Greater Toronto real estate prices increased, but sales are the headline story. Toronto Real Estate Board (TREB) numbers show prices increased in May. Sales of Toronto real estate posted a huge double digit gain, soaring above last year’s numbers. Unfortunately, as noted by the board itself, these sales numbers still fall short of a typical May.
Toronto Real Estate Prices Rise Over 3%… Due To Condos
The price of a typical (a.k.a. benchmark) home increased, due largely to condos. TREB reported a composite benchmark price of $794,800 in May, up 3.11% from last year. The City of Toronto composite benchmark reached $879,300, up 4.71% from last year. Condos saw prices grow at almost double this rate, while detached homes failed to even meet CPI. Considering detached housing represents nearly 50% of sales, they dragged the composite down.
Greater Toronto Benchmark Price
The price of a “typical” composite home across Greater Toronto.
Source: TREB. Better Dwelling.
The annual rate of growth continued to slow across the region. Both TREB and The City of Toronto benchmarks reported smaller annual growth. A couple of points also worth remembering are seasonal adjustments and annual revisions. Seasonal adjustments add a positive bias to May numbers, with that bias typically disappearing in June. Also, CREA boards conduct an annual review and revision in May. It’s unclear if these benchmark numbers released are pre or post revision.
Greater Toronto Benchmark Price Change
The annual percent change of TREB’s benchmark price for all home types.
Source: TREB. Better Dwelling.
The median sale price of homes across Greater Toronto made a substantial jump. The median sale price across TREB reached $725,000 in May, up 5.83% from last year. The City of Toronto median sale price hit $753,000, up 9.13% from last year. Both numbers are making a similar move as the benchmark. Condos are once again, largely responsible for this push higher.
The average sale price also made a pretty big jump across Greater Toronto. TREB’s average sale price reached $838,540 in May, up 3.61% from last year. The City of Toronto hit $937,804, up 7.84% from last year. The average increase was, once again, due to a jump in condo prices, and the rising price floor that comes with. Are you sensing a trend here?
Greater Toronto Average Sale Price Change
The annual percent change of the average sale price of all homes.
Source: TREB. Better Dwelling.
Toronto Real Estate Sales Rip Higher, But Still Below Normal
Greater Toronto real estate sales jumped higher than last year’s unusually low number, but still fell short. TREB reported 9,989 sales in May, up a massive 18.88% from last year. The City of Toronto represented 3,715 of the sales, up 13.12% from last year. The board itself noted this is 3.61% below the 10 year average for the month of May. That would make it the second fewest May sales since 2010. Big jump, not enough to change the volume issue, which typically means less sticky prices.
Greater Toronto April Home Sales
The total home sales across TREB by year, for the month of April.
Source: TREB. Better Dwelling.
Inventory Falls In The Suburbs, Rises In The City
The number of new listings experienced mild growth across the board. TREB reported 19,386 new listings in May, up 0.77% from last year. The City of Toronto represented 6,648 of those new listings, up 4.00% from last year. The City is seeing more new listings than the 905, which helped push total inventory higher.
Greater Toronto Sales To New Listings
The number newly listed units per month, in contrast to sales.
Source: TREB. Better Dwelling.
The number of total homes listed for sale fell across Greater Toronto, but increased in the City. TREB reported 20,017 active listings in May, down 4.31% from last year. The City of Toronto represented 6,039 of those listings, up 4.17% from last year. Once again, the City is seeing inventory rise faster than the 905. Total active listings for May were the second highest since 2014, but still increased slower than sales.
Greater Toronto April Active Listings
The total of active home listings across TREB by year, for the month of April.
Source: TREB. Better Dwelling.
Toronto real estate saw higher prices, sales, and a mixed movement in inventory last month. Prices made modest gains, but were driven by condos – and growth is still decelerating. Sales made a huge jump, but still fell short of the historic normal. As for inventory, it was mixed – with the City of Toronto posting higher numbers. The last point is more interesting if you consider weak absorption for pre-sale homes in Toronto.
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June 05, 2019 at 09:35PM
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