Average price — Mean sale price across all transactions. Sensitive to the mix of homes that sold.
$736,783
MoM +$1,762 +0.2% up $1,762, 0.2% versus December 2017 YoY −4.4% down 4.4% versus January 2017
Source: TRREB MarketWatch, January 2018
Greater Toronto Area · TRREB MarketWatch
GTA Real Estate Market Report
January 2018
In January 2018 the average selling price across the Greater Toronto Area held steady at $736,783 versus December 2017, and sales dropped 18.5% to 4,019, though a quieter January after the December holidays 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.
$625,000
MoM no change no change versus December 2017 YoY −1.0% down 1.0% versus January 2017
MLS® HPI benchmark — Quality-adjusted price for a typical home. The cleanest like-for-like price signal.
$743,200
MoM −$300 −0.0% down $300, 0.0% versus December 2017 YoY +5.2% up 5.2% versus January 2017
Sales — Firm transactions reported through the MLS® System during the month.
4,019
MoM −911 −18.5% down 911, 18.5% versus December 2017 YoY −22.5% down 22.5% versus January 2017
Dollar volume — Total value of all sales in the month.
$2.96B
MoM −$662,524,944 −18.3% down $662,524,944, 18.3% versus December 2017 YoY −25.9% down 25.9% versus January 2017
New listings — Properties newly listed during the month.
8,585
MoM +2,255 +35.6% up 2,255, 35.6% versus December 2017 YoY +17.0% up 17.0% versus January 2017
Active listings — Listings available at month end.
11,894
MoM −1,032 −8.0% down 1,032, 8.0% versus December 2017 YoY +136.3% up 136.3% versus January 2017
Avg. DOM — Average days on market. Editions before 2020 report this single figure rather than splitting it into LDOM and PDOM.
32
MoM +5 days +18.5% up 5 days, 18.5% versus December 2017 YoY +68.4% up 68.4% versus January 2017
Avg. SP/LP — Average sale price as a share of list price. Above 100% means competing offers were common.
98%
MoM no change no change versus December 2017 YoY −5.8% down 5.8% versus January 2017
SNLR — Sales-to-new-listings ratio, computed here from this month’s counts. Below 40% favours buyers, above 60% favours sellers.
46.8%
MoM −31.1 pp −39.9% down 31.1 pp, 39.9% versus December 2017 YoY −33.8% down 33.8% versus January 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 +12.9% up 0, 12.9% versus December 2017 YoY +205.0% up 205.0% versus January 2017
The month in 60 seconds
- Across all TRREB areas, new listings jumped 35.6% to 8,585 versus December 2017.
- Across all TRREB areas, sales dropped 18.5% to 4,019 versus December 2017.
- Across all TRREB areas, active listings fell 8.0% to 11,894 versus December 2017.
- Across all TRREB areas, the average selling price held steady at $736,783 versus December 2017.
- Across all TRREB areas, the median selling price held steady at $625,000 versus December 2017.
Generated from the figures above. Ordered by size of month-over-month move.
Economy
Indicators published with this edition
Real GDP growth
1.7%
Q3 2017
Toronto employment growth
4.5%
December 2017
Toronto unemployment rate
6%
December 2017
Inflation (CPI, year-over-year)
1.9%
December 2017
Bank of Canada overnight rate
1.25%
January 2018
Prime rate
3.45%
January 2018
1-year mortgage rate
3.34%
January 2018
3-year mortgage rate
4.15%
January 2018
5-year mortgage rate
5.14%
January 2018
By home type
All TRREB areas
| Home type | Sales | MoM | Average price | MoM | YoY |
|---|---|---|---|---|---|
| Detached | 1,659 | −279 −14.4% down 279, 14.4% versus December 2017 | $970,823 | −$19,047 −1.9% down $19,047, 1.9% versus December 2017 | −9.2% down 9.2% |
| Semi-detached | 364 | −122 −25.1% down 122, 25.1% versus December 2017 | $715,784 | −$14,942 −2.0% down $14,942, 2.0% versus December 2017 | −1.8% down 1.8% |
| Att/row/townhouse | 356 | −86 −19.5% down 86, 19.5% versus December 2017 | $697,792 | +$35,196 +5.3% up $35,196, 5.3% versus December 2017 | +1.4% up 1.4% |
| Condo townhouse | 319 | −105 −24.8% down 105, 24.8% versus December 2017 | $519,936 | −$25 −0.0% down $25, 0.0% versus December 2017 | −2.4% down 2.4% |
