GTA REALTORS® RELEASE MONTHLY RESALE HOUSING MARKET FIGURES

TORONTO, September 7, 2016 -- Toronto Real Estate Board President Larry Cerqua announced that Greater Toronto Area REALTORS® reported a record 9,813 sales through TREB’s MLS® System in August 2016.

While this sales result was 23.5 per cent above the number of transactions reported for August 2015, it is important to note that the majority of sales are reported on working days and there were two additional working days in August 2016 compared to 2015.  When the year-over-year discrepancy in working days is accounted for, the annual percentage change in sales is closer to 13 per cent.

“The conditions underlying strong demand for ownership housing remained in place, including a relatively strong regional economy, growth in average earnings and low borrowing costs.  Unfortunately, we did not see any relief on the listings front, with the number of new listings down compared to last year.  This situation continued to underpin very strong home price growth, irrespective of home type or area,” said Mr. Cerqua.

The MLS® Home Price Index (HPI) Composite Benchmark for August 2016 was up by 17.2 per cent on a year-over-year basis.  Similarly, the average selling price for all home types combined was up by 17.7 per cent on an annual basis to $710,410.  Both the MLS® HPI benchmarks and average prices for low-rise home types were up by double digits percentage-wise.

“Population in the GTA continues to grow.  The resulting growth in households coupled with favourable economic conditions and low borrowing costs means that we remain on track for another record year for home sales.  Against this backdrop, TREB will also be releasing new third-party research, and consumer and REALTOR® survey results throughout the fall and winter, with discussions focusing on foreign buying activity and issues affecting the supply of ownership housing,” said Jason Mercer, TREB’s Director of Market Analysis.

 

Summary of TorontoMLS Sales and Average Price August 1 – 31, 2016

2016

2015

Sales

Average Price

New Listings

Sales

Average Price

New Listings

City of Toronto ("416")

3,416

677,241

4,480

2,793

606,706

4,861

Rest of GTA ("905")

6,397

728,122

7,929

5,150

601,813

7,703

GTA

9,813

710,410

12,409

7,943

603,534

12,564

 

TorontoMLS Sales & Average Price  By Home Type August 1 – 31, 2016

Sales

Average Price

416

905

Total

416

905

Total

Detached

863

3,586

4,449

1,206,637

905,610

964,002

Yr./Yr. % Change

14.8%

24.0%

22.1%

18.3%

23.3%

21.5%

Semi-Detached

208

651

859

774,700

594,033

637,780

Yr./Yr. % Change

-8.8%

15.6%

8.6%

16.4%

20.6%

17.6%

Townhouse

357

1,154

1,511

614,638

536,256

554,775

Yr./Yr. % Change

14.1%

25.8%

22.8%

16.9%

18.4%

17.7%

Condo Apartment

1,964

822

2,786

446,612

349,194

417,869

Yr./Yr. % Change

33.5%

28.6%

32.0%

9.8%

9.2%

9.8%

 

August 2016 Year-Over-Year Per Cent Change in the MLS® HPI

 

Composite (All Types)

Single-Family Detached

Single-Family Attached

Townhouse

Apartment

TREB Total

17.23%

19.90%

18.88%

15.85%

9.52%

Halton Region

19.03%

19.28%

20.13%

16.61%

-

Peel Region

18.06%

18.52%

19.75%

16.29%

12.69%

City of Toronto

13.53%

17.29%

15.12%

14.70%

8.89%

York Region

22.00%

24.31%

21.76%

16.10%

9.14%

Durham Region

20.97%

21.20%

21.96%

18.17%

12.89%

Orangeville

19.26%

19.58%

17.23%

-

-

South Simcoe County1

21.42%

21.49%

21.82%

-

-

 

TREB