Marketwatch

TREB Releases Q3 Rental Market Figures Reported by GTA REALTORS®

 

TORONTO, Oct. 23, 2017 (GLOBE NEWSWIRE) -- Toronto Real Estate Board President Tim Syrianos announced that year-over-year increases in average rents for condominium apartments were up very strongly in the third quarter, based on rental transactions reported by Greater Toronto REALTORS® through TREB’s MLS® System.

The average rent for one-bedroom condominium apartments in the TREB market area was up by 11.2 per cent on an annual basis to $1,976 in Q3 2017.  The average two-bedroom condominium apartment rent was up by 7.7 per cent over the same period to $2,607.

“Competition between renters remained very strong for available units in Q3.  It is clear that supply is part of the issue.  Different levels of government have committed to looking at housing supply through the policy lens.  TREB has participated in these policy discussions and looks forward to continuing the dialogue.  To this end, TREB does have concerns that increased rent controls and a possible vacancy tax in the City of Toronto could serve to reduce the supply of available rental units as potential investors look to less-regulated sectors in which to invest,” said Mr. Syrianos.

The number of condominium apartments listed during the third quarter and the number of rental agreements signed were down by similar amounts on a year-over-year basis.

“It is reasonable to assume that the vacancy rate for condominium apartments has trended lower this year.  If the current relationship between rental demand and supply remains in place moving forward, rent increases for available units will continue to trend well-above the rate of inflation.  Economic and demographic trends suggest that rental demand will increase and there are real concerns that the already constrained supply of units for rent could get worse,” said Jason Mercer, TREB’s Director of Market Analysis.

Rental Market Summary: Third Quarter 2017

 

 

 

Apartments

 

 

 

 

 

 

 

 

 

 

All Bedroom Types

Bachelor

One-Bedroom

Two-Bedroom

Three-Bedroom

 

Listed

Leased

 Leased 

 Avg. Rent 

 Leased 

 Avg. Rent 

 Leased 

 Avg. Rent 

 Leased 

 Avg. Rent 

Q3 2017

11,574

8,716

316

$1,672

4,850

$1,976

3,350

$2,607

200

$3,234

Q3 2016

12,040

9,150

377

$1,489

5,256

$1,777

3,328

$2,420

189

$3,058

Yr./Yr. % Chg.

-3.9%

-4.7%

-16.2%

 

12.3%

-7.7%

 

11.2%

0.7%

 

7.7%

5.8%

 

5.7%

 

 

 

 

 

 

 

 

 

 

 

Townhouses

 

 

 

 

 

 

 

 

 

 

All Bedroom Types

Bachelor

One-Bedroom

Two-Bedroom

Three-Bedroom

 

Listed

Leased

Leased

Avg. Rent

Leased

Avg. Rent

Leased

Avg. Rent

Leased

Avg. Rent

Q3 2017

1,022

657

2

$1,600

87

$1,783

229

$2,138

339

$2,393

Q3 2016

944

604

3

$1,375

54

$1,537

217

$2,142

330

$2,176

Yr./Yr. % Chg.

8.3%

8.8%

-33.3%

 

16.4%

61.1%

 

16.0%

5.5%

 

-0.2%

2.7%

 

10.0%

 

 

 

 

 

 

 

 

 

 

 

Source: Toronto Real Estate Board

 

 

 

 

 

 

 

 

 


TREB Releases Q3 Condo Market Figures Reported by GTA Realtors®

 

TORONTO, Oct. 23, 2017 (GLOBE NEWSWIRE) -- Toronto Real Estate Board President Tim Syrianos reported continued average price growth on a year-over-year basis for condominium apartments listed and sold through TREB’s MLS® System by Greater Toronto Area REALTORS®.  The average selling price was $510,206 in Q3 2017 – up by 22.7 per cent compared to the average of $415,894 reported in Q3 2016.