| Condo apartment | 1,275 | −287 −18.4% down 287, 18.4% versus December 2017 | $507,492 | +$3,524 +0.7% up $3,524, 0.7% versus December 2017 | +14.7% up 14.7% |
| Link | 38 | −17 −30.9% down 17, 30.9% versus December 2017 | $682,079 | −$27,710 −3.9% down $27,710, 3.9% versus December 2017 | −17.7% down 17.7% |
| Co-op apartment | 6 | −3 −33.3% down 3, 33.3% versus December 2017 | $311,650 | −$117,339 −27.4% down $117,339, 27.4% versus December 2017 | +36.5% up 36.5% |
| Detached condo | 1 | −6 −85.7% down 6, 85.7% versus December 2017 | $510,000 | −$33,214 −6.1% down $33,214, 6.1% versus December 2017 | −20.3% down 20.3% |
| Co-ownership apartment | 1 | −6 −85.7% down 6, 85.7% versus December 2017 | $364,500 | −$53,075 −12.7% down $53,075, 12.7% versus December 2017 | +23.7% up 23.7% |
Average price by home type
13 months to January 2018
| Month | Detached | Semi-detached | Att/row/townhouse | Condo townhouse | Condo apartment |
|---|---|---|---|---|---|
| Jan '17 | 1068670 | 728814 | 688111 | 532909 | 442598 |
| Feb '17 | 1205815 | 826359 | 742413 | 561191 | 481194 |
| Mar '17 | 1214422 | 858202 | 788366 | 606166 | 518879 |
| Apr '17 | 1205262 | 845230 | 773577 | 613470 | 541392 |
| May '17 | 1141041 | 824667 | 727729 | 575925 | 531659 |
| Jun '17 | 1055863 | 773879 | 688364 | 551338 | 519784 |
| Jul '17 | 1000336 | 704207 | 665440 | 541144 | 501750 |
| Aug '17 | 968494 | 715167 | 665551 | 535066 | 507841 |
| Sep '17 | 1015067 | 752379 | 663335 | 547540 | 520411 |
| Oct '17 | 1008207 | 764293 | 692241 | 555226 | 523041 |
| Nov '17 | 996527 | 730668 | 698436 | 547709 | 516965 |
| Dec '17 | 989870 | 730726 | 662596 | 519961 | 503968 |
| Jan '18 | 970823 | 715784 | 697792 | 519936 | 507492 |
Movers this month
Ranked across 54 of the 55 required areas · minimum 10 sales to qualify
Average price, month-over-month
Top 5
- Toronto C09 +172.9% up 172.9%
- Toronto C02 +46.3% up 46.3%
- Toronto W01 +43.1% up 43.1%
- Toronto W07 +39.5% up 39.5%
- Toronto C06 +31.2% up 31.2%
Bottom 5
- King −40.4% down 40.4%
- Toronto E08 −25.1% down 25.1%
- Toronto C04 −18.4% down 18.4%
- Toronto W09 −18.1% down 18.1%
- Toronto C10 −15.9% down 15.9%
Sales, month-over-month
Top 5
- Uxbridge +144.4% up 144.4%
- Toronto W09 +57.9% up 57.9%
- King +50.0% up 50.0%
- Toronto E08 +40.0% up 40.0%
- Scugog +30.0% up 30.0%
Bottom 5
- Toronto C03 −50.0% down 50.0%
- Toronto E07 −48.3% down 48.3%
- Toronto E04 −46.7% down 46.7%
- Pickering −45.7% down 45.7%
- Toronto W08 −44.3% down 44.3%
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
46.8%
prior month 77.9%
Months of inventory
3.0
All TRREB areas reads differently on the two balance measures — balanced conditions at 46.8% sales-to-new-listings, but a seller's market at 3.0 months of inventory. They measure different things, so the split is worth noting.
City of Toronto (416)
SNLR
54.6%
prior month 92.1%
Months of inventory
2.3
City of Toronto (416) reads differently on the two balance measures — balanced conditions at 54.6% sales-to-new-listings, but a seller's market at 2.3 months of inventory. They measure different things, so the split is worth noting.
905 total
SNLR
43.1%
prior month 70.6%
Months of inventory
3.4
905 total reads differently on the two balance measures — balanced conditions at 43.1% sales-to-new-listings, but a seller's market at 3.4 months of inventory. They measure different things, so the split is worth noting.
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
$646,488
- Sales
- 350
- SNLR
- 62.7%
- MOI
- 1.7
Aggregated across 2 districts · View →
Midtown
$1,401,222
- Sales
- 130
- SNLR
- 42.9%
- MOI
- 2.7
Aggregated across 6 districts · View →
Scarborough
$567,366
- Sales
- 255
- SNLR
- 54.6%
- MOI
- 2.6
Aggregated across 8 districts · View →
York Region
$870,483
- Sales
- 595
- SNLR
- 29.9%
- MOI
- 5.4
Region total · View →
Durham Region
$578,645
- Sales
- 470
- SNLR
- 49.3%
- MOI
- 2.5
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.