Average price — Mean sale price across all transactions. Sensitive to the mix of homes that sold.
$750,180
MoM −$38,165 −4.8% down $38,165, 4.8% versus November 2018 YoY +2.1% up 2.1% versus December 2017
Source: TRREB MarketWatch, December 2018
Greater Toronto Area · TRREB MarketWatch
GTA Real Estate Market Report
December 2018
In December 2018 the average selling price across the Greater Toronto Area fell 4.8% to $750,180 versus November 2018, and sales dropped 39.5% to 3,781, though a December slowdown is the seasonal norm.
Headline indicators
All TRREB areas · all home types
Median price — The midpoint sale price. Less affected by a few very high or low sales than the average.
$653,000
MoM −$17,000 −2.5% down $17,000, 2.5% versus November 2018 YoY +4.5% up 4.5% versus December 2017
MLS® HPI benchmark — Quality-adjusted price for a typical home. The cleanest like-for-like price signal.
$764,200
MoM +$600 +0.1% up $600, 0.1% versus November 2018 YoY +3.0% up 3.0% versus December 2017
Sales — Firm transactions reported through the MLS® System during the month.
3,781
MoM −2,470 −39.5% down 2,470, 39.5% versus November 2018 YoY −23.3% down 23.3% versus December 2017
Dollar volume — Total value of all sales in the month.
$2.84B
MoM −$2,091,510,262 −42.4% down $2,091,510,262, 42.4% versus November 2018 YoY −21.7% down 21.7% versus December 2017
New listings — Properties newly listed during the month.
4,308
MoM −6,226 −59.1% down 6,226, 59.1% versus November 2018 YoY −31.9% down 31.9% versus December 2017
Active listings — Listings available at month end.
11,431
MoM −4,989 −30.4% down 4,989, 30.4% versus November 2018 YoY −11.6% down 11.6% versus December 2017
Avg. DOM — Average days on market. Editions before 2020 report this single figure rather than splitting it into LDOM and PDOM.
31
MoM +4 days +14.8% up 4 days, 14.8% versus November 2018 YoY +14.8% up 14.8% versus December 2017
Avg. SP/LP — Average sale price as a share of list price. Above 100% means competing offers were common.
97%
MoM −1.0 pp −1.0% down 1.0 pp, 1.0% versus November 2018 YoY −1.0% down 1.0% versus December 2017
SNLR — Sales-to-new-listings ratio, computed here from this month’s counts. Below 40% favours buyers, above 60% favours sellers.
87.8%
MoM +28.4 pp +47.9% up 28.4 pp, 47.9% versus November 2018 YoY +12.7% up 12.7% versus December 2017
Months of inventory — Active listings divided by monthly sales — how long the current stock would take to sell. Computed here, not TRREB’s trend figure.
3.0
MoM +0 +15.1% up 0, 15.1% versus November 2018 YoY +15.3% up 15.3% versus December 2017
The month in 60 seconds
- Across all TRREB areas, new listings dropped 59.1% to 4,308 versus November 2018.
- Across all TRREB areas, sales dropped 39.5% to 3,781 versus November 2018.
- Across all TRREB areas, active listings dropped 30.4% to 11,431 versus November 2018.
- Across all TRREB areas, the average selling price fell 4.8% to $750,180 versus November 2018.
- Across all TRREB areas, the median selling price edged down 2.5% to $653,000 versus November 2018.
Generated from the figures above. Ordered by size of month-over-month move.
Economy
Indicators published with this edition
Real GDP growth
2%
Q3 2018
Toronto employment growth
0.7%
November 2018
Toronto unemployment rate
6.2%
November 2018
Inflation (CPI, year-over-year)
1.7%
November 2018
Bank of Canada overnight rate
1.75%
December 2018
Prime rate
3.95%
December 2018
1-year mortgage rate
3.64%
December 2018
3-year mortgage rate
4.29%
December 2018
5-year mortgage rate
5.34%
December 2018
By home type
All TRREB areas
| Home type | Sales | MoM | Average price | MoM | YoY |
|---|---|---|---|---|---|
| Detached | 1,590 | −1,075 −40.3% down 1,075, 40.3% versus November 2018 | $945,580 | −$63,188 −6.3% down $63,188, 6.3% versus November 2018 | −4.5% down 4.5% |
| Semi-detached | 342 | −279 −44.9% down 279, 44.9% versus November 2018 | $755,707 | −$36,053 −4.6% down $36,053, 4.6% versus November 2018 | +3.4% up 3.4% |
| Att/row/townhouse | 313 | −200 −39.0% down 200, 39.0% versus November 2018 | $679,164 | −$32,687 −4.6% down $32,687, 4.6% versus November 2018 | +2.5% up 2.5% |
| Condo townhouse | 304 | −170 −35.9% down 170, 35.9% versus November 2018 | $567,290 | −$10,393 −1.8% down $10,393, 1.8% versus November 2018 | +9.1% up 9.1% |