“The condominium apartment market segment has exhibited the strongest average rates of price growth since the spring, relative to other major market segments.  Competition between buyers remains strong, as listings remain below last year’s very constrained levels.  Over the past few months, TREB has participated in discussions at various levels of government pointed at developing solutions for the housing supply issue in the GTA.  As these discussions continue, it will be important to remember that the condominium apartment market is not immune to a listings shortage,” said Mr. Syrianos.

“TREB will also be paying close attention to the potential impacts of the new OSFI Guideline B-20 concerning new mortgage rules and underwriting standards, and the possibility of a vacancy tax in the City of Toronto.  We will be asking consumers about their opinion on these initiatives, from the prospective of buying and selling intentions, during our fall polling cycle,” continued Mr. Syrianos.

There were 5,684 condominium apartment sales reported through TREB’s MLS® System in the third quarter of 2017.  This result was down from 7,991 sales reported during the same period in 2016.

New condominium apartment listings were also down on a year-over-year basis by 10 per cent to 9,845 in Q3 2017 compared to 10,967 in Q2 2016.

“Condominium apartments will likely account for a greater share of home sales as we move forward.  Consumer polling undertaken for TREB by Ipsos in the spring pointed to increased buying intentions for condominium apartments.  With this in mind, it is not surprising that we have continued to see robust price growth, as demand has remained strong relative to available listings,” said Jason Mercer, TREB’s Director of Market Analysis.

Condominium Apartment Market Summary

Third Quarter 2017

 

         

            2017

 

           

2016

 

Sales

    Average Price   

 

Sales

Average Price

Total TREB

5,684

$510,206

 

7,991

$415,894

Halton Region

168

$487,562

 

246

$439,259

Peel Region

760

$381,470

 

1,122

$316,163

City of Toronto

4,175

$542,492

 

5,604

$440,312

York Region

469

$474,573

 

880

$397,256

Durham Region 

101

$368,855

 

123

$323,148

Other Areas

11

$313,682

 

16

$236,216

Source: Toronto Real Estate Board

 


Mississauga home sales remain at lower levels in August 2017

 

Residential property sales recorded through the MLS® System of the Mississauga Real Estate Board came in well below year-ago levels in August 2017.

 

Home sales numbered 633 units in August, down 38.4% from the same month in 2016. On a year-to-date basis, home sales totalled 6,781 units over the first eight months of the year. This was down 18.8% from the same period in 2016.

 

“Home sales were still running at subdued levels in August, little changed from June and July on a seasonally adjusted basis,” said Branden Kameka, President of the Mississauga Real Estate Board. “On the supply side, following a bit of a surge in the spring new listings have been coming back down over the summer. That has moved the sales-to-new listings ratio back up to about 50% from a low of about 40% a couple of months ago, so there is some evidence that the market is stabilizing.”

 

The average price of homes sold in August 2017 was $644,770, up 4.6% from August 2016. The year-to-date average price was $740,044 in August, rising 19.4% from the first eight months of 2016.

 

New residential listings numbered 1,183 units in August 2017, down 8.5% from August 2016.

 

Active residential listings numbered 1,594 units at the end of August 2017. This was an increase of 56.4% from the low at the end of August 2016, but was still below average for this time of year.

 

There were 2.5 months of inventory at the end of August 2017, up from the one month recorded a year ago but still a little below the long-run average for this time of year. The number of months of inventory is the number of months it would take to sell current inventories at the current rate of sales activity.

 

The total value of all residential sales in August was $408.1 million, down 35.6% from August 2016.

 

CLICK HERE FOR THE DATA

 


 

 

Canadian home sales edge up in August

Ottawa, ON, September 15, 2017 - According to statistics released today by The Canadian Real Estate Association (CREA), national home sales posted a small gain in August 2017.

 

Highlights:

  • National home sales rose 1.3% from July to August.
  • Actual (not seasonally adjusted) activity stood 9.9% below last August’s level.
  • The number of newly listed homes fell a further 3.9% from July to August.
  • The MLS® Home Price Index (HPI) was up 11.2% year-over-year (y-o-y) in August 2017.
  • The national average sale price climbed by 3.6% y-o-y in August.

