The Toronto Real Estate Board (TREB) will be making a presentation to the City of Toronto's Budget Committee, today, as part of the City's consultations on its 2019 budget.
Toronto Real Estate Board President Garry Bhaura announced the release of TREB's fourth annual Market Year in Review and Outlook report, in conjunction with a morning event consisting of multiple presentations and panels concerned with the housing market and broader economy.
Toronto Real Estate Board President Garry Bhaura announced that Greater Toronto Area REALTORS® reported a total of 77,426 residential transactions through TREB's MLS® System in 2018. This result represented a 16.1 per cent decline compared to 92,263 sales reported in 2017. Total new listings entered into TREB's MLS® System were down by 12.7 per cent over the same period to 155,823.
The Toronto Real Estate Board (TREB) applauds Mayor Tory for making housing affordability one of his top and first priorities of the new term of Toronto City Council.
The Toronto Real Estate Board is concerned about the City of Toronto's continued reliance on the Municipal Land Transfer Tax (MLTT) revenue to balance its budget. TREB's concern is validated by the recent City Finance Department update, being reviewed by City Council on December 13, 2018, showing revenue from the LTT $100 million lower than expected. This will be an ongoing challenge and concern for the City's finances and steps should be taken now to reduce that dependency, notwithstanding that the current overall City budget is expected to see a year-end surplus
Toronto Real Estate Board President Garry Bhaura announced that TREB Commercial Network Members reported 1,782,401 square feet of total leased space across the industrial, commercial/retail and office market segments. This result represented a 23.9 per cent decline compared to November 2017.
Toronto Real Estate Board President Garry Bhaura announced the continuation of moderate price growth in November 2018 compared to November 2017. The MLS® Home Price Index (HPI) Composite Benchmark was up by 2.7 per cent year-over-year. The average selling price was up by 3.5 per cent year-over-year to $788,345.
The Toronto Real Estate Board (TREB) applauds the provincial government for taking action to ensure that our City, region and Province have an adequate supply and appropriate mix of housing. Municipal Affairs and Housing Minister Steve Clark made the announcement this morning with TREB's CEO in attendance.