Toronto Real Estate Market Update - December 2018

Thursday Jan 10th, 2019


Market statistics from the Toronto Real Estate Board are in for the last month of 2018 giving us an opportunity to reflect on the past year and look ahead to 2019. 

In 2018, 77,426 homes were sold through the Toronto Real Estate Board. That number is down from the 92,263 homes sold in 2017.

Average prices were up in the City of Toronto and down in surrounding municipalities. Strength in the city was largely driven by the condo market in 2018.

Of course, certain asset classes and neighbourhoods continue to outperform while others do not. Buyers and sellers should seek the advice of a professional REALTOR®️ before making any decisions in the present market. 

Condominium price gains are expected to moderate in 2019 given additional new construction supply that is set to hit the market mid-year. This additional supply may also help to ease the accelerated pace of residential lease rates in Toronto's rental market. 

Major Canadian real estate markets such as Toronto and Vancouver that experienced accelerated price growth in 2016 and 2017 will continue to cool as they adjust to new policy measures, mortgage rules, and rising interest rates.

The Bank of Canada held the overnight rate of 1.75% at its January 9th meeting. A global slowdown, trade tensions with China, a drop in global oil prices this past fall, housing markets, and Canadian household debt levels continue to be weighed by the Bank and will continue to impact future rate decisions. The Bank of Canada maintains the intention to return Canada to a neutral overnight rate of 2.75%-3%. Many economists expect a rate increase as early as Spring 2019. 

Toronto Real Estate Board (TREB) Market Watch Report

Below is a market snapshot of single family and condominium apartment price growth by municipality as of December 31, 2018.

The figures cited in this note are an average. Please contact us for neighbourhood specific information so you can make an informed decision if you are thinking about making a move. 

If you want to know how prices are performing by asset class in your specific neighbourhood or any neighbourhood in the GTA you may be interested in, please click here.

Are you thinking about selling your home? Click here to request a free property assessment and go to market strategy.

Are you in the market for a Toronto loft? Check out our new Toronto lofts listing page here.

Are you on Facebook? Like our Facebook Page for real estate updates. 

We have updated our main website at to include listing pages specifically created for real estate investors. You can access these pages through the links below. We have also created a private real estate investors group on Facebook that you can join to access listings, resources, tools, and other investors. 

Commercial Investment
Multifamily Investment
Mixed Use
Fixer Uppers
Estate Sales
Bank Owned

Single Family Home Price Index 

Toronto: -1.12% (1 Month), -0.47% (3 Month), -1.65% (6 Month), +1.87% (1 Year)
Mississauga: -0.65% (1 Month), +0.49% (3 Month), -0.89% (6 Month), +0.78% (1 Year)
Brampton: -0.41% (1 Month), -0.45% (3 Month), -1.17% (6 Month), +4.08% (1 Year)
Vaughan: -1.15% (1 Month), -1.97% (3 Month), -3.94% (6 Month), -4.23% (1 Year)
Richmond Hill: -1.29% (1 Month), -2.08% (3 Month), -4.56% (6 Month), -4.17% (1 Year)
Markham: -0.54% (1 Month), -1.82% (3 Month), -2.82% (6 Month), -4.04% (1 Year)

Condominium Apartment Home Price Index 

Toronto: +0.84% (1 Month), +1.00% (3 Month), +2.13% (6 Month), +10.21% (1 Year)
Mississauga: +2.27% (1 Month), +3.92% (3 Month), +4.48% (6 Month), +11.41% (1 Year)
Brampton: +0.26% (1 Month), +0.13% (3 Month), +4.34% (6 Month), +7.04% (1 Year)
Vaughan: -1.61% (1 Month), -0.18% (3 Month), -1.17% (6 Month), +2.23% (1 Year)
Richmond Hill: +1.94% (1 Month), +1.12% (3 Month), -0.35% (6 Month), +4.73% (1 Year)
Markham: -2.90% (1 Month), -2.59% (3 Month), -1.31% (6 Month), +5.72% (1 Year)

*How to use these numbers: If on December 1, 2018 the price of a condo in Toronto was $500,000, it would be worth $504,200 on December 31, 2018 based on the Toronto home price index (HPI). That $500,000 condo appreciated $4,200 in December or $135.48 per day. 

Prepared by Michael De Luca, Real Estate Sales Representative at Private Service Realty (PSR), Brokerage

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