June 2016 Resale Home Sales

Toronto Real Estate Board President Larry Cerqua announced that Greater Toronto Area REALTORS® reported 12,794 residential transactions through TREB’s MLS® System in June 2016. This result was 7.5 per cent higher than the 11,905 sales reported in June 2015. In line with the prevailing trend so far this year, the number of new listings was down by 3.8 per cent.

“As I start my term as TREB President, we are certainly in an interesting environment for ownership housing. There is no doubt that demand is at a record level, but would-be home buyers continue to face an uphill battle against a constrained supply of listings, which has perpetuated strong price growth. Buyers and sellers alike continue to benefit from the value a REALTOR® brings to a transaction,” said Mr. Cerqua.

“As the federal, provincial and local levels of government discuss housing policy in the coming months, issues affecting the lack of supply in the GTA should be of paramount importance. TREB will be undertaking, and making public, results of additional research in the second half of 2016, with the goal of proactively adding to the housing policy discussion,” added Mr. Cerqua.

The MLS® Home Price Index Composite Benchmark was up by 16 per cent on a year- over- year basis. The average selling price for all home types combined was up by a slightly higher annual rate of 16.8 per cent to $746,546. The single-detached, semi- detached and townhouse market segments led the way in terms of price growth.

“When TREB surveyed consumer intentions for 2016, we found that the majority of GTA households who were likely to purchase a home continued to be pointed towards some form of ground oriented housing. This is why we continue to see strong competition between buyers in many neighbourhoods where supply remains constrained,” said Jason Mercer, TREB’s Director of Market Analysis. 

June 2016 2015
  Sales Average
Price
New
Listings
Sales Average
Price
New
Listings
Sales City of Toronto ("416") 4,578 $775,400 6,280 4377 $682,489 7,136
Rest of GTA ("905") 8,216 $730,468 10,700 7,528 $614,203 10,523
GTA 12,794 $746,546 16,980 11,905 $639,309 17,659
             
Detached 2016 Sales VYA   Average
Price
VYA  
Sales City of Toronto ("416") 1491 1.2%   $1,259,486 19.6%  
Rest of GTA ("905") 4816 8.9%   $892,747 21.0%  
GTA 6307 7.0%   $979,445 19.9%  
             
Semi-Detached 2016 Sales VYA   Average
Price
VYA  
Sales City of Toronto ("416") 436 -4.2%   $912,724 19.7%  
Rest of GTA ("905") 829 11.4%   $581,770 17.0%  
GTA 1,265 5.5%   $695,837 16.4%  
             
Townhouse 2016 Sales VYA   Average
Price
VYA  
Sales City of Toronto ("416") 444 -12.1%   $635,164 17.4%  
Rest of GTA ("905") 1446 4.1%   $527,824 14.9%  
GTA 1,890 -0.2%   $553,040 14.9%  
             
Condo Apartment 2016 Sales VYA   Average
Price
VYA  
Sales City of Toronto ("416") 2182 15.0%   $448,002 6.9%  
Rest of GTA ("905") 932 18.0%   $359,308 10.7%  
GTA 3114 15.8%   $421,456 7.7%  
             
Source: Market Watch Monthly News Release          

There are no comments

Thank you! Your comment has been submitted and is awaiting approval.

Donald Lum

Donald Lum

Sales Representative
CENTURY 21 Leading Edge Realty Inc., Brokerage*
Contact Me