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TRREB Releases May Resale Housing Market Report

/EIN News/ -- TORONTO, June 03, 2020 (GLOBE NEWSWIRE) -- Toronto Regional Real Estate Board President Michael Collins released the following key housing market statistics for May 2020:

TRREB MLS® System Sales and New Listings

  • Greater Toronto Area REALTORS® reported 4,606 sales through TRREB’s MLS® System in May 2020. This result was down by 53.7 per cent compared to May 2019.
     
  • While the number of sales was down substantially on a year-over-year basis due to the continued impact of COVID-19, the decline was less than the 67.1 per cent year-over-year decline reported for April 2020.
     
  • On a month-over-month basis, actual and seasonally adjusted May sales were up substantially compared to April. Actual May 2020 sales increased by 55.2 per cent compared to April 2020. After accounting for the regular seasonal increase that is experienced each year between April and May, seasonally adjusted sales were up by 53.2 per cent month-over-month.
     
  • The number of new listings entered into TRREB’s MLS® System in May was down by a similar annual rate to that of sales, dipping by 53.1 per cent to 9,104. On a month-over-month basis, actual new listings were up by 47.5 per cent.

“While the public health and economic concerns surrounding COVID-19 continue to impact the housing market, the May sales result represented a marked improvement over April. TRREB released updated Ipsos consumer intentions polling results in May that indicated that 27 per cent of GTA households were likely to purchase a home over the next year. Providing we continue to see a gradual re-opening of the economy, it is very possible that home sales will continue to improve in the coming months,” said Mr. Collins.

“As we move toward recovery, the housing sector will be a key driver of growth as consumer confidence increases and more households look to take advantage of very low borrowing costs. It will be important for policy makers at all levels of government to continue, and indeed enhance their efforts to bring on line a greater diversity of ownership and rental housing supply. This will help avoid the pace of home price growth accelerating to unsustainable levels,” said TRREB CEO John DiMichele.

Home Prices

  • The MLS® Home Price Index Composite Benchmark price was virtually unchanged in May 2020 compared to April 2020. On a year-over-year basis, the composite benchmark was up by 9.4 per cent.
     
  • The average selling price for all home types combined was up by three per cent compared to May 2019 to $863,599. On a seasonally adjusted basis, the average selling price was up by 4.6 per cent month-over-month compared April 2020.
     
  • The difference in year-over-year growth between the MLS® HPI Composite Benchmark and the average selling price was related to the fact that home sales in the City of Toronto, particularly in the detached segment, were down by a greater annual rate than overall sales in the GTA. This resulted in a compositional impact on the overall average selling price.

“With home sales and new listings continuing to trend in unison in May, market conditions remained balanced. This balance was evidenced by year-over-year average price growth slightly above the Bank of Canada’s long-term target for inflation. If current market conditions are sustained during the gradual re-opening of the GTA economy, a moderate pace of year-over-year price growth could continue as we move through the spring and summer months,” said Jason Mercer, TRREB’s Chief Market Analyst.

Condominium Apartment Rental Market

  • One-bedroom and two-bedroom condominium apartment rental transactions were lower in May 2020 compared to May 2019. The number of one-bedroom rentals was down by 30.8 per cent to 1,290. The number of two-bedroom rentals was down by 26.7 per cent to 820.
     
  • However, similar to home sales, there was a marked improvement in rental transactions between April 2020 and May 2020. The number of one-bedroom rentals, at 1,290, was well-above the 754 mark for April. Similarly, the number of two-bedroom rentals, at 820, was well-above the 489 rentals reported for April.
     
  • On a year-over-year basis, average condominium apartment rents continued to be lower than last year’s levels in April. The average one-bedroom rent was $2,086 in May 2020 – down by 5.1 per cent compared to May 2019. The average two-bedroom rent was $2,740 in May 2020 – down by 5.6 per cent compared to May 2019.
Summary of TREB MLS® Sales and Average Price May 1 - 31, 2020
  2020 2019
  Sales Average Price New Listings Sales Average Price New Listings
City of Toronto ("416") 1,491 955,273 3,312 3,697 936,852 6,654
Rest of GTA ("905") 3,115 819,719 5,792 6,253 779,950 12,740
GTA 4,606 863,599 9,104 9,950 838,248 19,394


May 2020 Year-Over-Year Per Cent Change in the MLS® HPI
  Composite (All
Types)
Single-Family
Detached
Single-Family
Attached
Townhouse Apartment
TREB Total 9.43% 7.55% 8.92% 10.28% 12.19%
Halton Region 8.72% 7.61% 8.68% 10.68% 10.21%
Peel Region 11.09% 8.93% 10.20% 12.10% 16.70%
City of Toronto 9.79% 7.57% 7.83% 8.87% 11.41%
York Region 8.62% 7.70% 8.87% 7.85% 12.44%
Durham Region 9.27% 8.40% 10.02% 13.24% 11.79%
Orangeville 9.48% 9.53% 11.68% - -
South Simcoe
County1
8.43% 3.29% 11.73% - -
Source: Toronto Real Estate Board        
1South Simcoe includes Adjala-Tosorontio, Bradford West Gwillimbury, Essa, Innisfil and New Tecumseth  


Annual Summary of TREB MLS® Sales and Average Price Year-to-Date
  2020 2019
  Sales Average Price New Listings Sales Average Price New Listings
City of Toronto ("416") 9,344 952,804 16,591 12,727 875,415 23,364
Rest of GTA ("905") 17,969 839,784 31,582 22,310 764,558 46,522
GTA 27,313 878,449 48,173 35,037 804,826 69,886


