Toronto Real Estate Board

Toronto Real Estate Board

May 04, 2016 07:00 ET

GTA Realtors® Release Monthly Resale Housing Figures

TORONTO, ONTARIO--(Marketwired - May 4, 2016) - Toronto Real Estate Board President Mark McLean announced that there were 12,085 sales reported through TREB's MLS® System in April 2016. This result, which represented a record for the month of April, was up by 7.4 per cent in comparison to April 2015.

For the TREB market area as a whole, annual sales growth was experienced for all major home types except semi-detached houses. In the City of Toronto, sales were down for detached and semi-detached houses as well as townhouses on a year-over-year basis. This dip in sales in the '416' area code was due to a lack of low-rise listings. Many would- be buyers were not able to find a home that met their needs.

"Demand remained strong for all types of ownership housing. This suggests that Canadians continue to see the value in investing in homeownership, and on May 17, I encourage all homeowners to celebrate with us on National Real Estate Day," said Mr. McLean.

"While April's sales result represented a new record for sales, that number could have been even higher if we had benefitted from more supply. In the City of Toronto in particular, some households have chosen not to list their home for sale because of the second substantial Land Transfer Tax and associated administration fee. The lack of available inventory, coupled with record sales, continued to translate into robust annual rates of price growth," continued Mr. McLean.

Home selling prices continued to trend upward in April. The MLS® Home Price Index Composite Benchmark was up by 12.6 per cent year-over-year. The average selling price was up by 16.2 per cent. The higher growth rate reported for the average home price, as compared to the MLS® HPI, points to a greater share of high-end home sales this year compared to last.

"As we move into the busiest time of the year, in terms of sales volume, strong competition between buyers will continue to push home prices higher. A greater supply of listings would certainly be welcome, but we would need to see a number of consecutive months in which listings growth outpaced sales growth before market conditions become more balanced," said Jason Mercer, TREB's Director of Market Analysis.

Summary of TorontoMLS Sales and Average Price
April 1 - 30, 2016
2016 2015
Sales Average Price New Listings Sales Average Price New Listings
City of Toronto ("416") 4,248 766,472 6,155 4,057 690,658 7,144
Rest of GTA ("905") 7,837 724,235 10,097 7,197 605,336 10,894
GTA 12,085 739,082 16,252 11,254 636,094 18,038
TorontoMLS Sales & Average Price By Home Type
April 1 - 30, 2016
Sales Average Price
416 905 Total 416 905 Total
Detached
1,401

4,661

6,062

1,257,958

881,413

968,437
Yr./Yr. % Change ‐4.0% 11.2% 7.2% 18.9% 20.7% 18.9%
Semi-‐Detached 371 766 1,137 901,159 572,318 679,618
Yr./Yr. % Change ‐10.8% 2.8% ‐2.1% 23.8% 16.9% 18.2%
Townhouse 440 1,402 1,842 611,899 514,774 537,974
Yr./Yr. % Change ‐2.0% 4.8% 3.1% 11.0% 14.8% 13.4%
Condo Apartment 1,997 812 2,809 436,545 343,439 409,631
Yr./Yr. % Change 17.4% 9.4% 15.0% 7.0% 7.8% 7.6%
April 2016 Year-Over-Year Per Cent Change in the MLS® HPI
Composite (All Types) Single-Family Detached Single-Family Attached Townhouse Apartment
TREB Total 12.64% 14.47% 14.00% 12.20% 6.85%
Halton Region 12.51% 12.82% 14.94% 4.62% -
Peel Region 12.62% 12.61% 13.08% 11.84% 10.21%
City of Toronto 9.86% 12.28% 11.27% 11.80% 6.43%
York Region 16.69% 18.31% 17.11% 14.93% 6.62%
Durham Region 16.57% 16.75% 17.47% 18.14% 2.36%
Orangeville 18.39% 18.90% 17.12% - -
South Simcoe
County1 17.31% 17.55% 17.84% - -

1 South Simcoe includes Adjala-‐Tosorontio, Bradford West Gwillimbury, Essa, Innisfil and New Tecumseth

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 43,000 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