February 2016 Resale Home Sales

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.

Source: TREB

 

February 2016 2015
  Sales Average
Price
New
Listings
Sales Average
Price
New
Listings
             
Sales City of Toronto ("416") 2,809 $719,843 4,476 2352 $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
Detached 2016 Sales VYA   Average
Price
VYA  
Sales City of Toronto ("416") 855 11.8%   $1,211,459 16.3%  
Rest of GTA ("905") 2772 23.1%   $816,705 17.4%  
GTA 3627 20.3%   $909,761 16.1%  
Semi-Detached 2016 Sales VYA   Average
Price
VYA  
Sales City of Toronto ("416") 239 21.9%   $848,835 20.7%  
Rest of GTA ("905") 486 21.8%   $534,476 12.7%  
GTA 725 21.8%   $638,106 16.1%  
Townhouse 2016 Sales VYA   Average
Price
VYA  
Sales City of Toronto ("416") 253 11.0%   $578,667 13.9%  
Rest of GTA ("905") 849 18.1%   $493,092 13.8%  
GTA 1,102 16.4%   $512,739 13.7%  
Condo Apartment 2016 Sales VYA   Average
Price
VYA  
Sales City of Toronto ("416") 1439 25.6%   $435,579 17.8%  
Rest of GTA ("905") 607 26.7%   $327,086 1.6%  
GTA 2046 25.9%   $403,392 13.4%  

 

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Donald Lum

Donald Lum

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CENTURY 21 Leading Edge Realty Inc., Brokerage*
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