TREB Releases December Market Figures as Reported by GTA REALTORS®

TORONTO, Jan. 07, 2020 — Toronto Real Estate Board President Michael Collins reported that December 2019 residential sales reported through TREB’s MLS® System by Greater Toronto Area REALTORS® were up by 17.4 per cent year-over-year to 4,399. Total sales for calendar year 2019 amounted to 87,825 – up by 12.6 per cent compared to the decade low 78,015 sales reported in 2018. On an annual basis, 2019 sales were in line with the median annual sales result for the past decade.

“We certainly saw a recovery in sales activity in 2019, particularly in the second half of the year. As anticipated, many home buyers who were initially on the sidelines moved back into the market place starting in the spring. Buyer confidence was buoyed by a strong regional economy and declining contract mortgage rates over the course of the year,” said Mr. Collins.

While sales were up in 2019, the number of new listings entered into TREB’s MLS® System was down by 2.4 per cent year-over-year. For the past decade, annual new listings have been largely in a holding pattern between 150,000 and 160,000, despite the upward trend in home prices over the same period.

“Over the last ten years, TREB has been drawing attention to the housing supply issue in the GTA. Increasingly, policy makers, research groups of varying scope and other interested parties have acknowledged that the lack of a diverse supply of ownership and rental housing continues to hamper housing affordability in the GTA. Taking 2019 as an example, we experienced a strong sales increase up against a decline in supply. Tighter market conditions translated into accelerating price growth. Expect further acceleration in 2020 if there is no relief on the supply front,” said Jason Mercer, TREB’s Chief Market Analyst.

The MLS® Home Price Index Composite Benchmark was up by 7.3 per cent on a year-over-year basis in December 2019. From June 2019 onward, the annual growth rate in the MLS® HPI Composite Benchmark accelerated. The average selling price in December 2019 was $837,788 – up almost 12 per cent year-over-year. For calendar year 2019, the average selling price was $819,319 – up by four per cent compared to $787,856 in 2018.

“TREB is committed to conducting and sponsoring evidence-based, empirical research on housing market and broader regional economic issues. We share this research in order to contribute to the policy debate. On February 6, 2020, TREB will be releasing its Market Year in Review and Outlook report, which will contain consumer polling results, market overviews and forecasts, and new third-party research on housing and the economy in the GTA,” said TREB CEO John DiMichele.

Annual Summary of TREB MLS® Sales and Average Price Year-to-Date
 SalesAverage PriceNew ListingsSalesAverage PriceNew Listings
City of Toronto (“416”)32,222883,52052,71130,048836,45751,821
Rest of GTA (“905”)55,603782,114100,02847,967757,411104,683
Annual TREB MLS® Sales & Average Price By Home Type Calendar Year 2019
 SalesAverage Price
Yr./Yr. % Change16.0%19.7%18.8%0.4%1.4%0.9%
Yr./Yr. % Change11.5%13.3%12.6%4.3%4.6%4.3%
Yr./Yr. % Change16.5%15.1%15.4%3.6%3.2%3.4%
Condo Apartment16,3537,15423,507633,948482,836587,959
Yr./Yr. % Change0.5%9.2%3.0%6.8%7.1%6.4%
Summary of TREB MLS® Sales and Average Price December 1 – 31, 2019
 SalesAverage PriceNew ListingsSalesAverage PriceNew Listings
City of Toronto (“416”)1,673885,1321,3521,463761,8501,425
Rest of GTA (“905”)2,726808,7322,1792,283740,7892,884
TREB MLS® Sales & Average Price By Home Type December 1 – 31, 2019
 SalesAverage Price
Yr./Yr. % Change38.0%23.0%26.2%19.5%7.7%11.6%
Yr./Yr. % Change8.6%13.8%12.1%6.9%7.0%6.5%
Yr./Yr. % Change14.2%21.1%19.2%0.4%11.1%7.8%
Condo Apartment8843711,255656,233508,173612,464
Yr./Yr. % Change5.1%11.4%6.9%10.3%11.9%10.4%
December 2019 Year-Over-Year Per Cent Change in the MLS® HPI
 Composite (All Types)Single-Family DetachedSingle-Family AttachedTownhouseApartment
TREB Total7.26%5.86%6.71%7.71%9.48%
Halton Region9.42%9.44%8.74%11.45%6.76%
Peel Region9.30%7.58%8.51%9.86%14.90%
City of Toronto7.37%5.44%6.09%3.27%9.07%
York Region3.34%2.54%3.48%5.27%7.11%
Durham Region5.17%4.53%5.19%7.09%9.47%
South Simcoe County14.09%0.42%7.24%
Source: Toronto Real Estate Board    
1South Simcoe includes Adjala-Tosorontio, Bradford West Gwillimbury, Essa, Innisfil and New Tecumseth 
Seasonally Adjusted TREB MLS® Sales and Average Price1  
 SalesMonth-over-Month % Chg.Average PriceMonth-over-Month % Chg.
December ’186,6160.6%$781,156-1.3%
January ’197,0116.0%$775,765-0.7%
February ’196,395-8.8%$774,397-0.2%
March ’196,4921.5%$780,6390.8%
April ’197,14810.1%$786,4800.7%
May ’197,4394.1%$801,7731.9%
June ’197,4600.3%$813,1991.4%
July ’197,8064.6%$826,6461.7%
August ’197,8440.5%$828,2320.2%
September ’197,830-0.2%$838,6831.3%
October ’197,607-2.8%$840,8450.3%
November ’197,7091.3%$846,8120.7%
December ’197,481-3.0%$871,0292.9%
Source: Toronto 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 [email protected] (416) 443-8158

TREB is Canada’s largest real estate board. Over 54,500 residential and commercial TREB Members serve consumers in the Greater Toronto Area. Greater Toronto REALTORS® are passionate about their work. They are governed by a strict Code of Ethics and share a state-of-the-art Multiple Listing Service®.

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