According to Toronto Real Estate Board: Sales, listings and average selling price were all down in 2018 compared with 2017.
Total Residential Transactions were decreased by 16.1% year to year;
Total new listings were down by 12.7% compared to 2017;
The average selling price was down by 4.3% compared to 2017; While we see a slight increase in the average selling price (+2%) in December 2018 compared to the same month in 2017.
2018/2019 TREB President, Garry Bhaura, stated that “Higher borrowing costs coupled with the new mortgage stress test certainly prompted some households to temporarily move to the sidelines to reassess their housing options. With this said, it is important to note that market conditions were improved in the second half of the year, both from a sales and pricing standpoint.”
“After spiking in 2017, new listings receded markedly in 2018. In many neighbourhoods, despite fewer sales from a historic perspective, some buyers still struggled to find a home meeting their needs. The result was a resumption of a moderate year-over-year pace of home price growth in the second half of the year. Price growth was strongest for less expensive home types, as many home buyers sought more affordable homeownership options,” said Jason Mercer, TREB’s Director of Market Analysis and Service Channels.