GTA REALTORS(R) 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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