Average price — Mean sale price across all transactions. Sensitive to the mix of homes that sold.
$788,345
MoM −$18,995 −2.4% down $18,995, 2.4% versus October 2018 YoY +3.5% up 3.5% versus November 2017
Source: TRREB MarketWatch, November 2018
Greater Toronto Area · TRREB MarketWatch
GTA Real Estate Market Report
November 2018
In November 2018 the average selling price across the Greater Toronto Area edged down 2.4% to $788,345 versus October 2018, and sales dropped 16.6% to 6,251.
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.
$670,000
MoM −$13,000 −1.9% down $13,000, 1.9% versus October 2018 YoY +4.7% up 4.7% versus November 2017
MLS® HPI benchmark — Quality-adjusted price for a typical home. The cleanest like-for-like price signal.
$763,600
MoM −$2,700 −0.4% down $2,700, 0.4% versus October 2018 YoY +2.7% up 2.7% versus November 2017
Sales — Firm transactions reported through the MLS® System during the month.
6,251
MoM −1,241 −16.6% down 1,241, 16.6% versus October 2018 YoY −15.2% down 15.2% versus November 2017
Dollar volume — Total value of all sales in the month.
$4.93B
MoM −$1,120,651,811 −18.5% down $1,120,651,811, 18.5% versus October 2018 YoY −12.3% down 12.3% versus November 2017
New listings — Properties newly listed during the month.
10,534
MoM −3,897 −27.0% down 3,897, 27.0% versus October 2018 YoY −26.6% down 26.6% versus November 2017
Active listings — Listings available at month end.
16,420
MoM −2,506 −13.2% down 2,506, 13.2% versus October 2018 YoY −9.8% down 9.8% versus November 2017
Avg. DOM — Average days on market. Editions before 2020 report this single figure rather than splitting it into LDOM and PDOM.
27
MoM +3 days +12.5% up 3 days, 12.5% versus October 2018 YoY +12.5% up 12.5% versus November 2017
Avg. SP/LP — Average sale price as a share of list price. Above 100% means competing offers were common.
98%
MoM −1.0 pp −1.0% down 1.0 pp, 1.0% versus October 2018 YoY no change no change versus November 2017
SNLR — Sales-to-new-listings ratio, computed here from this month’s counts. Below 40% favours buyers, above 60% favours sellers.
59.3%
MoM +7.4 pp +14.3% up 7.4 pp, 14.3% versus October 2018 YoY +15.5% up 15.5% versus November 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.
2.6
MoM +0 +4.0% up 0, 4.0% versus October 2018 YoY +6.4% up 6.4% versus November 2017
The month in 60 seconds
- Across all TRREB areas, new listings dropped 27.0% to 10,534 versus October 2018.
- Across all TRREB areas, sales dropped 16.6% to 6,251 versus October 2018.
- Across all TRREB areas, active listings dropped 13.2% to 16,420 versus October 2018.
- Across all TRREB areas, the average selling price edged down 2.4% to $788,345 versus October 2018.
