Mid Month January 2016 Resale Home Sales

Greater Toronto Area REALTORS® reported 1,583 sales through TREB’s MLS® System during the first 14 days of January 2016. This result represented a 15 per cent increase compared to 1,376 sales reported during the same time frame in 2015. Annual rates of sales growth were stronger in the areas surrounding the City of Toronto for all major home types.

While the number of sales increased strongly on a year-over-year basis, the number of new listings reported by TREB Members was down slightly compared to the first 14 days of 2015. This suggests that market conditions were tighter this year compared to last, with more competition between buyers in many market segments and areas in the GTA.

The average selling price for the first two weeks of January 2016 was $594,969 – up 16.5 per cent compared to the average of $510,575 reported for the same period in 2015. GTA-wide, the strongest annual rate of average price growth was reported for detached houses. The double-digit annual increase reported for detached homes in the ‘905’ regions was likely the result of a compositional shift in the types of homes sold this year compared to last, with a greater share of high-end homes sold in 2016.

It is also important to note that growth in the average condominium apartment price also remained robust, suggesting that there is no glut in inventory within this market segment. 

Source: TREB

 

January 1st - 14th 2016 2015
  Sales VYA New Listings Average Price VYA Sales Average Price New Listings
City of Toronto ("416") 529 5.4% 1,702 $567,496 12.0% 502 $506,614 1,633
Rest of GTA ("905") 1,054 20.6% 2,152 $608,758 18.7% 874 $512,850 2,246
GTA 1,583 15.0% 3,854 $594,969 16.5% 1,376 $510,575 3,879
                 
Detached 2016 Sales VYA   Average Price VYA      
City of Toronto ("416") 132 13.8%   $961,477 9.6%      
Rest of GTA ("905") 560 17.4%   $765,266 23.1%      
GTA 692 16.7%   $802,693 19.5%      
                 
Semi-Detached 2016 Sales VYA   Average Price VYA      
City of Toronto ("416") 28 -22.2%   $698,507 20.5%      
Rest of GTA ("905") 122 41.9%   $506,797 11.1%      
GTA 150 23.0%   $542,583 10.2%      
                 
Townhouse 2016 Sales VYA   Average Price VYA      
City of Toronto ("416") 46 -2.1%   $476,254 2.8%      
Rest of GTA ("905") 196 34.2%   $470,915 13.7%      
GTA 242 25.4%   $471,930 10.7%      
                 
Condo Apartment 2016 Sales VYA   Average Price VYA      
City of Toronto ("416") 321 7.4%   $407,004 12.1%      
Rest of GTA ("905") 162 8.7%   $312,194 4.2%      
GTA 483 7.8%   $375,204 9.7%      
                 

 

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