Mid Month July 2016 Resale Home Sales

Greater Toronto Area REALTORS® reported 4,428 home sales through TREB’s MLS® System during the first 14 days of July 2016. This result represented a three per cent increase compared to the same time period in 2015. Year-over-year sales growth was led by the condominium apartment market segment, with an increase of 10.9 per cent in the TREB market area as a whole.

New listings were also up over the same time period, but by a lesser annual rate of 1.5 per cent. With sales growth outstripping growth in new listings, strong seller’s market conditions persisted particularly with regard to low-rise home types, including singles, semis and town houses.

In line with the trend experienced throughout 2016, strong demand for ownership housing up against a constrained supply of listings underpinned double-digit year-over-year average price growth for low-rise home types and strong single-digit growth for the average condominium apartment price. The average selling price for all home types combined was $707,303 up 15.9 per cent compared to the same period in 2015.

Very low borrowing costs and a relatively strong regional economy compared to other metropolitan areas across Canada have kept GTA households confident in their ability to purchase and pay for a home over the long term. This confidence coupled with a lack of inventory in many neighbourhoods will see very strong price growth remain the norm in the second half of this year. 

Source: TREB

July 1st - 14th 2016 2015
  Sales VYA New Listings Average Price VYA Sales Average Price New Listings
City of Toronto ("416") 1,554 2.3% 2,542 $672,345 9.2% 1519 $615,589 2,726
Rest of GTA ("905") 2,874 3.4% 4,340 $726,206 19.6% 2779 $607,262 4,052
GTA 4,428 3.0% 6,882 $707,303 15.9% 4,298 $610,205 6,778
                 
Detached 2016 Sales VYA   Average Price VYA      
City of Toronto ("416") 408 -8.1%   $1,170,567 16.8%      
Rest of GTA ("905") 1629 0.7%   $897,992 22.9%      
GTA 2037 -1.2%   $952,587 20.7%      
                 
Semi-Detached 2016 Sales VYA   Average Price VYA      
City of Toronto ("416") 132 -5.0%   $861,741 26.4%      
Rest of GTA ("905") 304 4.5%   $590,038 16.6%      
GTA 436 1.4%   $672,297 19.5%      
                 
Townhouse 2016 Sales VYA   Average Price VYA      
City of Toronto ("416") 163 3.2%   $577,048 4.7%      
Rest of GTA ("905") 535 4.3%   $519,679 15.4%      
GTA 698 4.0%   $533,076 12.4%      
                 
Condo Apartment 2016 Sales VYA   Average Price VYA      
City of Toronto ("416") 828 8.1%   $419,712 6.0%      
Rest of GTA ("905") 348 18.4%   $368,136 18.9%      
GTA 1176 10.9%   $404,450 8.7%      

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Donald Lum

Donald Lum

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