TORONTO, ONTARIO, June 3, 2020 - Toronto Regional Real Estate Board President Michael Collins announced that Greater Toronto Area REALTORS® reported 4,606 sales through TRREB’s MLS® System in May 2020. This result was down by 53.7 per cent compared to May 2019. While the number of sales was down substantially on a year-over-year basis due to the continued impact of COVID-19, the decline was less than the 67.1 per cent year-over-year decline reported for April 2020.

On a month-over-month basis, actual and seasonally adjusted May sales were up substantially compared to April. Actual May 2020 sales increased by 55.2 per cent compared to April 2020. After accounting for the regular seasonal increase that is experienced each year between April and May, seasonally adjusted sales were up by 53.2 per cent month-over-month.

The number of new listings entered into TRREB’s MLS® System in May was down by a similar annual rate to that of sales, dipping by 53.1 per cent to 9,104. On a month-over-month basis, actual new listings were up by 47.5 per cent.

The MLS® Home Price Index Composite Benchmark price was virtually unchanged in May 2020 compared to April 2020. On a year-over-year basis, the composite benchmark was up by 9.4 per cent. The average selling price for all home types combined was up by three per cent compared to May 2019 to $863,599. On a seasonally adjusted basis, the average selling price was up by 4.6 per cent month-over-month compared April 2020.

The difference in year-over-year growth between the MLS® HPI Composite Benchmark and the average selling price was related to the fact that home sales in the City of Toronto, particularly in the detached segment, were down by a greater annual rate than overall sales in the GTA. This resulted in a compositional impact on the overall average selling price.

Source:Toronto Real Estate Board

TORONTO, December 12, 2015 – Finance Minister Bill Morneau on Feb.11, 2015 announced changes to the rules for government-backed mortgage insurance to contain risks in the housing market, reduce taxpayer exposure and support long-term stability. Effective February 15, 2016, the minimum down payment for new insured mortgages will increase from 5 per cent to 10 per cent for the portion of the house price above $500,000. The 5 per cent minimum down payment for properties up to $500,000 remains unchanged.

See below my graphics on the changes and my impact assessment on the housing market.

Source: Government of Canada Takes Action to Maintain a Healthy, Competitive and Stable Housing Market

TORONTO, December 1, 2015 - There will be no extension of Municipal land transfer tax beyond Toronto. Toronto has been charging municipal land transfer tax on top provincial land transfer tax. The Ontario Real Estate Association was arguing against the additional land transfer tax and as a result this and other consultations by the Municipal Affairs Minister Ted McMeekin, he has decided not to extend the municipal land transfer tax beyond Toronto.

source

February 8, 2012 - Canadian Real Estate Association (CREA) and five other major real estate boards including Toronto Real Estate Board have developed a new index to measure the trend in house prices and inflation in the housing market. There are a number of indices under MLS® HPI indices. This is similar to Consumer Price Index (CPI) that is a measure of consumer price inflation.
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