GTA March resale housing figures

Posted by: Bulletin Editor April 5, 2016 Comments Off on GTA March resale housing figures

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.

Summary of TorontoMLS Sales and Average Price March 1 – 31, 2016

	2016			2015
	Sales	Average Price	New Listings	Sales	Average Price	New Listings
City of Toronto (“416”)	3,627	699,745	5,528	3,178	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

TorontoMLS Sales & Average Price By Home Type March 1 – 31, 2016

		Sales			Average Price
		416	905	Total	416	905	Total

Detached		1,075	3,879	4,954	1,174,358	837,217	910,375
	Yr./Yr. % Change	3.2%	14.2%	11.6%	12.4%	18.2%	15.7%
Semi-Detached		319	667	986	817,611	551,903	637,867
	Yr./Yr. % Change	11.5%	25.4%	20.5%	12.9%	15.7%	13.2%
Townhouse		397	1,154	1,551	623,534	498,296	530,353
	Yr./Yr. % Change	21.4%	11.4%	13.8%	13.9%	13.6%	14.1%
Condo Apartment		1,808	833	2,641	416,251	330,865	389,319
	Yr./Yr. % Change	20.7%	36.1%	25.2%	4.3%	6.6%	4.3%

March 2016 Year-Over-Year Per Cent Change in the MLS® HPI

	Composite (All	Single-Family	Single-Family
	Types)	Detached	Attached	Townhouse	Apartment
TREB Total	11.59%	13.05%	12.70%	11.12%	7.14%
Halton Region	10.54%	10.98%	12.39%	7.09%	–
Peel Region	11.84%	12.04%	12.42%	10.75%	9.29%
City of Toronto	9.33%	11.05%	10.29%	10.52%	6.77%
York Region	15.39%	16.62%	15.66%	14.57%	7.68%
Durham Region	14.48%	14.71%	15.47%	15.01%	1.75%
Orangeville	15.16%	15.70%	13.69%	–	–
South Simcoe County¹	16.57%	16.59%	16.13%	–	–
Source: Toronto Real Estate Board
¹South Simcoe includes Adjala-Tosorontio, Bradford West Gwillimbury, Essa, Innisfil and New Tecumseth