News

Toronto Real Estate Board President Garry Bhaura announced commercial leasing and sales statistics reported through TREB's MLS® System during the second quarter of 2018.

Toronto Real Estate Board President Garry Bhaura, in his first market release as TREB President, is pleased to announce some positive signs with respect to the housing market.

The Toronto Real Estate Board (TREB) applauds two recent housing decisions taken by two separate city committees which, if passed by City Council at their June 26 meeting, could have a positive impact on the housing market for all Torontonians: the creation of an all-encompassing Housing Committee, and a separate decision paving the way for permitting, regulating and setting guidelines for laneway suites.

Greater Toronto Area REALTORS® reported 7,834 sales through TREB's MLS® System in May 2018. This result was down by 22.2 per cent compared to May 2017. While the number of sales was down year-over-year, the annual rate of decline was less than reported in February, March and April, when sales were down by more than 30 per cent. On a month-over-month basis, seasonally adjusted May sales were basically flat compared to April.1

Toronto Real Estate Board President Tim Syrianos announced that TREB Commercial Members reported 210,579 square feet of combined industrial, commercial/retail and office space leased through the TREB MLS® System, on a per square foot net basis with pricing disclosed, in May 2018. This result was down from 389,671 square feet of leased space reported in May 2017.

York Region councillors are demanding new tax powers from the province, and they have their eyes set on the municipal land transfer tax (MLTT). If implemented, the tax would add over $15,000 to an average priced York Region home, impacting housing affordability for all home buyers and making the Canadian dream of home ownership less achievable for thousands of young buyers. This could set a dangerous precedent for housing affordability across the wider Greater Toronto Area and the rest of the province.

Toronto Real Estate Board President Tim Syrianos announced that Greater Toronto Area REALTORS® reported 7,792 sales through TREB's MLS® System in April 2018. The average selling price was $804,584. On a year-over-year basis, sales were down by 32.1 per cent and the average selling price was down by 12.4 per cent.

Toronto Real Estate Board President Tim Syrianos announced that TREB Commercial Network Members reported 439,206 square feet of combined industrial, commercial/retail and office space leased through the TREB MLS® System, on a per square foot net basis with pricing disclosed, in April 2018. This result was up from the 353,373 square feet of leased space reported in April 2017.

The Toronto Real Estate Board is encouraged that Mayor John Tory is making housing affordability a priority for himself and for City staff.

Toronto Real Estate Board President Tim Syrianos announced that the average selling price for condominium apartments sold through TREB’s MLS® System was up by nine per cent year-over-year to $533,447 in the first quarter of 2018.