March 2016 Resale Home Sales

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. 

Source: TREB

 

March 2016 2015
  Sales Average
Price
New
Listings
Sales Average
Price
New
Listings
             
Sales City of Toronto ("416") 3,627 $699,745 5,528 3178 $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
Detached 2016 Sales VYA   Average
Price
VYA  
Sales City of Toronto ("416") 1075 3.2%   $1,174,358 12.4%  
Rest of GTA ("905") 3879 14.2%   $837,217 18.2%  
GTA 4954 11.6%   $910,375 15.7%  
Semi-Detached 2016 Sales VYA   Average
Price
VYA  
Sales City of Toronto ("416") 319 11.5%   $817,611 12.9%  
Rest of GTA ("905") 667 25.4%   $551,903 15.7%  
GTA 986 20.5%   $637,867 13.2%  
Townhouse 2016 Sales VYA   Average
Price
VYA  
Sales City of Toronto ("416") 397 21.4%   $623,534 13.9%  
Rest of GTA ("905") 1154 11.4%   $498,296 13.6%  
GTA 1,551 13.8%   $530,353 14.1%  
Condo Apartment 2016 Sales VYA   Average
Price
VYA  
Sales City of Toronto ("416") 1808 20.7%   $416,251 4.3%  
Rest of GTA ("905") 833 36.1%   $330,865 6.6%  
GTA 2641 25.2%   $389,319 4.3%  

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Donald Lum

Donald Lum

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CENTURY 21 Leading Edge Realty Inc., Brokerage*
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