May 2016 Resale Home Sales

Toronto Real Estate Board President Mark McLean announced that there were 12,870 home sales reported through TREB’s MLS® System in May 2016. This result represented a new record for the month of May and a 10.6 per cent increase over the same period last year. In contrast, the number of new listings was down over the same time frame by 6.4 per cent. The decline in listings was experienced in both the low-rise and condominium apartment market segments.

“Whether we’re talking about existing homeowners or people looking to purchase for the first time, there is no shortage of buyers in the marketplace today. So, while the record number of home sales through the first five months of 2016 is not necessarily surprising, it does sometimes mask the larger story in the GTA: the shortage of listings, which has resulted in strong upward pressure on home prices,” said Mr. McLean.

The MLS® Home Price Index Composite Benchmark was up by 15 per cent year-over- year in May 2016. Similarly, the average selling price for all home types combined was up by 15.7 per cent over the same period. Low-rise home types, which remained in short supply in many GTA neighbourhoods, experienced the strongest price growth.

“Widespread competition between buyers of singles, semis and townhouses across the GTA has underpinned the robust annual rates of price growth experienced so far this year. With this said, however, it is also important to understand that tighter market conditions for condominium apartments have resulted in price growth well above the rate of inflation in this market segment as well,” said Jason Mercer, TREB’s Director of Market Analysis. 

 

May 2016 2015
  Sales Average
Price
New
Listings
Sales Average
Price
New
Listings
Sales City of Toronto ("416") 4,638 $782,051 6,772 4166 $717,789 7,252
Rest of GTA ("905") 8,232 $734,924 10,640 7,474 $611,665 11,359
GTA 12,870 $751,908 17,412 11,640 $649,648 18,611
             
Detached 2016 Sales VYA   Average
Price
VYA  
Sales City of Toronto ("416") 1565 8.9%   $1,285,693 15.2%  
Rest of GTA ("905") 4935 12.8%   $891,870 21.2%  
GTA 6500 11.8%   $986,691 18.9%  
             
Semi-Detached 2016 Sales VYA   Average
Price
VYA  
Sales City of Toronto ("416") 406 -13.8%   $834,883 7.1%  
Rest of GTA ("905") 804 0.5%   $586,849 19.0%  
GTA 1,210 -4.8%   $670,074 11.8%  
             
Townhouse 2016 Sales VYA   Average
Price
VYA  
Sales City of Toronto ("416") 488 1.5%   $626,305 12.9%  
Rest of GTA ("905") 1376 2.2%   $527,503 17.2%  
GTA 1,864 2.0%   $553,370 15.8%  
             
Condo Apartment 2016 Sales VYA   Average
Price
VYA  
Sales City of Toronto ("416") 2137 21.7%   $442,520 5.0%  
Rest of GTA ("905") 919 22.5%   $347,431 8.7%  
GTA 3056 21.9%   $413,925 5.9%  
             
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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