Toronto Real Estate TREB Published October, 2019 Resale Market Figures

Toronto Real Estate Board announced that Greater Toronto Area REALTORS®
reported 8,491 residential sales through TREB’s MLS® System in October 2019.
This result represented a 14 per cent increase compared to 7,448 sales reported
in October 2018. GTA-wide, sales were up on a year-over-year basis for all major
home types.

“A strong regional economy obviously fuels population growth. All of these new
households need a place to live and many have the goal of purchasing a home.
The problem is that the supply of available listings is actually dropping, resulting
in tighter market conditions and accelerating price growth,” TREB commented.

“During the recent 2019 federal election, some political parties floated ideas to more
flexibility on the mortgage lending front, including the reintroduction of a 30-year
amortization period for insured mortgages and more flexibility in the application of the
OSFI mortgage stress test. However, the winning Liberal party is not committed to some
of them. Some of these policy measures and other housing-related policy options are
expected to be brought forth in the new minority parliament,” TREB continued.

The trend of annual growth in sales versus annual decline in new listings continued in
October 2019, with new listings down by 9.6 per cent compared to October 2018. The
resulting tighter market conditions compared to a year ago resulted in positive annual
rates of price growth across all major market segments, from a GTA-wide perspective.

“All levels of government affecting the GTA plus many international organizations have
recognized that we continue to face a supply issue in our region for all types of housing.
TREB looks forward to continuing its work with policy makers at all levels to bring more
supply online, which will help ensure a sustainable pace of price and rent growth over the
longer term,” TREB announced.

The MLS® Home Price Index Composite Benchmark was up by 5.8 per cent on a
year-over-year basis in October 2019 – the strongest annual rate of growth since December
2017. The average selling price for all home types combined was up by 5.5 per cent to
$852,142, compared to $807,538 in October 2018.

“As market conditions in the GTA have steadily tightened throughout 2019, we have seen
an acceleration in the annual rate of price growth. While the current pace of price growth
remains moderate, we will likely see stronger price growth moving forward if sales growth
continues to outpace listings growth, leading to more competition between home buyers,”
TREB noted.

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Source: Toronto Real Estate Board

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