Toronto Real Estate Board

Toronto Real Estate Board

September 07, 2016 07:00 ET

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

Contact Information

  • Media Inquiries:
    Mary Gallagher
    Senior Manager Public Affairs
    (416) 443-8158
    maryg@trebnet.com