TORONTO, July 4, 2019 – The new President of the Toronto Real Estate Board, Michael Collins,
announced that Greater Toronto Area REALTORS® reported 8,860 sales through TREB’s MLS®
System in June 2019, representing a 10.4 percent increase compared to June 2018. Over the same
time period, total new listings remained at a similar level for the month of June and active listings at
month-end were down by 5.7 percent.
Sales and new listings statistics for the first half of 2019 compared to the same period in 2018 painted
a similar story to that of June. Sales were up by 8.5 percent, while new listings were up by less than
one percent. This shows that sales accounted for a greater share of listings compared to last year,
which means that competition between buyers increased, resulting in renewed price growth in many
segments of the market.
“As I start my term as President of the Toronto Real Estate Board, I am proud to say that the Greater
Toronto Area continues to grow, in terms of employment, population and overall diversity. As people
are attracted to our region from all around the world, they obviously need a place to live. Over the
next year, as demand for ownership and rental housing continues to grow, my hope is that we will see
more movement from policymakers on two fronts: alleviating the constrained supply of housing and
providing more flexibility around demand-side policies, including the OSFI two percentage point
mortgage stress test and allowable amortization periods on insured mortgages,”
said Mr. Collins.
The overall average selling price in June 2019 was $832,703 – up by three percent compared to the
average of $808,066 in June 2018. Price growth was driven by the higher density market segments,
including semi-detached houses, townhouses and condominium apartments. The MLS® Home Price
Index Composite Benchmark was up by a similar annual rate of 3.6 percent. For the first half of
2019, the average selling price was $810,661, representing an increase of 2.4 percent compared to
the first half of 2018.
“Buyers started moving off the sidelines in the spring, as evidenced by strong year-over-year price
growth throughout the second quarter. However, because we saw virtually no change in the number
of new listings, market conditions tightened and price growth picked up, especially for more higher
density home types, which, on average, are less expensive than traditional detached houses and
therefore provide more affordable housing options under the new OSFI stress test regime,”
Mercer, TREB’s Chief Market Analyst.