The Toronto Real Estate Board (TREB) released their resale housing market report for March 2016 yesterday. The report shows a strong month and first quarter in terms of transactions and average sales price. In terms of new listings March and the first quarter of 2016 were both down compared to the same time period last year.
Check out the full report below.
TREB: RELEASE MONTHLY RESALE HOUSING FIGURES
TORONTO, April 5, 2016 — Toronto Real Estate Board President Mark McLean announced record TREB MLS® home sales for the first quarter of 2016 following a strong result for March transactions. There were 10,326 sales in March and 22,575 sales in the first quarter. The year-over-year growth rate for sales was 15.8 per cent for Q1 2016 and 16.2 per cent for March 2016. For the TREB market area as a whole, double-digit year-over-year rates of sales growth were experienced for all major home types during the first quarter.
The positive annual growth in sales was not mirrored on the listings front. The number of new listings entered into TREB’s MLS® System during March and the first quarter were down compared to the same periods in 2015.
“At the beginning of 2016, TREB’s outlook for the year pointed to a strong possibility of a second consecutive record year for home sales. This outlook was based, in part, on upbeat consumer survey results pointing to robust home buying intentions. It is clear that these upbeat intentions have translated into record first quarter results,” said Mr. McLean.
The MLS® Home Price Index Composite Benchmark for March 2016 was up by 11.6 per cent compared to March 2015. The average selling price for all home types combined was up 12.1 per cent year-over-year in March and 13.6 per cent in the first quarter.
“Demand was clearly not an issue in the first three months of 2016, regardless of the housing market segment being considered. The supply of listings, however, continued to aggravate many would-be home buyers. We could have experienced even stronger sales growth were it not for the constrained supply of listings, especially in the low-rise market segments. The resulting strong competition between buyers has underpinned the double-digit rates of price growth experienced so far this year,” said Jason Mercer, TREB’s Director of Market Analysis.
| Summary of TorontoMLS Sales and Average Price March 1 – 31, 2016 | ||||||
| 2016 | 2015 | |||||
| Sales | Average Price | New Listings | Sales | Average Price | New Listings | |
| City of Toronto (“416”) | 3,627 | 699,745 | 5,528 | 3,178 | 656,022 | 6,092 |
| Rest of GTA (“905”) | 6,699 | 681,919 | 9,336 | 5,709 | 590,320 | 9,343 |
| GTA | 10,326 | 688,181 | 14,864 | 8,887 | 613,815 | 15,435 |
| TorontoMLS Sales & Average Price By Home Type March 1 – 31, 2016 | ||||||
| Sales | Average Price | |||||
| 416 | 905 | Total | 416 | 905 | Total | |
| Detached | 1,075 | 3,879 | 4,954 | 1,174,358 | 837,217 | 910,375 |
| Yr./Yr. % Change | 3.2% | 14.2% | 11.6% | 12.4% | 18.2% | 15.7% |
| Semi-Detached | 319 | 667 | 986 | 817,611 | 551,903 | 637,867 |
| Yr./Yr. % Change | 11.5% | 25.4% | 20.5% | 12.9% | 15.7% | 13.2% |
| Townhouse | 397 | 1,154 | 1,551 | 623,534 | 498,296 | 530,353 |
| Yr./Yr. % Change | 21.4% | 11.4% | 13.8% | 13.9% | 13.6% | 14.1% |
| Condo Apartment | 1,808 | 833 | 2,641 | 416,251 | 330,865 | 389,319 |
| Yr./Yr. % Change | 20.7% | 36.1% | 25.2% | 4.3% | 6.6% | 4.3% |
| March 2016 Year-Over-Year Per Cent Change in the MLS® HPI | |||||
| Composite (All Types) | Single-Family Detached | Single-Family Attached | Townhouse | Apartment | |
| TREB Total | 11.59% | 13.05% | 12.70% | 11.12% | 7.14% |
| Halton Region | 10.54% | 10.98% | 12.39% | 7.09% | – |
| Peel Region | 11.84% | 12.04% | 12.42% | 10.75% | 9.29% |
| City of Toronto | 9.33% | 11.05% | 10.29% | 10.52% | 6.77% |
| York Region | 15.39% | 16.62% | 15.66% | 14.57% | 7.68% |
| Durham Region | 14.48% | 14.71% | 15.47% | 15.01% | 1.75% |
| Orangeville | 15.16% | 15.70% | 13.69% | – | – |
| South Simcoe County1 | 16.57% | 16.59% | 16.13% | – | – |
| Source: Toronto Real Estate Board | |||||
| 1South Simcoe includes Adjala-Tosorontio, Bradford West Gwillimbury, Essa, Innisfil and New Tecumseth
Click here for the full Market Watch report. |
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As a real estate agent in Toronto, Ontario or according to the resale housing market report, it is clearly mentioned that there is a difference in average sales price as compared to previous years. Now it is clear that sales are again up and it won, t stop. I am sure realestate market on pace for another year of record-breaking sales