Toronto Real Estate Board

Toronto Real Estate Board

March 03, 2016 07:00 ET

GTA REALTORS® Release Monthly Resale Housing Market Figures

TORONTO, ONTARIO--(Marketwired - March 3, 2016) - Toronto Real Estate Board President Mark McLean announced Greater Toronto Area REALTORS® reported a record number of home sales through TREB's MLS® System in February 2016. There were 7,621 transactions reported this past February - up 21.1 per cent compared to February 2015.

The number of new listings entered into TREB's MLS® System was also up on a year- over-year basis, but by a lesser 8.2 per cent. The fact that the annual rate of sales growth outstripped the annual rate of new listings growth shows a tightening of market conditions compared to last year.

"Even after accounting for the leap year day, sales were above the previous record for February set back in 2010. Sales were up strongly from the 15th day of the month onward as well, despite the new federal mortgage lending guidelines coming into effect that require at least a 10 per cent down payment on the portion of purchase prices between $500,000 and $1,000,000," said Mr. McLean.

Seller's market conditions continued throughout the GTA in February. Strong competition between buyers resulted in a healthy growth in selling prices. The MLS® Home Price Index (HPI) Composite Benchmark was up by 11.3 per cent year-over-year. The average selling price was up by 14.9 per cent annually to $685,278.

"Recent polling conducted for TREB by Ipsos suggested that GTA households will remain upbeat about purchasing a home in 2016. Early sales results for January and February certainly support this view. With strong sales up against a constrained supply of listings, home prices continued to trend strongly upward," said Jason Mercer, TREB's Director of Market Analysis.

Summary of TorontoMLS Sales and Average Price
February 1 - 29, 2016
2016 2015
Sales Average Price New Listings Sales Average Price New Listings
City of Toronto ("416") 2,809 719,843 4,476 2,352 630,855 4,187
Rest of GTA ("905") 4,812 665,100 6,799 3,942 575,715 6,234
GTA 7,621 685,278 11,275 6,294 596,320 10,421
TorontoMLS Sales & Average Price By Home Type
February 1 - 29, 2016
Sales Average Price
416 905 Total 416 905 Total
Detached 855 2,772 3,627 1,211,459 816,705 909,761
Yr./Yr. % Change 11.8 % 23.1 % 20.3 % 16.3 % 17.4 % 16.1 %
Semi-Detached 239 486 725 848,835 534,476 638,106
Yr./Yr. % Change 21.9 % 21.8 % 21.8 % 20.7 % 12.7 % 16.1 %
Townhouse 253 849 1,102 578,667 493,092 512,739
Yr./Yr. % Change 11.0 % 18.1 % 16.4 % 13.9 % 13.8 % 13.7 %
Condo Apartment 1,439 607 2,046 435,579 327,086 403,392
Yr./Yr. % Change 25.6 % 26.7 % 25.9 % 17.8 % 1.6 % 13.4 %
February 2016 Year-Over-Year Per Cent Change in the MLS® HPI
Composite
(All Types)
Single-Family
Detached
Single-Family
Attached
Townhouse Apartment
TREB Total 11.30 % 12.78 % 11.51 % 9.70 % 6.11 %
Halton Region 17.62 % 16.17 % 10.61 % 7.07 % -
Peel Region 10.65 % 11.60 % 11.85 % 8.15 % 5.70 %
City of Toronto 8.60 % 10.53 % 9.34 % 9.52 % 5.89 %
York Region 14.08 % 14.80 % 13.69 % 14.56 % 9.81 %
Durham Region 13.08 % 13.25 % 13.62 % 13.77 % 3.81 %
Orangeville 16.55 % 16.69 % 15.32 % - -
South Simcoe County1 15.94 % 16.21 % 15.67 % - -
Source: Toronto Real Estate Board
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.

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