January 7, 2020 / 10:03 AM / 20 days ago

TABLE-Toronto housing prices expected to accelerate further in 2020 -TREB

    Jan 7 (Reuters) - Toronto's housing prices are expected to accelerate
further in 2020 unless supply shortages ease, the Toronto Real Estate Board
(TREB) said on Tuesday.
    Total home sales in December rose by 17.4% to 4,399 from the 3,746 sales
seen a year earlier, while listings fell by 18.0%, the board said. The average
home price increased to C$837,788 ($646,341.61).
    Meanwhile, total home sales in calendar year 2019 jumped 12.6% to 87,825
compared with the decade low of 78,015 sales reported in 2018.
    "Taking 2019 as an example, we experienced a strong sales increase up
against a decline in supply. Tighter market conditions translated into
accelerating price growth," TREB's Chief Market Analyst Jason Mercer said in a
release. 
    "Expect further acceleration in 2020 if there is no relief on the supply
front," he said.
    The following is an annual summary of Toronto home sales and prices for 2019
compared with 2018, released by the Toronto Real Estate Board (TREB) on Tuesday.
                   2019         2018      YR/YR PCT CHANGE
 TOTAL SALES    87,825       78,015       12.6%
                                          
 AVERAGE PRICE  C$819,319    C$787,856    4.0%
 NEW LISTINGS   152,739      156,504      -2.4%
 
In addition, here are details on Toronto home sales and prices in December, also
released by TREB on Tuesday. 
                 December      November      December    YR/YR PCT CHANGE
                                               2018      
 TOTAL SALES    4,399        7,090         3,746         17.4%
                                                         
 AVERAGE PRICE  C$837,788    C$843,637     C$749,014     11.8%
 NEW LISTINGS   3,531        8,650         4,309         -18.0%
 After preliminary seasonal adjustment
                 December     MTH/MTH PCT CHANGE
 SALES          7,481       -3.0%
 AVERAGE PRICE  C$871,029   2.9%
 Sales by type of property
                        December       YR/YR PCT CHANGE
 DETACHED           1,984              26.2%
 SEMI-DETACHED      381                12.1%
 TOWNHOUSE          731                19.2%
 CONDO APARTMENT    1,255              6.9%
 
 ($1 = 1.2962 Canadian dollars)

 (Reporting by Kelsey Johnson in Ottawa; editing by Jonathan Oatis)
  
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