GTA Realtors(R) Release Monthly Resale Housing Market Figures

TORONTO, ONTARIO -- (Marketwired) -- 08/04/16 -- Toronto Real Estate Board President Larry Cerqua announced that TREB REALTOR® Members reported 9,989 home sales through TREB's MLS® System in July 2016. At just shy of 10,000 transactions, this was the best result on record for the month of July.

While sales were up on a year-over-year basis, the number of new listings was down over the same period, representing the continuation of a troubling trend in the GTA.

"GTA REALTORS® have been working very hard on behalf of their buyer clients to help them find a home meeting their needs. Unfortunately, listings for single-detached and semi-detached houses and town houses continue to be in short supply. The result has been an increase in pent-up demand and annual rates of price increases well above the rate of inflation. Housing policy is now top of mind for all levels of government. Policy makers need to be focusing on solutions to the sustained lack of low-rise inventory throughout the GTA," said Mr. Cerqua.

The MLS® Home Price Index (HPI) Composite Benchmark was up by 16.7 per cent in July 2016 compared to the same month a year earlier. Similarly, the average selling price for all home types combined was up by 16.6 per cent year-over-year to $709,825.

"Relatively strong labour market conditions, above-inflation average income growth, and record low borrowing costs have kept many households confident about purchasing a home. As long as very strong buying intentions are up against an extreme shortage of listings, expect home price growth to greatly outpace the rate of inflation," said Jason Mercer, TREB's Director of Market Analysis.

       Summary of TorontoMLS Sales and Average Price July 1 - 31, 2016

                                2016                          2015
                ------------------------------------------------------------
                             Average       New             Average       New
                     Sales     Price  Listings     Sales     Price  Listings
City of Toronto
 ("416")             3,500   690,103     4,877     3,459   617,540     5,660
Rest of GTA
 ("905")             6,489   720,462     8,665     6,354   604,158     8,965
GTA                  9,989   709,825    13,542     9,813   608,875    14,625
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      TorontoMLS Sales & Average Price By Home Type July 1 - 31, 2016

                                                           Average
                                  Sales                      Price
                           416      905    Total      416      905    Total
                      ------------------------------------------------------

                                                 1,202,75
Detached                   954    3,699    4,653        3  888,565  952,983
 Yr./Yr. % Change         -6.5%     0.8%    -0.8%    20.7%    21.9%    21.1%
Semi-Detached              285      678      963  855,881  588,947  667,946
 Yr./Yr. % Change        -11.5%     2.6%    -2.0%    19.5%    17.9%    17.1%
Townhouse                  346    1,202    1,548  584,693  521,584  535,690
 Yr./Yr. % Change         -6.0%     3.3%     1.0%     9.0%    16.1%    13.9%
Condo Apartment          1,882      783    2,665  427,074  358,291  406,865
 Yr./Yr. % Change          9.2%    12.8%    10.3%     8.2%    13.0%     9.2%
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         July 2016 Year-Over-Year Per Cent Change in the MLS® HPI
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                      Composite    Single-    Single-
                           (All     Family     Family
                         Types)   Detached   Attached  Townhouse  Apartment
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TREB Total                16.73%     19.31%     18.14%     14.68%      9.35%
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Halton Region             17.45%     17.90%     18.88%     11.93%         -
Peel Region               17.31%     17.95%     18.20%     14.88%     13.70%
City of Toronto           13.35%     17.22%     15.12%     13.29%      8.52%
York Region               21.34%     23.51%     20.65%     17.12%      9.18%
Durham Region             20.43%     20.44%     21.87%     19.18%     10.12%
Orangeville               19.16%     19.64%     18.34%         -          -
South Simcoe
County(1)                 20.32%     20.91%     19.85%         -          -
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Greater Toronto REALTORS® are passionate about their work. They are governed by a strict Code of Ethics and share a state- of-the-art Multiple Listing Service. Over 45,000 residential and commercial TREB Members serve consumers in the Greater Toronto Area. TREB is Canada's largest real estate board.

www.TREBhome.com

Contacts:
Media Inquiries:
Mary Gallagher
Senior Manager Public Affairs
(416) 443-8158
[email protected]

Source: Toronto Real Estate Board

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