NEWS RELEASE



GTA REALTORS® RELEASE MONTHLY RESALE HOUSING MARKET FIGURES

TORONTO, August 4, 2016 -- Toronto Real Estate Board President Larry Cerqua announced that TREB REALTOR® Members reported 9,989 home sales through TREB’s MLS® System in July 2016. At just shy of 10,000 transactions, this was the best result on record for the month of July.

While sales were up on a year-over-year basis, the number of new listings was down over the same period, representing the continuation of a troubling trend in the GTA.

“GTA REALTORS® have been working very hard on behalf of their buyer clients to help them find a home meeting their needs. Unfortunately, listings for single-detached and semi-detached houses and town houses continue to be in short supply. The result has been an increase in pent-up demand and annual rates of price increases well above the rate of inflation. Housing policy is now top of mind for all levels of government. Policy makers need to be focusing on solutions to the sustained lack of low-rise inventory throughout the GTA,” said Mr. Cerqua.

The MLS® Home Price Index (HPI) Composite Benchmark was up by 16.7 per cent in July 2016 compared to the same month a year earlier. Similarly, the average selling price for all home types combined was up by 16.6 per cent year-over-year to $709,825.

“Relatively strong labour market conditions, above-inflation average income growth, and record low borrowing costs have kept many households confident about purchasing a home. As long as very strong buying intentions are up against an extreme shortage of listings, expect home price growth to greatly outpace the rate of inflation,” said Jason Mercer, TREB’s Director of Market Analysis.

 

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

2016

2015

Sales

Average Price

New Listings

Sales

Average Price

New Listings

City of Toronto ("416")

3,500

690,103

4,877

3,459

617,540

5,660

Rest of GTA ("905")

6,489

720,462

8,665

6,354

604,158

8,965

GTA

9,989

709,825

13,542

9,813

608,875

14,625

 

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

Sales

Average Price

416

905

Total

416

905

Total

Detached

954

3,699

4,653

1,202,753

888,565

952,983

Yr./Yr. % Change

-6.5%

0.8%

-0.8%

20.7%

21.9%

21.1%

Semi-Detached

285

678

963

855,881

588,947

667,946

Yr./Yr. % Change

-11.5%

2.6%

-2.0%

19.5%

17.9%

17.1%

Townhouse

346

1,202

1,548

584,693

521,584

535,690

Yr./Yr. % Change

-6.0%

3.3%

1.0%

9.0%

16.1%

13.9%

Condo Apartment

1,882

783

2,665

427,074

358,291

406,865

Yr./Yr. % Change

9.2%

12.8%

10.3%

8.2%

13.0%

9.2%

 

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

 

Composite (All Types)

Single-Family Detached

Single-Family Attached

Townhouse

Apartment

TREB Total

16.73%

19.31%

18.14%

14.68%

9.35%

Halton Region

17.45%

17.90%

18.88%

11.93%

-

Peel Region

17.31%

17.95%

18.20%

14.88%

13.70%

City of Toronto

13.35%

17.22%

15.12%

13.29%

8.52%

York Region

21.34%

23.51%

20.65%

17.12%

9.18%

Durham Region

20.43%

20.44%

21.87%

19.18%

10.12%

Orangeville

19.16%

19.64%

18.34%

-

-

South Simcoe County1

20.32%

20.91%

19.85%

-

-