Toronto Real Estate Board

Toronto Real Estate Board

October 05, 2016 07:00 ET

GTA REALTORS® 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

Contact Information

  • Media Inquiries:
    Mary Gallagher
    Senior Manager Public Affairs
    (416) 443-8158
    maryg@trebnet.com