NEWS RELEASE



GTA REALTORS® RELEASE MONTHLY RESALE HOUSING MARKET FIGURES

TORONTO, November 3, 2016 -- Toronto Real Estate Board President Larry Cerqua announced that Greater Toronto Area REALTORS® reported a record 9,768 sales through TREB’s MLS® System in October 2016 – up by 11.5 per cent compared to October 2015.  For the TREB market area as a whole, the largest annual rate of sales growth was in the condominium apartment market segment.  Detached home sales were up by 10 per cent year-over-year, driven predominantly by transactions in the regions surrounding Toronto.

“The record pace of GTA home sales continued in October, with strong growth observed throughout the month.  As we move through November and December, we will be watching the sales and listings trends closely, in light of the recent policy changes announced by the Federal Minister of Finance.  TREB will once again be conducting consumer survey work, in order to report on home buying intentions for 2017,” said Mr. Cerqua.

The MLS® Home Price Index Composite Benchmark was up by 19.7 per cent on a year-over-year basis in October 2016.  Similarly, the average selling price for all home types combined was $762,975 – up 21.1 per cent over the same time period.  Double-digit increases were experienced for all major home types for the TREB Market Area as a whole.

“New listings were up slightly in October compared to last year, but not nearly enough to offset the strong sales growth.  This meant that seller’s market conditions continued to prevail as buyers of all home types experienced intense competition in the marketplace.  Until we experience sustained relief in the supply of listings, the potential for strong annual rates of price growth will persist, especially in the low-rise market segments,” said Jason Mercer, TREB’s Director of Market Analysis.

 

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

Sales

Average Price

New Listings

Sales

Average Price

New Listings

City of Toronto ("416")

3,715

770,480

5,105

3,415

671,046

5,566

Rest of GTA ("905")

6,053

758,369

8,272

5,344

604,187

7,693

GTA

9,768

762,975

13,377

8,759

630,254

13,259

 

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

Sales

Average Price

416

905

Total

416

905

Total

Detached

1,088

3,411

4,499

1,303,339

948,191

1,034,077

Yr./Yr. % Change

1.5%

13.4%

10.3%

21.7%

29.4%

25.8%

Semi-Detached

343

574

917

902,137

607,558

717,744

Yr./Yr. % Change

-9.5%

6.7%

0.0%

20.6%

18.5%

17.7%

Townhouse

360

1,120

1,480

687,809

553,822

586,413

Yr./Yr. % Change

5.0%

9.4%

8.3%

18.7%

21.2%

20.2%

Condo Apartment

1,895

807

2,702

459,199

359,451

429,407

Yr./Yr. % Change

19.8%

28.3%

22.2%

12.9%

12.9%

12.5%

 

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

 

Composite (All Types)

Single-Family Detached

Single-Family Attached

Townhouse

Apartment

TREB Total

19.68%

22.45%

20.99%

18.38%

12.55%

Halton Region

20.88%

21.26%

22.18%

19.15%

-

Peel Region

20.55%

21.31%

21.91%

19.51%

16.06%

City of Toronto

15.76%

19.20%

16.62%

17.46%

11.99%

York Region

24.48%

27.10%

24.34%

14.87%

10.05%

Durham Region

24.35%

24.84%

25.15%

20.70%

18.97%

Orangeville

22.35%

23.17%

21.03%

-

-

South Simcoe County1

25.38%

26.27%

24.17%

-

-

Source: Toronto Real Estate Board

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