Toronto Real Estate Board

Toronto Real Estate Board

June 03, 2016 07:00 ET

GTA REALTORS® Release Monthly Resale Housing Market Figures

TORONTO, ONTARIO--(Marketwired - June 3, 2016) - Toronto Real Estate Board President Mark McLean announced that there were 12,870 home sales reported through TREB's MLS® System in May 2016. This result represented a new record for the month of May and a 10.6 per cent increase over the same period last year. In contrast, the number of new listings was down over the same time frame by 6.4 per cent. The decline in listings was experienced in both the low-rise and condominium apartment market segments.

"Whether we're talking about existing homeowners or people looking to purchase for the first time, there is no shortage of buyers in the marketplace today. So, while the record number of home sales through the first five months of 2016 is not necessarily surprising, it does sometimes mask the larger story in the GTA: the shortage of listings, which has resulted in strong upward pressure on home prices," said Mr. McLean.

The MLS® Home Price Index Composite Benchmark was up by 15 per cent year-over-year in May 2016. Similarly, the average selling price for all home types combined was up by 15.7 per cent over the same period. Low-rise home types, which remained in short supply in many GTA neighbourhoods, experienced the strongest price growth.

"Widespread competition between buyers of singles, semis and townhouses across the GTA has underpinned the robust annual rates of price growth experienced so far this year. With this said, however, it is also important to understand that tighter market conditions for condominium apartments have resulted in price growth well above the rate of inflation in this market segment as well," said Jason Mercer, TREB's Director of Market Analysis.

Summary of TorontoMLS Sales and Average Price
May 1 - 31, 2016
2016 2015
Sales Average
Price
New
Listings
Sales Average
Price
New
Listings
City of Toronto ("416") 4,638 782,051 6,772 4,166 717,789 7,252
Rest of GTA ("905") 8,232 734,924 10,640 7,474 611,665 11,359
GTA 12,870 751,908 17,412 11,640 649,648 18,611
TorontoMLS Sales & Average Price By Home Type
May 1 - 31, 2016
Sales Average Price
416 905 Total 416 905 Total
Detached 1,565 4,935 6,500 1,285,693 891,870 986,691
Yr./Yr. % Change 8.9 % 12.8 % 11.8 % 15.2 % 21.2 % 18.9 %
Semi-Detached 406 804 1,210 834,883 586,849 670,074
Yr./Yr. % Change -13.8 % 0.5 % -4.8 % 7.1 % 19.0 % 11.8 %
Townhouse 488 1,376 1,864 626,305 527,503 553,370
Yr./Yr. % Change 1.5 % 2.2 % 2.0 % 12.9 % 17.2 % 15.8 %
Condo Apartment 2,137 919 3,056 442,520 347,431 413,925
Yr./Yr. % Change 21.7 % 22.5 % 21.9 % 5.0 % 8.7 % 5.9 %
May 2016 Year-Over-Year Per Cent Change in the MLS® HPI
Composite
(All Types)
Single-
Family
Detached
Single-
Family
Attached
Townhouse Apartment
TREB Total 14.96 % 17.52 % 16.54 % 13.96 % 7.16 %
Halton Region 15.49 % 16.16 % 17.06 % 8.15 % -
Peel Region 14.05 % 14.32 % 15.27 % 13.23 % 9.33 %
City of Toronto 11.71 % 15.29 % 13.41 % 13.36 % 6.92 %
York Region 20.42 % 22.61 % 20.54 % 16.88 % 6.74 %
Durham Region 19.81 % 19.78 % 20.83 % 20.20 % 5.52 %
Orangeville 18.72 % 19.41 % 16.99 % - -
South Simcoe County(1) 18.54 % 18.75 % 18.02 % - -
(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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