| Condo apartment | 1,185 | −706 −37.3% down 706, 37.3% versus November 2018 | $554,497 | −$2,226 −0.4% down $2,226, 0.4% versus November 2018 | +10.0% up 10.0% |
| Link | 39 | −33 −45.8% down 33, 45.8% versus November 2018 | $694,428 | +$17,666 +2.6% up $17,666, 2.6% versus November 2018 | −2.2% down 2.2% |
| Co-op apartment | 4 | −5 −55.6% down 5, 55.6% versus November 2018 | $736,875 | +$219,874 +42.5% up $219,874, 42.5% versus November 2018 | +71.8% up 71.8% |
| Detached condo | 1 | −2 −66.7% down 2, 66.7% versus November 2018 | $950,000 | +$363,667 +62.0% up $363,667, 62.0% versus November 2018 | +74.9% up 74.9% |
| Co-ownership apartment | 3 | no change no change versus November 2018 | $471,667 | +$141,667 +42.9% up $141,667, 42.9% versus November 2018 | +13.0% up 13.0% |
Average price by home type
13 months to December 2018
| Month | Detached | Semi-detached | Att/row/townhouse | Condo townhouse | Condo apartment |
|---|---|---|---|---|---|
| Dec '17 | 989870 | 730726 | 662596 | 519961 | 503968 |
| Jan '18 | 970823 | 715784 | 697792 | 519936 | 507492 |
| Feb '18 | 1000736 | 756894 | 684427 | 578002 | 529782 |
| Mar '18 | 1005779 | 782831 | 690438 | 574404 | 551003 |
| Apr '18 | 1030103 | 792385 | 698510 | 571856 | 559343 |
| May '18 | 1030832 | 812163 | 705631 | 569324 | 563237 |
| Jun '18 | 1033574 | 787227 | 692112 | 578900 | 561097 |
| Jul '18 | 1004647 | 746843 | 680309 | 576826 | 546984 |
| Aug '18 | 977187 | 741873 | 675345 | 567665 | 541106 |
| Sep '18 | 1008361 | 792353 | 683330 | 576980 | 570140 |
| Oct '18 | 1019416 | 816657 | 719002 | 574808 | 562523 |
| Nov '18 | 1008768 | 791760 | 711851 | 577683 | 556723 |
| Dec '18 | 945580 | 755707 | 679164 | 567290 | 554497 |
Movers this month
Ranked across 53 of the 55 required areas · minimum 10 sales to qualify
Average price, month-over-month
Top 5
- Toronto W09 +31.0% up 31.0%
- Toronto C14 +12.0% up 12.0%
- Aurora +8.4% up 8.4%
- Vaughan +8.2% up 8.2%
- Toronto C10 +7.5% up 7.5%
Bottom 5
- Toronto C09 −32.8% down 32.8%
- Toronto C04 −31.2% down 31.2%
- Toronto C12 −24.2% down 24.2%
- Brock −23.7% down 23.7%
- Toronto W01 −21.5% down 21.5%
Sales, month-over-month
Top 5
- Toronto C06 −9.1% down 9.1%
- Toronto W04 −11.1% down 11.1%
- Toronto W05 −11.8% down 11.8%
- Toronto E06 −13.3% down 13.3%
- Toronto W10 −23.7% down 23.7%
Bottom 5
- Toronto C13 −75.4% down 75.4%
- Toronto E02 −67.8% down 67.8%
- Toronto C02 −65.8% down 65.8%
- Toronto C04 −63.1% down 63.1%
- Toronto W02 −59.0% down 59.0%
Areas below the sales threshold are excluded — with a handful of sales, a couple of transactions can invent a swing that is not a market move.
Market balance
Sales-to-new-listings and months of inventory, computed from this month’s counts
All TRREB areas
SNLR
87.8%
prior month 59.3%
Months of inventory
3.0
All TRREB areas sits in a seller's market: 87.8% of new listings sold and 3.0 months of inventory on hand.
City of Toronto (416)
SNLR
103.3%
prior month 65.8%
Months of inventory
2.2
City of Toronto (416) sits in a seller's market: 103.3% of new listings sold and 2.2 months of inventory on hand.
905 total
SNLR
80.1%
prior month 55.5%
Months of inventory
3.5
905 total sits in a seller's market: 80.1% of new listings sold and 3.5 months of inventory on hand.
These are computed here from the month’s raw counts. TRREB also publishes its own trend-smoothed SNLR and months-of-inventory figures, which are shown separately on the area pages and are not the same measure.
Where I work
Downtown TorontoMidtownScarboroughYork RegionDurham Region
Downtown
$756,735
- Sales
- 305
- SNLR
- 110.1%
- MOI
- 1.6
Aggregated across 2 districts · View →
Midtown
$1,172,753
- Sales
- 131
- SNLR
- 97.0%
- MOI
- 2.4
Aggregated across 6 districts · View →
Scarborough
$586,032
- Sales
- 292
- SNLR
- 104.7%
- MOI
- 2.1
Aggregated across 8 districts · View →
York Region
$892,238
- Sales
- 590
- SNLR
- 68.5%
- MOI
- 5.2
Region total · View →
Durham Region
$587,200
- Sales
- 446
- SNLR
- 82.1%
- MOI
- 2.9
Region total · View →
Average price for a multi-district group is weighted by dollar volume, not an average of averages — that would give a district with three sales the same weight as one with three hundred.