In toronto real estate, on 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 tempo 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 owning housing up against a short supply of listings in the Greater Toronto Area in September, 2016. The sustained lack of inventory in many communities across the GTA continued to underpin high rates of cost 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 was an increase strongly on a year-over-year basis in September, 2016. 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 comparing from one year to the next. The average selling price can be influenced by the changing nature of both market conditions and the mixture of homes sold.
| 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 | |||||
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