After a strong year for Greater Toronto Area (GTA) real estate in 2017, 2018 saw declines across the board for home sales, listings, and average selling price. A new report from the Toronto Real Estate Board reveals pronounced declines in these categories, which is being partially attributed to increased borrowing costs as well as the new mortgage stress test. A total of 77,426 residential transactions were recorded in 2018, representing a drop of 16.1% when weighed against the 92,263 sales reported in 2017. Similarly, new listings entered into the MLS system dropped by 12.7%, with 155,823 recorded during 2018. Selling prices also took a hit, though not as much as transactions and listings, falling 4.3% year-over-year to $787,300 — Urban Toronto