The number of homes sold via Canadian MLS® Systems edged up by 1.3% in August 2017. The small gain breaks a string of four straight declines, but still leaves activity 13.8% below the record set in March.

 

CREA Lowers National Resale Housing Market Forecast

 

Ottawa, ON, September 15, 2017 - The Canadian Real Estate Association (CREA) has updated its forecast for home sales activity via the Multiple Listing Service® (MLS®) Systems of Canadian real estate Boards and Associations in 2017 and 2018.

 

Housing market trends continue to diverge considerably among regions along four general themes: British Columbia; the Greater Golden Horseshoe; oil and natural resource dependent provinces; and everywhere else.
 

CLICK HERE FOR AUGUST 2017 STATS

 

CLICK HERE FOR SEPTEMBER 2017 FORECAST

 


NEWS

Ministry of Government and Consumer Services

 

New Condominium Authority Now in Service to Protect Residents

Authority Will Educate Condo Community, Help Resolve Disputes

September 1, 2017 2:00 P.M.

The Condominium Authority of Ontario (CAO) is now in service to better protect condo owners and residents.

The Condominium Authority of Ontario will help ensure condo owners and residents are equipped with the tools and information they need by:

  • Providing owners and purchasers with information about their rights and responsibilities
  • Creating an accessible and affordable dispute resolution service, which will take effect on November 1, 2017
  • Providing important tools and information about living in a condo
  • Offering mandatory training for condo directors beginning on November 1, 2017

Ontario is also implementing new protections for condo communities, which will take effect this fall. Changes will include new disclosure requirements for directors, such as whether they are not owners or occupiers of units in the condo or if they have interests in contracts involving the corporation.

Protecting condo residents in Ontario is part of our plan to create jobs, grow our economy and help people in their everyday lives.

 

QUOTES

" The Condominium Authority of Ontario will ensure that Ontario is addressing the needs of condo communities across the province. These new regulations will help to build more sustainable condo communities across Ontario so that people who call a condo their home can enjoy peace of mind for years to come. I would like to thank the Condominium Authority of Ontario for the great work they have done and will continue to do to support the condo sector. "
- Tracy MacCharles
Minister of Government and Consumer Services

" The Condominium Authority of Ontario will provide a variety of new services and protections to help Ontario’s condo residents get the most out of condominium living. We’ve made available information and training to help improve the way condos are governed, and provided resources and guides to resolve common issues. The CAO’s goal is to improve condo living across Ontario and we are pleased to be the designated authority that will support the sector. "
- Tom Wright
CAO Chair

QUICK FACTS

  • There are currently 1.6 million people living in condos in Ontario and more than 50 per cent of new homes being built in the province are condominiums.
  • There are more than 750,000 condo units in Ontario, up from 270,000 units in 2001.
  • The CAO was created as part of the implementation of the Protecting Condominium Owners Act that was passed in 2015.
  • The government received about 200 recommendations for condominium law reforms through its public consultation process.

LEARN MORE

 

Andrew Lang Minister’s Office
416-212-3721

Sue Carroll Communications Branch
416-326-7408

 

Available Online

Disponible en Français

 

 

 

 

 

Mississauga home sales remain subdued in July

Residential property sales recorded through the MLS® System of the Mississauga Real Estate Board came in well below year-ago levels in July 2017.

Home sales numbered 670 units in July, down 37% from the same month in 2016. On a year-to-date basis, home sales totalled 6,148 units over the first seven months of the year. This was down 16% from the same period in 2016.

“Home sales were still running at subdued levels in July, remaining about where they were in June on a seasonally adjusted basis,” said Branden Kameka, President of the Mississauga Real Estate Board. “Overall supply levels are up from record lows a few months ago but are still only back to where they were late 2015 and early 2016, and it appears inventories may be starting to level off near current levels.”

