TORONTO, ONTARIO--(Marketwired - July 6, 2016) - Toronto Real Estate Board President Larry Cerqua announced that Greater Toronto Area REALTORS® reported 12,794 residential transactions through TREB's MLS® System in June 2016. This result was 7.5 per cent higher than the 11,905 sales reported in June 2015. In line with the prevailing trend so far this year, the number of new listings was down by 3.8 per cent.
"As I start my term as TREB President, we are certainly in an interesting environment for ownership housing. There is no doubt that demand is at a record level, but would- be home buyers continue to face an uphill battle against a constrained supply of listings, which has perpetuated strong price growth. Buyers and sellers alike continue to benefit from the value a REALTOR® brings to a transaction," said Mr. Cerqua.
"As the federal, provincial and local levels of government discuss housing policy in the coming months, issues affecting the lack of supply in the GTA should be of paramount importance. TREB will be undertaking, and making public, results of additional research in the second half of 2016, with the goal of proactively adding to the housing policy discussion," added Mr. Cerqua.
The MLS® Home Price Index Composite Benchmark was up by 16 per cent on a year- over-year basis. The average selling price for all home types combined was up by a slightly higher annual rate of 16.8 per cent to $746,546. The single- detached, semi- detached and townhouse market segments led the way in terms of price growth.
"When TREB surveyed consumer intentions for 2016, we found that the majority of GTA households who were likely to purchase a home continued to be pointed towards some form of ground oriented housing. This is why we continue to see strong competition between buyers in many neighbourhoods where supply remains constrained," said Jason Mercer, TREB's Director of Market Analysis.
| Summary of TorontoMLS Sales and Average Price - June 1 - 30, 2016 | ||||||
| 2016 | 2015 | |||||
| Sales | Average Price | New Listings | Sales | Average Price | New Listings | |
| City of Toronto ("416") | 4,578 | 775,400 | 6,280 | 4,377 | 682,489 | 7,136 |
| Rest of GTA ("905") | 8,216 | 730,468 | 10,700 | 7,528 | 614,203 | 10,523 |
| GTA | 12,794 | 746,546 | 16,980 | 11,905 | 639,309 | 17,659 |
TorontoMLS Sales & Average Price By Home Type -- June 1 -- 30, 2016 |
|||||||
416 |
Sales 905 |
Total |
416 |
Average Price 905 |
Total |
||
| Detached | 1,491 |
4,816 |
6,307 |
1,259,486 |
892,747 |
979,445 |
|
| Yr./Yr. % Change | 1.2% | 8.9% | 7.0% | 19.6% | 21.0% | 19.9% | |
| Semi-‐Detached | 436 | 829 | 1,265 | 912,724 | 581,770 | 695,837 | |
| Yr./Yr. % Change | ---4.2% | 11.4% | 5.5% | 19.7% | 17.0% | 16.4% | |
| Townhouse | 444 | 1,446 | 1,890 | 635,164 | 527,824 | 553,040 | |
| Yr./Yr. % Change | ---12.1% | 4.1% | ---0.2% | 17.4% | 14.9% | 14.9% | |
| Condo Apartment | 2,182 | 932 | 3,114 | 448,002 | 359,308 | 421,456 | |
| Yr./Yr. % Change | 15.0% | 18.0% | 15.8% | 6.9% | 10.7% | 7.7% | |
| June 2016 Year--Over--Year Per Cent Change in the MLS® HPI | |||||
| Composite (All Types) | Single--Family Detached | Single--Family Attached | Townhouse | Apartment | |
| TREB Total | 15.96% | 18.77% | 17.65% | 14.37% | 7.89% |
| Halton Region | 16.78% | 17.35% | 18.47% | 10.82% | -- |
| Peel Region | 15.99% | 16.33% | 17.16% | 14.20% | 11.95% |
| City of Toronto | 12.68% | 17.05% | 14.92% | 13.42% | 7.20% |
| York Region | 20.61% | 22.94% | 20.01% | 18.42% | 7.64% |
| Durham Region | 20.43% | 20.58% | 21.94% | 17.07% | 8.90% |
| Orangeville | 19.40% | 20.75% | 18.09% | -- | -- |
| South Simcoe | |||||
| County1 | 18.77% | 19.07% | 18.72% | -- | -- |
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.
Contact Information:
Mary Gallagher
Senior Manager Public Affairs
(416) 443-8158
maryg@trebnet.com