A series of charts summarizing key residential statistics for the GTA, including an affordability indicator and time series for price, new listings and sales.

Toronto Regional Real Estate Board (TRREB) President Lisa Patel announced that the strong rebound in Greater Toronto Area (GTA) home sales continued with a record result for the month of August. GTA REALTORS® reported 10,775 residential sales through TRREB’s MLS® System in August 2020 – up by 40.3 per cent compared to August 2019.

TRREB was invited to present to the Provincial Standing Committee on Finance and Economic Affairs, with regard to the economic impact of the pandemic on the Greater Toronto Area real estate industry and market. TRREB President Lisa Patel engaged MPPs through a virtual presentation on August 20, 2020. You can view the full remarks here.

TRREB’s key messages were:

  • declaring the trade in real estate as an essential service during the economic shut down was the right move and should be done again if we’re forced into another economic shut down;
  • prohibiting traditional physical open houses was also the right move and supported by TRREB and our Members ;
  • the real estate market has rebounded quickly and substantially and is expected to continue to do so;
  • any new demand-side stimulus should be considered cautiously to ensure that affordability challenges are not exacerbated due to a lack of adequate supply and to avoid contributing to housing price inflation; and,
  • government efforts should focus on increasing the supply of diverse and adequate housing for sale to better meet already high demand.

You can view TRREB’s Economic Recovery document here.

 

A series of charts summarizing key residential statistics for the GTA, including an affordability indicator and time series for price, new listings and sales.

Toronto Regional Real Estate Board President Lisa Patel announces that Greater Toronto Area REALTORS® reported 11,081 sales through TRREB’s MLS® System in July 2020 – a 29.5 per cent increase over July 2019 and a new record for the month of July. On a preliminary seasonally adjusted basis, sales were up by 49.5 per cent compared to June 2020.

Toronto City Council has approved a plan to create more housing opportunities in Toronto neighbourhoods, including "missing middle" housing defined as unit types that fall between a single detached or semi-detached house and a high-rise building. This is consistent with TRREB"s ongoing message to City Council, and other levels of government, that efforts should focus on increasing housing supply, and specifically supply of a greater variety of mid-density housing types.

City Council considered a report from City staff that sets out principles and a process for developing new policies to allow for more housing options in Toronto"s "yellow belt", which refers to the 35% of the City designated as "neighbourhoods", of which 70% only allow detached housing. TRREB has consistently called for the creation of more housing options in the City to increase housing supply. TRREB"s submission to the Planning and Housing Committee supported this initiative and called for it be further streamlined. View TRREB"s submission here.

The next step in this process will be for the City to conduct consultations before developing detailed policies to move ahead with this initiative. TRREB will be monitoring this issue closely and participate in consultations.

You can view the City staff report here.

Toronto Regional Real Estate Board President Lisa Patel announced that second quarter 2020 condominium apartment sales amounted to 3,459 – down 50.8 per cent compared to 7,024 sales in Q2 2019. The number of new condominium apartment listings amounted to 8,717 in Q2 2020 – down 21.6 per cent compared to 11,114 new listings entered in Q2 2019.

Toronto Regional Real Estate Board President Lisa Patel announced that Greater Toronto Area REALTORS® reported 7,320 condominium apartment rentals through TRREB’s MLS® System in the second quarter of 2020. This result was down by 24.8 per cent compared to the second quarter of 2019.

The Toronto Regional Real Estate Board (TRREB) has issued an Open House Guidance document to its 56,000 REALTOR® Members, similar to British Columbia and Alberta. TRREB Members should begin to rethink their in-person open house practices to protect themselves, consumers and their communities from COVID-19.

The City of Toronto's Planning and Housing Committee is recommending to City Council that the City move ahead with a process to allow for more housing opportunities in Toronto neighbourhoods, including "missing middle" housing, which is defined as unit types that fall between a single detached or semi-detached house and a high-rise building. This is consistent with TRREB’s ongoing message to City Council, and other levels of government, that efforts should focus on increasing housing supply, and specifically, supply of a greater variety of mid-density housing types.

The Planning and Housing Committee considered a report from City staff that sets out principles and a process for developing new policies to allow for more housing options in Toronto's “yellow belt,” which refers to the 35% of the City designated as "neighbourhoods," of which 70% only allow detached housing. TRREB has consistently called for the creation of more housing options in the City to increase housing supply. TRREB's submission to the Planning and Housing Committee supported this initiative and called for it to be further streamlined. View TRREB's submission here.

The Planning and Housing Committee's recommendations will be considered by City Council on July 28, 2020. You can view the City staff report here.

TRREB continues to work on this issue and will keep Members informed.