The Toronto real estate was red hot in February 2016 according to a report released today by the Toronto Real Estate Board (TREB). After accounting for the leap year day, housing sales were still above the previous record for February set back in 2010. Check out the report below.
GTA REAL ESTATE: TREB FEBRUARY 2016 RESALE HOUSING FIGURES
TORONTO, March 3, 2016 — Toronto Real Estate Board President Mark McLean announced Greater Toronto Area REALTORS® reported a record number of home sales through TREB’s MLS® System in February 2016. There were 7,621 transactions reported this past February – up 21.1 per cent compared to February 2015.
The number of new listings entered into TREB’s MLS® System was also up on a year-over-year basis, but by a lesser 8.2 per cent. The fact that the annual rate of sales growth outstripped the annual rate of new listings growth shows a tightening of market conditions compared to last year.
“Even after accounting for the leap year day, sales were above the previous record for February set back in 2010. Sales were up strongly from the 15th day of the month onward as well, despite the new federal mortgage lending guidelines coming into effect that require at least a 10 per cent down payment on the portion of purchase prices between $500,000 and $1,000,000,” said Mr. McLean.
Seller’s market conditions continued throughout the GTA in February. Strong competition between buyers resulted in a healthy growth in selling prices. The MLS® Home Price Index (HPI) Composite Benchmark was up by 11.3 per cent year-over-year. The average selling price was up by 14.9 per cent annually to $685,278.
“Recent polling conducted for TREB by Ipsos suggested that GTA households will remain upbeat about purchasing a home in 2016. Early sales results for January and February certainly support this view. With strong sales up against a constrained supply of listings, home prices continued to trend strongly upward,” said Jason Mercer, TREB’s Director of Market Analysis.
| Summary of TorontoMLS Sales and Average Price | ||||||
| February 1 – 29, 2016 | ||||||
| 2016 | 2015 | |||||
| Sales | Average Price | New Listings | Sales | Average Price | New Listings | |
| City of Toronto (“416”) | 2,809 | 719,843 | 4,476 | 2,352 | 630,855 | 4,187 |
| Rest of GTA (“905”) | 4,812 | 665,100 | 6,799 | 3,942 | 575,715 | 6,234 |
| GTA | 7,621 | 685,278 | 11,275 | 6,294 | 596,320 | 10,421 |
| TorontoMLS Sales & Average Price By Home Type | ||||||
| February 1 – 29, 2016 | ||||||
| Sales | Average Price | |||||
| 416 | 905 | Total | 416 | 905 | Total | |
| Detached | 855 | 2,772 | 3,627 | 1,211,459 | 816,705 | 909,761 |
| Yr./Yr. % Change | 11.8% | 23.1% | 20.3% | 16.3% | 17.4% | 16.1% |
| Semi-Detached | 239 | 486 | 725 | 848,835 | 534,476 | 638,106 |
| Yr./Yr. % Change | 21.9% | 21.8% | 21.8% | 20.7% | 12.7% | 16.1% |
| Townhouse | 253 | 849 | 1,102 | 578,667 | 493,092 | 512,739 |
| Yr./Yr. % Change | 11.0% | 18.1% | 16.4% | 13.9% | 13.8% | 13.7% |
| Condo Apartment | 1,439 | 607 | 2,046 | 435,579 | 327,086 | 403,392 |
| Yr./Yr. % Change | 25.6% | 26.7% | 25.9% | 17.8% | 1.6% | 13.4% |
| February 2016 Year-Over-Year Per Cent Change in the MLS® HPI | |||||
| Composite (All Types) | Single-Family Detached | Single-Family Attached | Townhouse | Apartment | |
| TREB Total | 11.30% | 12.78% | 11.51% | 9.70% | 6.11% |
| Halton Region | 17.62% | 16.17% | 10.61% | 7.07% | – |
| Peel Region | 10.65% | 11.60% | 11.85% | 8.15% | 5.70% |
| City of Toronto | 8.60% | 10.53% | 9.34% | 9.52% | 5.89% |
| York Region | 14.08% | 14.80% | 13.69% | 14.56% | 9.81% |
| Durham Region | 13.08% | 13.25% | 13.62% | 13.77% | 3.81% |
| Orangeville | 16.55% | 16.69% | 15.32% | – | – |
| South Simcoe County1 | 15.94% | 16.21% | 15.67% | – | – |
| Source: Toronto Real Estate Board | |||||
| 1South Simcoe includes Adjala-Tosorontio, Bradford West Gwillimbury, Essa, Innisfil and New TecumsethClick here for the full Market Watch report | |||||