NEWS RELEASE



GTA REALTORS® RELEASE MONTHLY RESALE HOUSING FIGURES

TORONTO, May 4, 2016 -- Toronto Real Estate Board President Mark McLean announced that there were 12,085 sales reported through TREB’s MLS® System in April 2016.  This result, which represented a record for the month of April, was up by 7.4 per cent in comparison to April 2015.

For the TREB market area as a whole, annual sales growth was experienced for all major home types except semi-detached houses.  In the City of Toronto, sales were down for detached and semi-detached houses as well as townhouses on a year-over-year basis.  This dip in sales in the ‘416’ area code was due to a lack of low-rise listings.  Many would-be buyers were not able to find a home that met their needs.

“Demand remained strong for all types of ownership housing. This suggests that Canadians continue to see the value in investing in homeownership, and on May 17, I encourage all homeowners to celebrate with us on National Real Estate Day,” said Mr. McLean.

“While April’s sales result represented a new record for sales, that number could have been even higher if we had benefitted from more supply.  In the City of Toronto in particular, some households have chosen not to list their home for sale because of the second substantial Land Transfer Tax and associated administration fee.  The lack of available inventory, coupled with record sales, continued to translate into robust annual rates of price growth,” continued Mr. McLean.

Home selling prices continued to trend upward in April.  The MLS® Home Price Index Composite Benchmark was up by 12.6 per cent year-over-year.  The average selling price was up by 16.2 per cent.  The higher growth rate reported for the average home price, as compared to the MLS® HPI, points to a greater share of high-end home sales this year compared to last.

“As we move into the busiest time of the year, in terms of sales volume, strong competition between buyers will continue to push home prices higher.  A greater supply of listings would certainly be welcome, but we would need to see a number of consecutive months in which listings growth outpaced sales growth before market conditions become more balanced,” said Jason Mercer, TREB’s Director of Market Analysis.

 

Summary of TorontoMLS Sales and Average Price

April 1 - 30, 2016

2016

2015

Sales

Average Price

New Listings

Sales

Average Price

New Listings

City of Toronto ("416")

4,248

766,472

6,155

4,057

690,658

7,144

Rest of GTA ("905")

7,837

724,235

10,097

7,197

605,336

10,894

GTA

12,085

739,082

16,252

11,254

636,094

18,038

 

TorontoMLS Sales & Average Price  By Home Type

April 1 - 30, 2016

Sales

Average Price

416

905

Total

416

905

Total

Detached

1,401

4,661

6,062

1,257,958

881,413

968,437

Yr./Yr. % Change

-4.0%

11.2%

7.2%

18.9%

20.7%

18.9%

Semi-Detached

371

766

1,137

901,159

572,318

679,618

Yr./Yr. % Change

-10.8%

2.8%

-2.1%

23.8%

16.9%

18.2%

Townhouse

440

1,402

1,842

611,899

514,774

537,974

Yr./Yr. % Change

-2.0%

4.8%

3.1%

11.0%

14.8%

13.4%

Condo Apartment

1,997

812

2,809

436,545

343,439

409,631

Yr./Yr. % Change

17.4%

9.4%

15.0%

7.0%

7.8%

7.6%

 

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

 

Composite (All Types)

Single-Family Detached

Single-Family Attached

Townhouse

Apartment

TREB Total

12.64%

14.47%

14.00%

12.20%

6.85%

Halton Region

12.51%

12.82%

14.94%

4.62%

-

Peel Region

12.62%

12.61%

13.08%

11.84%

10.21%

City of Toronto

9.86%

12.28%

11.27%

11.80%

6.43%

York Region

16.69%

18.31%

17.11%

14.93%

6.62%

Durham Region

16.57%

16.75%

17.47%

18.14%

2.36%

Orangeville

18.39%

18.90%

17.12%

-

-

South Simcoe County1

17.31%

17.55%

17.84%

-

-

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