NEWS RELEASE



GTA REALTORS® RELEASE MONTHLY RESALE HOUSING MARKET FIGURES

TORONTO, June 3, 2016 -- Toronto Real Estate Board President Mark McLean announced that there were 12,870 home sales reported through TREB’s MLS® System in May 2016. This result represented a new record for the month of May and a 10.6 per cent increase over the same period last year. In contrast, the number of new listings was down over the same time frame by 6.4 per cent. The decline in listings was experienced in both the low-rise and condominium apartment market segments.

“Whether we’re talking about existing homeowners or people looking to purchase for the first time, there is no shortage of buyers in the marketplace today. So, while the record number of home sales through the first five months of 2016 is not necessarily surprising, it does sometimes mask the larger story in the GTA: the shortage of listings, which has resulted in strong upward pressure on home prices,” said Mr. McLean.

The MLS® Home Price Index Composite Benchmark was up by 15 per cent year-over-year in May 2016. Similarly, the average selling price for all home types combined was up by 15.7 per cent over the same period. Low-rise home types, which remained in short supply in many GTA neighbourhoods, experienced the strongest price growth.

“Widespread competition between buyers of singles, semis and townhouses across the GTA has underpinned the robust annual rates of price growth experienced so far this year. With this said, however, it is also important to understand that tighter market conditions for condominium apartments have resulted in price growth well above the rate of inflation in this market segment as well,” said Jason Mercer, TREB’s Director of Market Analysis.

 

Summary of TorontoMLS Sales and Average Price

May 1 - 31, 2016

2016

2015

Sales

Average Price

New Listings

Sales

Average Price

New Listings

City of Toronto ("416")

4,638

782,051

6,772

4,166

717,789

7,252

Rest of GTA ("905")

8,232

734,924

10,640

7,474

611,665

11,359

GTA

12,870

751,908

17,412

11,640

649,648

18,611

 

TorontoMLS Sales & Average Price  By Home Type

May 1 - 31, 2016

Sales

Average Price

416

905

Total

416

905

Total

Detached

1,565

4,935

6,500

1,285,693

891,870

986,691

Yr./Yr. % Change

8.9%

12.8%

11.8%

15.2%

21.2%

18.9%

Semi-Detached

406

804

1,210

834,883

586,849

670,074

Yr./Yr. % Change

-13.8%

0.5%

-4.8%

7.1%

19.0%

11.8%

Townhouse

488

1,376

1,864

626,305

527,503

553,370

Yr./Yr. % Change

1.5%

2.2%

2.0%

12.9%

17.2%

15.8%

Condo Apartment

2,137

919

3,056

442,520

347,431

413,925

Yr./Yr. % Change

21.7%

22.5%

21.9%

5.0%

8.7%

5.9%

 

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

 

Composite (All Types)

Single-Family Detached

Single-Family Attached

Townhouse

Apartment

TREB Total

14.96%

17.52%

16.54%

13.96%

7.16%

Halton Region

15.49%

16.16%

17.06%

8.15%

-

Peel Region

14.05%

14.32%

15.27%

13.23%

9.33%

City of Toronto

11.71%

15.29%

13.41%

13.36%

6.92%

York Region

20.42%

22.61%

20.54%

16.88%

6.74%

Durham Region

19.81%

19.78%

20.83%

20.20%

5.52%

Orangeville

18.72%

19.41%

16.99%

-

-

South Simcoe County1

18.54%

18.75%

18.02%

-

-

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