NEWS RELEASE



GTA REALTORS® REPORT RECORD YEAR FOR TREB MLS® HOME SALES

TORONTO, January 6, 2016 -- The second best sales result on record for December capped off a record year for TREB MLS® home sales in the GTA. Toronto Real Estate Board President Mark McLean announced that there were 4,945 sales reported in December bringing the 2015 calendar year total to 101,299 – a substantial 9.2 per cent increase compared to 2014 as a whole. Strong annual sales increases were experienced for all major home types last year.

"Home ownership is a quality long-term investment that families can live in while the value increases over time. A relatively strong regional economy in the GTA coupled with low borrowing costs kept a record number of households – first-time buyers and existing homeowners alike – confident in their ability to purchase and pay for a home over the long term," said Mr. McLean.

"If the market had benefitted from more listings, the 2015 sales total would have been greater. As it stands, we begin 2016 with a substantial amount of pent-up demand," continued Mr. McLean.

The average selling price for 2015 as a whole was $622,217 – up 9.8 per cent compared to $566,624 in 2014. The MLS® HPI Composite Benchmark Price was up by a similar annual rate of 10 per cent in December. GTA home price growth was driven by the low-rise segments of the market, but condominium apartment price growth was generally well-above the rate of inflation as well through 2015.

"TREB will release its official 2016 outlook later in January, but suffice to say that the demand for ownership housing is expected to remain very strong in 2016. Despite stricter mortgage lending guidelines and the possibility of slightly higher borrowing costs, on average, there will be many buyers who remain upbeat on the purchase of ownership housing," said Jason Mercer, TREB's Director of Market Analysis.

 

Annual Summary of TREB MLS® Sales and Average Price (Calendar Year)

2015

2014

Sales

Average Price

New Listings

Sales

Average Price

New Listings

City of Toronto ("416")

37,326

659,270

64,731

34,893

610,343

61,922

Rest of GTA ("905")

63,973

600,598

95,789

57,889

540,272

93,920

GTA

101,299

622,217

160,520

92,782

566,624

155,842

 

Annual TREB MLS® Sales & Average Price  By Home Type (Calendar Year)

Sales

Average Price

416

905

Total

416

905

Total

Detached

11,991

36,666

48,657

1,047,483

728,015

806,744

Yr./Yr. % Change

1.7%

10.5%

8.2%

12.6%

12.1%

11.6%

Semi-Detached

3,646

6,571

10,217

736,082

492,643

579,516

Yr./Yr. % Change

2.2%

7.3%

5.4%

10.3%

11.0%

10.1%

Townhouse

3,977

11,857

15,834

542,406

449,218

472,624

Yr./Yr. % Change

8.0%

9.8%

9.3%

10.0%

10.4%

10.2%

Condo Apartment

17,404

7,327

24,731

405,589

317,572

379,512

Yr./Yr. % Change

12.0%

15.0%

12.9%

5.0%

5.0%

4.9%

 

Summary of TorontoMLS Sales and Average Price December 1 - 31, 2015

2015

2014

Sales

Average Price

New Listings

Sales

Average Price

New Listings

City of Toronto ("416")

1,999

626,942

2,029

1,755

572,111

1,885

Rest of GTA ("905")

2,946

597,009

2,754

2,663

545,812

2,528

GTA

4,945

609,110

4,783

4,418

556,259

4,413

 

TorontoMLS Sales & Average Price  By Home Type December 1 - 31, 2015

Sales

Average Price

416

905

Total

416

905

Total

Detached

571

1,563

2,134

1,039,638

747,229

825,470

Yr./Yr. % Change

10.9%

8.5%

9.2%

11.8%

11.7%

11.9%

Semi-Detached

158

319

477

743,738

495,551

577,760

Yr./Yr. % Change

23.4%

12.7%

16.1%

20.8%

9.8%

15.0%

Townhouse

215

577

792

535,283

451,971

474,588

Yr./Yr. % Change

23.6%

16.6%

18.4%

12.7%

6.9%

8.8%

Condo Apartment

1,038

426

1,464

400,088

325,036

378,249

Yr./Yr. % Change

12.5%

16.4%

13.6%

3.2%

8.2%

4.2%

 

December 2015 Year-Over-Year Per Cent Change in the MLS® HPI

 

Composite (All Types)

Single-Family Detached

Single-Family Attached

Townhouse

Apartment

TREB Total

10.01%

11.57%

11.02%

10.62%

4.70%

Halton Region

10.31%

10.28%

10.42%

11.11%

-

Peel Region

9.60%

10.20%

10.28%

10.65%

5.64%

City of Toronto

7.66%

10.05%

8.59%

9.02%

4.30%

York Region

14.31%

14.82%

14.57%

16.47%

6.49%

Durham Region

12.27%

12.25%

13.80%

9.31%

5.36%

Orangeville

11.70%

11.95%

10.81%

-

-

South Simcoe County1

13.99%

12.88%

15.38%

-

-

1South Simcoe includes Adjala-Tosorontio, Bradford West Gwillimbury, Essa, Innisfil and New Tecumseth