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

 

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