The 2018 year-end sales results have been calculated, and Toronto Real Estate Board (TREB) President Garry Bhaura confirmed a total of 77,426 residential transactions through TREB’s MLS® System last year.
While the 2018 sales results represented a 16.1 percent decline compared to sales in 2017, it’s important to recognize that buyers had less to choose from in 2018, with total new listings down by 12.7 percent over the same period. Jason Mercer, TREB’s Director of Market Analysis and Service Channels noted, “After spiking in 2017, new listings receded markedly in 2018. In many neighbourhoods, despite fewer sales from a historic perspective, some buyers still struggled to find a home meeting their needs. The result was a resumption of a moderate year-over-year pace of home price growth in the second half of the year.”
The overall average selling price for 2018 transactions, at $787,300, dipped by 4.3 percent year-over-year for all home types combined across the TREB market area; however, the condominium apartment segment, which accounted for a large proportion of sales in the City of Toronto, performed better from a pricing perspective than the detached market segment. The average price for condominium apartment sales across the TREB market area was up by 7.8 percent year-over-year.
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