July 2016 Resale Home Sales

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. 

Source: TREB

July 2016 2015
  Sales Average
Price
New
Listings
Sales Average
Price
New
Listings
Sales City of Toronto ("416") 3,500 $690,103 4,877 3459 $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
             
Detached 2016 Sales VYA   Average
Price
VYA  
Sales City of Toronto ("416") 954 -6.5%   $1,202,753 20.7%  
Rest of GTA ("905") 3699 0.8%   $888,565 21.9%  
GTA 4653 -0.8%   $952,983 21.1%  
             
Semi-Detached 2016 Sales VYA   Average
Price
VYA  
Sales City of Toronto ("416") 285 -11.5%   $855,881 19.5%  
Rest of GTA ("905") 678 2.6%   $588,947 17.9%  
GTA 963 -2.0%   $667,946 17.1%  
             
Townhouse 2016 Sales VYA   Average
Price
VYA  
Sales City of Toronto ("416") 346 -6.0%   $584,693 9.0%  
Rest of GTA ("905") 1202 3.3%   $521,584 16.1%  
GTA 1,548 1.0%   $535,690 13.9%  
             
Condo Apartment 2016 Sales VYA   Average
Price
VYA  
Sales City of Toronto ("416") 1882 9.2%   $427,074 8.2%  
Rest of GTA ("905") 783 12.8%   $358,291 13.0%  
GTA 2665 10.3%   $406,865 9.2%  
             
Source: Market Watch Monthly News Release          

 

 

 

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Donald Lum

Donald Lum

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CENTURY 21 Leading Edge Realty Inc., Brokerage*
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