- Across all TRREB areas, the median selling price edged down 1.9% to $670,000 versus October 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
0.6%
October 2018
Toronto unemployment rate
6.3%
October 2018
Inflation (CPI, year-over-year)
2.4%
October 2018
Bank of Canada overnight rate
1.75%
November 2018
Prime rate
3.95%
November 2018
1-year mortgage rate
3.64%
November 2018
3-year mortgage rate
4.29%
November 2018
5-year mortgage rate
5.34%
November 2018
By home type
All TRREB areas
| Home type | Sales | MoM | Average price | MoM | YoY |
|---|---|---|---|---|---|
| Detached | 2,665 | −663 −19.9% down 663, 19.9% versus October 2018 | $1,008,768 | −$10,648 −1.0% down $10,648, 1.0% versus October 2018 | +1.2% up 1.2% |
| Semi-detached | 621 | −153 −19.8% down 153, 19.8% versus October 2018 | $791,760 | −$24,897 −3.0% down $24,897, 3.0% versus October 2018 | +8.4% up 8.4% |
| Att/row/townhouse | 513 | −135 −20.8% down 135, 20.8% versus October 2018 | $711,851 | −$7,151 −1.0% down $7,151, 1.0% versus October 2018 | +1.9% up 1.9% |
| Condo townhouse | 474 | −32 −6.3% down 32, 6.3% versus October 2018 | $577,683 | +$2,875 +0.5% up $2,875, 0.5% versus October 2018 | +5.5% up 5.5% |
| Condo apartment | 1,891 | −236 −11.1% down 236, 11.1% versus October 2018 | $556,723 | −$5,800 −1.0% down $5,800, 1.0% versus October 2018 | +7.7% up 7.7% |
| Link | 72 | −14 −16.3% down 14, 16.3% versus October 2018 | $676,762 | −$6,354 −0.9% down $6,354, 0.9% versus October 2018 | +0.8% up 0.8% |
| Co-op apartment | 9 | −4 −30.8% down 4, 30.8% versus October 2018 | $517,001 | −$4,172 −0.8% down $4,172, 0.8% versus October 2018 | +116.0% up 116.0% |
| Detached condo | 3 | −1 −25.0% down 1, 25.0% versus October 2018 | $586,333 | −$69,917 −10.7% down $69,917, 10.7% versus October 2018 | −34.8% down 34.8% |
| Co-ownership apartment | 3 | −3 −50.0% down 3, 50.0% versus October 2018 | $330,000 | −$84,067 −20.3% down $84,067, 20.3% versus October 2018 | −34.2% down 34.2% |
Average price by home type
13 months to November 2018
| Month | Detached | Semi-detached | Att/row/townhouse | Condo townhouse | Condo apartment |
|---|---|---|---|---|---|
| Nov '17 | 996527 | 730668 | 698436 | 547709 | 516965 |
| 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 |
Movers this month
Ranked across 55 of the 55 required areas · minimum 10 sales to qualify
Average price, month-over-month
Top 5
- Toronto C09 +32.3% up 32.3%
- Whitchurch-Stouffville +21.2% up 21.2%
- Brock +17.6% up 17.6%
- Toronto E03 +11.9% up 11.9%
- Toronto W07 +11.7% up 11.7%
Bottom 5
- Toronto C11 −28.4% down 28.4%
- Toronto E08 −16.4% down 16.4%
- Toronto C02 −15.5% down 15.5%
- Toronto W04 −13.3% down 13.3%
- Uxbridge −11.8% down 11.8%
Sales, month-over-month
Top 5
- Toronto W09 +51.4% up 51.4%
- Toronto E04 +17.1% up 17.1%
- Toronto E08 +16.3% up 16.3%
- Toronto C09 +11.5% up 11.5%
- King +6.9% up 6.9%
Bottom 5
- Toronto C03 −41.9% down 41.9%
- Whitchurch-Stouffville −38.7% down 38.7%
- Toronto E01 −38.3% down 38.3%
- Toronto W07 −36.1% down 36.1%
- Toronto E03 −33.7% down 33.7%
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
59.3%
prior month 51.9%
Months of inventory
2.6
All TRREB areas reads differently on the two balance measures — balanced conditions at 59.3% sales-to-new-listings, but a seller's market at 2.6 months of inventory. They measure different things, so the split is worth noting.
City of Toronto (416)
SNLR
65.8%
prior month 57.3%
Months of inventory
1.9
City of Toronto (416) sits in a seller's market: 65.8% of new listings sold and 1.9 months of inventory on hand.
905 total
SNLR
55.5%
prior month 48.8%
Months of inventory
3.1
905 total reads differently on the two balance measures — balanced conditions at 55.5% sales-to-new-listings, but a seller's market at 3.1 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
$748,211
- Sales
- 543
- SNLR
- 66.8%
- MOI
- 1.4
Aggregated across 2 districts · View →
Midtown
$1,428,362
- Sales
- 295
- SNLR
- 66.9%
- MOI
- 1.8
Aggregated across 6 districts · View →
Scarborough
$616,416
- Sales
- 446
- SNLR
- 65.9%
- MOI
- 2.0
Aggregated across 8 districts · View →
York Region
$887,030
- Sales
- 999
- SNLR
- 46.3%
- MOI
- 4.4
Region total · View →
Durham Region
$590,403
- Sales
- 730
- SNLR
- 61.9%
- MOI
- 2.4
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.