NEWS RELEASE



GTA REALTORS® RELEASE MONTHLY RESALE HOUSING MARKET FIGURES

TORONTO, October 5, 2016 -- Toronto Real Estate Board President Larry Cerqua announced that Greater Toronto Area REALTORS® reported 9,902 sales through TREB’s MLS® System in September 2016.  This result was up by 21.5 per cent compared to September 2015.

For the region as a whole, strong annual rates of sales growth were experienced for all major home types.  The pace of detached sales growth was slower in the City of Toronto and the number of semi-detached sales was down compared to last year.  In both cases, the year-over-year dip in new listings was likely the issue.

“We continued to see strong demand for ownership housing up against a short supply of listings in the Greater Toronto Area in September.  The sustained lack of inventory in many neighbourhoods across the GTA continued to underpin high rates of price growth for all home types,” said Mr. Cerqua.

Both the MLS® Home Price Index (HPI) Composite Benchmark and the average selling price for all home types combined were up strongly on a year-over-year basis in September.  The MLS® HPI Composite Benchmark grew by 18 per cent compared to September 2015.  The average selling price was up by 20.4 per cent to $755,755.  It is important to remember that the MLS® HPI provides a price growth measure for a benchmark home, thereby allowing for an apples-to-apples comparison from one year to the next.  The average selling price can be influenced by changes in both market conditions and the mix of homes sold.

“The Toronto Real Estate Board will be closely monitoring how the recent changes to Federal mortgage lending guidelines and capital gains tax exemption rules impact the housing market in the Greater Toronto Area.  While these changes are pointed at the demand for ownership housing, it is important to note that much of the upward pressure on home prices in the GTA has been based on the declining inventory of homes available for sale,” said Jason Mercer, TREB’s Director of Market Analysis.

 

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

2016

2015

Sales

Average Price

New Listings

Sales

Average Price

New Listings

City of Toronto ("416")

3,599

764,872

5,710

3,123

674,934

6,789

Rest of GTA ("905")

6,303

750,549

9,401

5,024

598,608

9,219

GTA

9,902

755,755

15,111

8,147

627,867

16,008

 

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

Sales

Average Price

416

905

Total

416

905

Total

Detached

1,098

3,610

4,708

1,294,482

928,414

1,013,788

Yr./Yr. % Change

4.7%

28.6%

22.1%

23.0%

26.6%

23.6%

Semi-Detached

302

618

920

887,916

608,122

699,968

Yr./Yr. % Change

-3.5%

19.1%

10.6%

19.7%

22.2%

18.8%

Townhouse

387

1,143

1,530

655,466

540,183

569,343

Yr./Yr. % Change

29.0%

16.9%

19.7%

24.3%

20.2%

21.8%

Condo Apartment

1,787

793

2,580

446,294

367,260

422,002

Yr./Yr. % Change

24.3%

32.4%

26.7%

6.5%

19.4%

9.3%

 

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

 

Composite (All Types)

Single-Family Detached

Single-Family Attached

Townhouse

Apartment

TREB Total

17.97%

20.75%

19.42%

16.86%

10.76%

Halton Region

20.56%

20.85%

22.03%

18.85%

-

Peel Region

18.68%

19.38%

19.77%

17.04%

14.50%

City of Toronto

13.77%

17.29%

14.89%

15.87%

9.98%

York Region

23.23%

25.68%

22.90%

15.87%

10.70%

Durham Region

22.75%

22.94%

23.86%

19.71%

14.75%

Orangeville

19.26%

20.16%

17.97%

-

-

South Simcoe County1

23.08%

23.08%

23.39%

-

-

Source: Toronto Real Estate Board

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