August 2016 Resale Home Sales

Toronto Real Estate Board President Larry Cerqua announced that Greater Toronto Area REALTORS® reported a record 9,813 sales through TREB’s MLS® System in August 2016.
 
While this sales result was 23.5 per cent above the number of transactions reported for August 2015, it is important to note that the majority of sales are reported on working days and there were two additional working days in August 2016 compared to 2015. When the year-over-year discrepancy in working days is accounted for, the annual percentage change in sales is closer to 13 per cent.
 
“The conditions underlying strong demand for ownership housing remained in place,
including a relatively strong regional economy, growth in average earnings and low
borrowing costs. Unfortunately, we did not see any relief on the listings front, with the
number of new listings down compared to last year. This situation continued to underpin very strong home price growth, irrespective of home type or area,” said Mr. Cerqua.
 
The MLS® Home Price Index (HPI) Composite Benchmark for August 2016 was up by 17.2 per cent on a year-over-year basis. Similarly, the average selling price for all home types combined was up by 17.7 per cent on an annual basis to $710,410. Both the MLS® HPI benchmarks and average prices for low-rise home types were up by double digits percentage-wise.
 
“Population in the GTA continues to grow. The resulting growth in households coupled with favourable economic conditions and low borrowing costs means that we remain on track for another record year for home sales. Against this backdrop, TREB will also be releasing new third-party research, and consumer and REALTOR® survey results throughout the fall and winter, with discussions focusing on foreign buying activity and issues affecting the supply of ownership housing,” said Jason Mercer, TREB’s Director of Market Analysis.
 
Source: TREB
 
August 2016 2015
  Sales Average
Price
New
Listings
Sales Average
Price
New
Listings
Sales City of Toronto ("416") 3,416 $677,241 4,480 2793 $606,706 4,861
Rest of GTA ("905") 6,397 $728,122 7,929 5,150 $601,813 7,703
GTA 9,813 $710,410 12,409 7,943 $603,534 12,564
             
Detached 2016 Sales VYA   Average
Price
VYA  
Sales City of Toronto ("416") 863 14.8%   $1,206,637 18.3%  
Rest of GTA ("905") 3586 24.0%   $905,610 23.3%  
GTA 4449 22.1%   $964,002 21.5%  
             
Semi-Detached 2016 Sales VYA   Average
Price
VYA  
Sales City of Toronto ("416") 208 -8.8%   $774,700 16.4%  
Rest of GTA ("905") 651 15.6%   $594,033 20.6%  
GTA 859 8.6%   $637,780 17.6%  
             
Townhouse 2016 Sales VYA   Average
Price
VYA  
Sales City of Toronto ("416") 357 14.1%   $614,638 16.9%  
Rest of GTA ("905") 1154 25.8%   $536,256 18.4%  
GTA 1,511 22.8%   $554,775 17.7%  
             
Condo Apartment 2016 Sales VYA   Average
Price
VYA  
Sales City of Toronto ("416") 1964 33.5%   $446,612 9.8%  
Rest of GTA ("905") 822 28.6%   $349,194 9.2%  
GTA 2786 32.0%   $417,869 9.8%  
             
           

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Donald Lum

Donald Lum

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CENTURY 21 Leading Edge Realty Inc., Brokerage*
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