NEWS RELEASE



GTA REALTORS® RELEASE MONTHLY RESALE HOUSING MARKET FIGURES

TORONTO, July 6, 2016 -- Toronto Real Estate Board President Larry Cerqua announced that Greater Toronto Area REALTORS® reported 12,794 residential transactions through TREB’s MLS® System in June 2016. This result was 7.5 per cent higher than the 11,905 sales reported in June 2015. In line with the prevailing trend so far this year, the number of new listings was down by 3.8 per cent.

“As I start my term as TREB President, we are certainly in an interesting environment for ownership housing. There is no doubt that demand is at a record level, but would-be home buyers continue to face an uphill battle against a constrained supply of listings, which has perpetuated strong price growth. Buyers and sellers alike continue to benefit from the value a REALTOR® brings to a transaction,” said Mr. Cerqua.

“As the federal, provincial and local levels of government discuss housing policy in the coming months, issues affecting the lack of supply in the GTA should be of paramount importance. TREB will be undertaking, and making public, results of additional research in the second half of 2016, with the goal of proactively adding to the housing policy discussion,” added Mr. Cerqua.

The MLS® Home Price Index Composite Benchmark was up by 16 per cent on a year- over-year basis. The average selling price for all home types combined was up by a slightly higher annual rate of 16.8 per cent to $746,546. The single-detached, semi- detached and townhouse market segments led the way in terms of price growth.

“When TREB surveyed consumer intentions for 2016, we found that the majority of GTA households who were likely to purchase a home continued to be pointed towards some form of ground oriented housing.  This is why we continue to see strong competition between buyers in many neighbourhoods where supply remains constrained,” said Jason Mercer, TREB’s Director of Market Analysis.

 

Summary of TorontoMLS Sales and Average Price - June 1 - 30, 2016

2016

2015

Sales

Average Price

New Listings

Sales

Average Price

New Listings

City of Toronto ("416")

4,578

775,400

6,280

4,377

682,489

7,136

Rest of GTA ("905")

8,216

730,468

10,700

7,528

614,203

10,523

GTA

12,794

746,546

16,980

11,905

639,309

17,659

 

TorontoMLS Sales & Average Price  By Home Type - June 1 - 30, 2016

Sales

Average Price

416

905

Total

416

905

Total

Detached

1,491

4,816

6,307

1,259,486

892,747

979,445

Yr./Yr. % Change

1.2%

8.9%

7.0%

19.6%

21.0%

19.9%

Semi-Detached

436

829

1,265

912,724

581,770

695,837

Yr./Yr. % Change

-4.2%

11.4%

5.5%

19.7%

17.0%

16.4%

Townhouse

444

1,446

1,890

635,164

527,824

553,040

Yr./Yr. % Change

-12.1%

4.1%

-0.2%

17.4%

14.9%

14.9%

Condo Apartment

2,182

932

3,114

448,002

359,308

421,456

Yr./Yr. % Change

15.0%

18.0%

15.8%

6.9%

10.7%

7.7%

 

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

 

Composite (All Types)

Single-Family Detached

Single-Family Attached

Townhouse

Apartment

TREB Total

15.96%

18.77%

17.65%

14.37%

7.89%

Halton Region

16.78%

17.35%

18.47%

10.82%

-

Peel Region

15.99%

16.33%

17.16%

14.20%

11.95%

City of Toronto

12.68%

17.05%

14.92%

13.42%

7.20%

York Region

20.61%

22.94%

20.01%

18.42%

7.64%

Durham Region

20.43%

20.58%

21.94%

17.07%

8.90%

Orangeville

19.40%

20.75%

18.09%

-

-

South Simcoe County1

18.77%

19.07%

18.72%

-

-