Research Consulting Services at Altus Group.

6. The pronounced sales drop was accompanied by a small increase in builders’ inventories, with 6,608 multi-family homes and 1,880 single-family low-rise homes available. This is “far below what is considered a healthy level” according to BILD.

7. Prices continued to post significant annual gains, with the average new multi-family home price up 34 per cent to $644,327 and the average new single-family home price up 38 per cent to $1,289,298.

8. But when it came to month-over-month price comparisons, August prices fell short of July’s results. In July, average low-rise and high-rise home prices for the GTA were $1,316,693 and $665,041, respectively.

9. August’s average unit size for new condos was 859 square feet, down from 871 square feet in July, but up from 808 square feet a year earlier.

10. August’s average price per square foot for new condos was $750, down from $764 in July, but well above the $595 recorded a year earlier.

Toronto to follow Vancouver’s experience

Toronto to follow Vancouver’s experience

Toronto’s roller-coaster real estate market took a swoop lower in August, the fourth-straight month that the average sales price in Canada’s largest city declined from a dizzying record high set in April.

The Toronto Real Estate Board said Wednesday the average price for all home types in the Greater Toronto Area last month was $732,292, down 1.8 per cent from July and 20.3 per cent below April’s Greater Toronto Area average of $919,086.

The Ontario government introduced more than a dozen measures in April, including a 15 per cent tax on foreign buyers, following a price spike in the first months of the year, which started with an $768,301 average Greater Toronto Area price in January.

Sales in the Toronto area have cooled since the Ontario government’s move and August sales continued that trend with a 34.8 per cent plunge from the same month last year.

Premier Kathleen Wynne says April’s 16-point plan was responding to a “really overheated” market.

“It’s had a cooling effect. We don’t know exactly what all of the factors are there, but we’ll be working with the real estate board both in Toronto and beyond to make sure we got it right,” Wynne said Wednesday.

According to RBC economist Robert Hogue, Toronto is likely to follow Vancouver’s experience in the wake of market-cooling policy. Sales in that West Coast city increased 22.3 per cent in August from the same month last year, when the provincial government first introduced a 15 per cent foreign buyers tax.

“Our view is that the market has largely adjusted to Ontario’s Fair Housing Plan and should maintain balance between supply and demand,” Hogue wrote in a note Wednesday.

“Developments in Vancouver — which went through a similar policy-induced market correction last year, suggest that the bottom for prices may be near in the Toronto area.”

Despite August’s decline to the lowest average price reported by the Toronto Real Estate Board so far this year, it’s still up three per cent from the same month in 2016.

Condo apartments, which accounted for 31.4 per cent of the volume, had an average price of $507,841 — up 21.4 per cent from August 2016.

The real estate board number of new listings last month was 11,523, the lowest for an August since 2010. But the number of active listings was 16,419, up 65 per cent from August 2016, and the average days on market rose to 25 from 18.