In response to the federal election announcement to ban “blind bidding” in the home buying and selling process, TRREB President Kevin Crigger has this to say:

"The Toronto Regional Real Estate Board (TRREB) is encouraged by the attention being given by federal political parties, to housing affordability challenges which TRREB has been sounding the alarm about for a number of years.  As TRREB has consistently noted that issues around housing affordability are, and will continue to be, one of the most important issues facing our region, our province, and our country.

It is critical, however, that government actions be carefully considered to ensure that they aid in solving these challenges directly and do not create a host of additional challenges.  Consumer choice and consumer privacy should be paramount in shaping government policy. Federal public policy should recognize the right that consumers have to privacy, and should allow them to consent to the disclosure of personal information, instead of penalizing home buyers and sellers. Punishing home buyers and sellers for wanting to keep their financial decisions private for the largest transaction of their lives is a substantial overreach of the government.

Nevertheless, we are encouraged that the federal political parties are making commitments to address this issue from the supply side which is the only way to chart a path forward to ensure greater affordability. Policies targeted at increasing the supply of homes for sale, as well as incentives for home buyers, are key objectives TRREB has advocated for many years.

It is also important for federal parties to understand that collaboration with other levels of government, specifically at the municipal level, is essential to bringing on new supply. The federal government of the day cannot simply promise to build one million plus homes over the course of a four-year mandate without buy-in from provincial and municipal governments who actually oversee the development approvals process in Canada.

These are the solutions that governments should be focused on."

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

With almost 9,400 sales reported in July 2021, demand for ownership housing remained well-above average for the time of year despite being below the record July result set a year earlier. Market conditions actually tightened relative to July 2020, with sales accounting for a greater share of new listings compared to last year. The sellers’ market conditions sustained a double-digit annual rate of price growth.

The number of condominium apartment rental transactions in Q2 2021 was more than double the number reported in Q2 2020. The number of rentals was also up compared to Q1 2021 by 13.3 per cent. Growth in rental transactions also outstripped growth in the number of units listed, both on a year-over-year and quarter-over-quarter basis.

Second quarter 2021 GTA condominium apartment sales were up substantially compared to Q2 2020, but ebbed slightly compared to Q1 2021, following the broader market trend. Competition between buyers continued to accelerate compared to last year, which led to year-over-year and quarter-over-quarter average price increases.

As City Council meets today, the Toronto Regional Real Estate Board (TRREB) is urging Councillors to carefully consider the implementation details of two items on Council’s agenda: a new Vacant Home Tax (VHT) and a new home energy rating and disclosure program. “As is often the case, the devil is in the details. The new Vacant Home Tax and proposed home energy rating and disclosure programs are not necessarily bad ideas, but City Council has to get the implementation right.

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

June home sales were up compared to last year, but remained below the March 2021 peak and were lower than the number of transactions reported for May 2021, consistent with the regular seasonal trend. The average selling price in June increased by double digits compared to last year as well, but the annual rate of increase moderated compared to the previous three months.

Thirteen Toronto Regional Real Estate Board (TRREB) Members have one thing in common. They have all received accolades for their tremendous dedication and tireless commitment to their communities, the organization, and the real estate industry as a whole. This year, TRREB handed out a record number of awards at the spring Annual Meeting held virtually on June 3.

Teranet, Canada’s leader in modernizing registry and data intelligence platforms for the Canadian real estate market, and Stratus Data Systems, a leader in MLS® platforms have joined forces to launch REALM to the Toronto Regional Real Estate Board (TRREB). This modern, mobile-first new national front-end Multi-List Platform (MLP) merges land registry and MLS® data to create a singular and enhanced experience for TRREB and its partner board Members.

The Toronto Regional Real Estate Board (TRREB) will add BrokerBay, an advanced showing management ecosystem, to its core products and services for Members this fall. TRREB’s newly announced partnership with BrokerBay will give our Members and Partner Board MLS® System users access to a brokerage level showing service solution with advanced features. The full suite of user-friendly tools can be leveraged by REALTORS® and front-desk administrators to schedule and manage showing appointments, provide 3D virtual showings, register offers, submit documents, manage property notifications, and more.

As Canada’s largest and most diverse real estate board, we condemn the senseless and horrific act of violence against a Muslim family in London, Ontario. Their lives were taken in a deliberate attack motivated by hatred because of their Islamic faith.

Together, we stand united with our Members against such deplorable actions with zero tolerance for this reprehensible behaviour.

Our hearts go out to the grieving family, loved ones, and communities during this incredibly trying time.

 

Lisa Patel
TRREB President

Sadly, the unspeakable discovery of the unmarked graves and remains of 215 children on the grounds of a former residential school is a sombre reminder of our country’s shameful past.

This is a historic tragedy, and we hope now, the residential survivors can begin to heal and honour the lost lives.

Together, we stand united with fellow Canadians and Indigenous communities to honour the victims.

 

Lisa Patel
TRREB President

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

Residential transactions reported through TRREB’s MLS® System remained high in May 2021, but fell short of the 2016 record and were below this year’s March peak. Despite a slight ebb in sales over the last two months, market conditions remained tight enough to push the average selling price to an all-time record in May.

For the second year, the Toronto Regional Real Estate Board (TRREB) and its Members are supporting COVID-19 relief efforts. The immediate contribution of over $300,000 in concert with the Ontario REALTORS Care® Foundation (ORCF) will help 40 charities and support the most vulnerable during the third wave of the pandemic. This is in addition to the $744,116 donated at the end of 2020, as part of the $1 per Member per Month Every REALTOR® campaign in support of the ORCF.