Mid Month May 2016 Resale Home Sales

Greater Toronto Area REALTORS® reported 6,010 sales through TREB’s MLS® System during the first 14 days of May 2016. This result represented a 7.1 per cent increase compared to 5,610 sales reported for May 2015.

For low-rise home types, year-over-year sales growth was strongest in the regions surrounding the City of Toronto. The fact that annual rates of sales growth for singles, semis and towns were lower in the ‘416’ area code speaks to the lack of listings in many Toronto neighbourhoods. There are many willing buyers in the marketplace today – the issue is that a substantial number of these households have not been able to find a home that meets their needs.

The average selling price for the first two weeks of May 2016 was $758,626, which represented a year- over-year increase of 16.1 per cent compared to an average price of $653,274 reported for the same time period in 2015. Double-digit annual rates of average price growth were experienced for all major home types.

The annual pace of average price growth for condominium apartments, while lower than that recorded for low-rise home types, was above 10 per cent for both the City of Toronto and surrounding regions. Even with strong new unit completions over the last few years, this market segment has become tighter as well. 

Source: TREB

May 1st - 14th 2016 2015
  Sales VYA New Listings Average Price VYA Sales Average Price New Listings
City of Toronto ("416") 2,182 8.0% 3,363 $800,755 9.1% 2021 $733,800 3,497
Rest of GTA ("905") 3,828 6.7% 5,261 $734,612 20.8% 3589 $607,929 5,497
GTA 6,010 7.1% 8,624 $758,626 16.1% 5,610 $653,274 8,994
                 
Detached 2016 Sales VYA   Average Price VYA      
City of Toronto ("416") 760 6.9%   $1,298,535 13.4%      
Rest of GTA ("905") 2275 9.4%   $897,266 22.2%      
GTA 3035 8.8%   $997,749 18.9%      
                 
Semi-Detached 2016 Sales VYA   Average Price VYA      
City of Toronto ("416") 208 -5.9%   $824,329 8.0%      
Rest of GTA ("905") 371 -6.8%   $584,535 20.1%      
GTA 579 -6.5%   $670,679 14.6%      
                 
Townhouse 2016 Sales VYA   Average Price VYA      
City of Toronto ("416") 223 -12.2%   $619,495 11.0%      
Rest of GTA ("905") 663 4.2%   $521,479 14.6%      
GTA 886 -0.4%   $546,149 12.8%      
                 
Condo Apartment 2016 Sales VYA   Average Price VYA      
City of Toronto ("416") 970 18.1%   $451,263 5.8%      
Rest of GTA ("905") 420 13.2%   $344,733 9.4%      
GTA 1390 16.6%   $419,074 7.0%      

 

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Donald Lum

Donald Lum

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