The Toronto Real Estate Board (TREB) released their monthly report for July 2016 today. The numbers show another month of record sales and prices coupled with a decline in the number of new listings. According to TREB, “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….”.
If you are considering putting your home on the market – now would be a great time! Check out TREB’s full report below. If you would like further information about what is happening in the GTA real estate market, don’t hesitate to contact me directly at chuck@charlesfrancis.ca or at 416-558-7273.
TREB: 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% | – | – |
Click here to see the report on TREB’s website.