 
Annual TREB MLS® Sales & Average Price By Home Type Year-to-Date 2020
  Sales Average Price
  416 905 Total 416 905 Total
Detached 2,683 10,258 12,941 1,424,412 979,402 1,071,664
Yr./Yr. % Change -25.8% -15.9% -18.1% 7.5% 7.6% 6.6%
Semi-Detached 787 1,734 2,521 1,137,429 740,735 864,574
Yr./Yr. % Change -32.3% -19.4% -24.0% 8.5% 9.1% 7.0%
Townhouse 969 3,672 4,641 815,526 680,068 708,351
Yr./Yr. % Change -25.4% -20.0% -21.2% 5.9% 9.8% 8.5%
Condo Apartment 4,853 2,052 6,905 693,282 523,244 642,750
Yr./Yr. % Change -26.2% -32.2% -28.1% 11.5% 11.6% 12.1%
             


TREB MLS® Sales  By Home Type May 1 - 31, 2020
  Home Type
  All
Types
Detached Semi-
Detached
Townhouse Condo
Apartment
Other
Types
All
Areas
Sales 4,606 2,285 463 815 1,002 41
Yr./Yr. %
Chg.
-53.7% -50.6% -54.4% -50.7% -60.4% -66.7%
Halton Sales 497 272 25 143 50 7
Yr./Yr. %
Chg.
-51.0% -48.6% -55.4% -49.5% -62.1% -50.0%
Peel Sales 927 442 143 206 133 3
Yr./Yr. %
Chg.
-56.9% -54.2% -57.8% -52.0% -67.1% -76.9%
Toronto Sales 1,491 432 164 164 727 4
Yr./Yr. %
Chg.
-59.7% -63.1% -59.7% -55.1% -58.0% -81.8%
York Sales 692 428 64 130 61 9
Yr./Yr. %
Chg.
-54.7% -51.1% -41.8% -58.3% -69.0% -73.5%
Durham Sales 770 536 49 149 24 12
Yr./Yr. %
Chg.
-34.3% -33.2% -41.0% -28.0% -59.3% -42.9%
                               
   


   
    TREB MLS® Average Price By Home Type May 1 - 31, 2020
     
    Home Type
    All Types Detached Semi-Detached Townhouse Condo Apartment Other
Types
All Areas Average Price $863,599 $1,033,341 $867,717 $686,854 $625,445 $690,605
Yr./Yr. % Chg. 3.0% -0.9% 4.8% 3.1% 6.0% 2.2%
Halton Average Price $922,833 $1,129,131 $786,248 $701,103 $515,930 $830,586
Yr./Yr. % Chg. 7.8% 5.6% 9.3% 6.9% 4.2% 8.2%
Peel Average Price $807,724 $993,482 $752,187 $652,301 $491,897 $760,667
Yr./Yr. % Chg. 7.1% 3.2% 8.4% 8.0% 6.0% -1.1%
Toronto Average Price $955,273 $1,422,273 $1,143,322 $794,626 $674,028 $511,950
Yr./Yr. % Chg. 2.0% 2.7% 8.8% -0.2% 5.0% -3.6%
York Average Price $1,010,745 $1,177,151 $802,832 $787,959 $552,769 $897,778
Yr./Yr. % Chg. 8.7% 5.9% 3.4% 5.6% 7.5% 6.1%
Durham Average Price $651,590 $707,239 $528,857 $541,151 $386,133 $569,333
Yr./Yr. % Chg. 4.7% 4.0% 4.6% 6.5% -9.4% 0.5%


May 2020 TRREB MLS® System Condominium Apartment Rental Market Summary*
       
Apartment Type Month/Year Rentals Average Rent
One-Bedroom May. 2020 1,290 $2,086
May. 2019 1,863 $2,197
Yr./Yr. % Chg. -30.8% -5.1%
       
Two-Bedroom May. 2020 820 $2,740
May. 2019 1,118 $2,904
Yr./Yr. % Chg. -26.7% -5.6%
  Source: Toronto Real Estate Board    
  *Note: A broader breakout of condominium apartment and condominium townhouse rental statistics by bedroom type and TREB areas and municipalities will continue to be provided in TREB's quarterly Rental Market Report.


 
Seasonally Adjusted TRREB MLS® Sales and Average Price1  
         
  Sales Month-over-Month %
Chg.
Average Price Month-
over-
Month %
Chg.
May '19 7,356 3.9% $802,162 1.9%
June '19 7,513 2.1% $812,342 1.3%
July '19 7,884 4.9% $824,215 1.5%
August '19 7,989 1.3% $825,904 0.2%
September '19 7,993 0.1% $837,281 1.4%
October '19 7,840 -1.9% $839,945 0.3%
November '19 7,835 -0.1% $846,374 0.8%
December '19 7,626 -2.7% $874,283 3.3%
January '20 7,763 1.8% $875,767 0.2%
February '20 8,902 14.7% $904,450 3.3%
March '20 6,936 -22.1% $894,745 -1.1%
April '20 2,317 -66.6% $789,054 -11.8%
May '20 3,549 53.2% $825,674 4.6%
Source: Toronto Regional Real Estate Board; CREA Seasonal Adjustment  
1 Preliminary seasonal adjustment undertaken by the Canadian Real Estate Association (CREA). Removing normal seasonal variations allows for more meaningful analysis of monthly changes and underlying trends.

Media Inquiries:
Mary Gallagher,
Senior Manager, Public Affairs
maryg@trebnet.net
416-443-8158

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