GTA REALTORS(R) Release Monthly Resale Housing Market Figures

TORONTO, ONTARIO--(Marketwired - Oct. 5, 2016) - Toronto Real Estate Board President Larry Cerqua announced that Greater Toronto Area REALTORS® reported 9,902 sales through TREB's MLS® System in September 2016. This result was up by 21.5 per cent compared to September 2015.

For the region as a whole, strong annual rates of sales growth were experienced for all major home types. The pace of detached sales growth was slower in the City of Toronto and the number of semi-detached sales was down compared to last year. In both cases, the year-over-year dip in new listings was likely the issue.

"We continued to see strong demand for ownership housing up against a short supply of listings in the Greater Toronto Area in September. The sustained lack of inventory in many neighbourhoods across the GTA continued to underpin high rates of price growth for all home types," said Mr. Cerqua.

Both the MLS® Home Price Index (HPI) Composite Benchmark and the average selling price for all home types combined were up strongly on a year-over-year basis in September. The MLS® HPI Composite Benchmark grew by 18 per cent compared to September 2015. The average selling price was up by 20.4 per cent to $755,755. It is important to remember that the MLS® HPI provides a price growth measure for a benchmark home, thereby allowing for an apples-to-apples comparison from one year to the next. The average selling price can be influenced by changes in both market conditions and the mix of homes sold.

"The Toronto Real Estate Board will be closely monitoring how the recent changes to Federal mortgage lending guidelines and capital gains tax exemption rules impact the housing market in the Greater Toronto Area. While these changes are pointed at the demand for ownership housing, it is important to note that much of the upward pressure on home prices in the GTA has been based on the declining inventory of homes available for sale," said Jason Mercer, TREB's Director of Market Analysis.

Summary of TorontoMLS Sales and Average Price September 1 - 30, 2016
		2016			2015
	Sales	Average Price	New Listings	Sales	Average Price	New Listings
City of Toronto ("416")	3,599	764,872	5,710	3,123	674,934	6,789
Rest of GTA ("905")	6,303	750,549	9,401	5,024	598,608	9,219
GTA	9,902	755,755	15,111	8,147	627,867	16,008

TorontoMLS Sales & Average Price By Home Type September 1 - 30, 2016
				Sales						Average Price
		416		905		Total		416		905		Total
Detached		1,098		3,610		4,708		1,294,482		928,414		1,013,788
	Yr./Yr. % Change	4.7	%	28.6	%	22.1	%	23.0	%	26.6	%	23.6	%
Semi-Detached		302		618		920		887,916		608,122		699,968
	Yr./Yr. % Change	-3.5	%	19.1	%	10.6	%	19.7	%	22.2	%	18.8	%
Townhouse		387		1,143		1,530		655,466		540,183		569,343
	Yr./Yr. % Change	29.0	%	16.9	%	19.7	%	24.3	%	20.2	%	21.8	%
Condo Apartment		1,787		793		2,580		446,294		367,260		422,002
	Yr./Yr. % Change	24.3	%	32.4	%	26.7	%	6.5	%	19.4	%	9.3	%

September 2016 Year-Over-Year Per Cent Change in the MLS® HPI
	Composite (All Types)		Single-Family Detached		Single-Family Attached		Townhouse		Apartment
TREB Total	17.97	%	20.75	%	19.42	%	16.86	%	10.76	%
Halton Region	20.56	%	20.85	%	22.03	%	18.85	%	-
Peel Region	18.68	%	19.38	%	19.77	%	17.04	%	14.50	%
City of Toronto	13.77	%	17.29	%	14.89	%	15.87	%	9.98	%
York Region	23.23	%	25.68	%	22.90	%	15.87	%	10.70	%
Durham Region	22.75	%	22.94	%	23.86	%	19.71	%	14.75	%
Orangeville	19.26	%	20.16	%	17.97	%	-		-
South Simcoe
County1	23.08	%	23.08	%	23.39	%	-		-

Source: Toronto Real Estate Board

1South 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 46,000 residential and commercial TREB Members serve consumers in the Greater Toronto Area. TREB is Canada's largest real estate board.

www.TREBhome.com