GTA REALTORS® Release Monthly Resale Housing Market Figures

TORONTO, ONTARIO--(Marketwired - Sept. 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	%		-			-

Greater Toronto REALTORS® are passionate about their work. They are governed by a strict Code of Ethics and share a state- of-the-art Multiple Listing Service. Over 45,000 residential and commercial TREB Members serve consumers in the Greater Toronto Area. TREB is Canada's largest real estate board.

www.TREBhome.com