The average price of homes sold in July 2017 was $699,403, up 13.7% from July 2016. The year-to-date average price was $749,853 in July, rising 20.9% from the first seven months of 2016.

New residential listings numbered a record 1,517 units in July 2017, up 9.2% from July 2016.

Active residential listings numbered 1,821 units at the end of July 2017. This was an increase of 60% from the low at the end of July 2016, but was still below average for this time of year.

There were 2.7 months of inventory at the end of July 2017, up from 1.1 months a year ago and a little above the long-run average for this time of year. The number of months of inventory is the number of months it would take to sell current inventories at the current rate of sales activity.

The total value of all residential sales in July was $468.6 million, down 28.4% from July 2016.

CLICK HERE FOR ALL THE DATA

 

 


Mississauga home sales down sharply in June

 

Residential property sales recorded through the MLS® System of the Mississauga Real Estate Board came in below year-ago levels in June 2017.

Home sales numbered 837 units in June, down 38.2% from the same month in 2016. This was the lowest level of sales since 1998.

On a year-to-date basis, home sales totalled 5,478 units over the first half of the year, down 12.4% from the same period in 2016.

“Home sales took another sizeable step back in June, with many buyers choosing to keep to the sidelines for the time being in the wake of the announcement in late April of changes to Ontario housing policy,” said Branden Kameka, President of the Mississauga Real Estate Board. “It is possible things could remain quiet for some time yet, as many buyers will want to gauge how the market absorbs the changes.”

The average price of homes sold in June 2017 was $699,935, up 9.8% from June 2016. The year-to-date average price was $756,024 in June, rising 21.7% from the first six months of 2016.

New residential listings numbered a record 2,033 units in June 2017, up 14.5% from June 2016.

Active residential listings numbered 1,901 units at the end of June 2017. This was an increase of 53.6% from the low at the end of June 2016, but was still below the long run average for this time of year.

There were 2.3 months of inventory at the end of June 2017, on par with the long run average for this time of the year and up from a low of just 0.9 months at the same time last year. The number of months of inventory is the number of months it would take to sell current inventories at the current rate of sales activity.

The total value of all residential sales in June was $585.8 million, down 32.2% from June 2016.

 

CLICK HERE FOR ALL THE DATA


 

Mississauga home sales decline, new listings jump in May

Residential property sales recorded through the MLS® System of the Mississauga Real Estate Board came in below year-ago levels in May 2017.

Home sales numbered 1,071 units in May, down 18.9% from the same month in 2016.

On a year-to-date basis, home sales totalled 4,641 units over the first five months of the year, down 5.3% from the same period in 2016.

“The May 2017 data on sales and listings in Mississauga reflect the impact on housing sentiment caused by the announcement in late April of changes to Ontario housing policy aimed at cooling markets in and around Toronto,” said Branden Kameka, President of the Mississauga Real Estate Board. “Some buyers, who are understandable cautious at the moment, may choose to remain on the sidelines for a time to see how those changes affect the market.”

The average price of homes sold in May 2017 was $760,645, up 16.3% from May 2016. The year-to-date average price was $766,139 in May, rising 24.2% from the first five months of 2016.

New residential listings numbered a record 2,592 units in May 2017, jumping 44.2% from May 2016.

Active residential listings numbered 1,736 units at the end of May 2017. This was an increase of 33.4% from the low at the end of May 2016, but was still below the same time in all others years based on data going back more than 20 years.

There were 1.6 months of inventory at the end of May 2017, up from just one month at the same time last year but still below average for this time of the year. The number of months of inventory is the number of months it would take to sell current inventories at the current rate of sales activity.

The total value of all residential sales in May was $814.7 million, down 5.7% from May 2016.

 

SEE ALL THE DATA HERE!

 

 

CLICK HERE TO SEE DATA CHART

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Mississauga Real Estate Board
3450 Ridgeway Dr #1
Mississauga, ON L5L 0A2, Canada
Phone: 905.608.6732
Fax: 905.608.9988