Toronto Real Estate Board

Toronto Real Estate Board

November 03, 2016 07:00 ET

GTA REALTORS® Release Monthly Resale Housing Market Figures

TORONTO, ONTARIO--(Marketwired - Nov. 3, 2016) - Toronto Real Estate Board President Larry Cerqua announced that Greater Toronto Area REALTORS® reported a record 9,768 sales through TREB's MLS® System in October 2016 - up by 11.5 per cent compared to October 2015. For the TREB market area as a whole, the largest annual rate of sales growth was in the condominium apartment market segment. Detached home sales were up by 10 per cent year-over-year, driven predominantly by transactions in the regions surrounding Toronto.

"The record pace of GTA home sales continued in October, with strong growth observed throughout the month. As we move through November and December, we will be watching the sales and listings trends closely, in light of the recent policy changes announced by the Federal Minister of Finance. TREB will once again be conducting consumer survey work, in order to report on home buying intentions for 2017," said Mr. Cerqua.

The MLS® Home Price Index Composite Benchmark was up by 19.7 per cent on a year-over-year basis in October 2016. Similarly, the average selling price for all home types combined was $762,975 - up 21.1 per cent over the same time period. Double-digit increases were experienced for all major home types for the TREB Market Area as a whole.

"New listings were up slightly in October compared to last year, but not nearly enough to offset the strong sales growth. This meant that seller's market conditions continued to prevail as buyers of all home types experienced intense competition in the marketplace. Until we experience sustained relief in the supply of listings, the potential for strong annual rates of price growth will persist, especially in the low-rise market segments," said Jason Mercer, TREB's Director of Market Analysis.

Summary of TorontoMLS Sales and Average Price October 1 - 31, 2016

Sales Average Price New Listings Sales Average Price New Listings
City of Toronto ("416") 3,715 770,480 5,105 3,415 671,046 5,566
Rest of GTA ("905") 6,053 758,369 8,272 5,344 604,187 7,693
GTA 9,768 762,975 13,377 8,759 630,254 13,259

TorontoMLS Sales & Average Price By Home Type October 1 - 31, 2016

Sales Average Price
416 905 Total 416 905 Total
Detached 1,088 3,411 4,499 1,303,339 948,191 1,034,077
Yr./Yr. % Change 1.5% 13.4% 10.3% 21.7% 29.4% 25.8%
Semi-Detached 343 574 917 902,137 607,558 717,744
Yr./Yr. % Change -9.5% 6.7% 0.0% 20.6% 18.5% 17.7%
Townhouse 360 1,120 1,480 687,809 553,822 586,413
Yr./Yr. % Change 5.0% 9.4% 8.3% 18.7% 21.2% 20.2%
Condo Apartment 1,895 807 2,702 459,199 359,451 429,407
Yr./Yr. % Change 19.8% 28.3% 22.2% 12.9% 12.9% 12.5%

October 2016 Year-Over-Year Per Cent Change in the MLS® HPI

Composite (All Types) Single-Family Detached Single-Family Attached Townhouse Apartment
TREB Total 19.68% 22.45% 20.99% 18.38% 12.55%
Halton Region 20.88% 21.26% 22.18% 19.15% -
Peel Region 20.55% 21.31% 21.91% 19.51% 16.06%
City of Toronto 15.76% 19.20% 16.62% 17.46% 11.99%
York Region 24.48% 27.10% 24.34% 14.87% 10.05%
Durham Region 24.35% 24.84% 25.15% 20.70% 18.97%
Orangeville 22.35% 23.17% 21.03% - -
South Simcoe County1 25.38% 26.27% 24.17% - -
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

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