Thursday, November 12, 2015
GTA REALTORS® RELEASE MONTHLY RESALE HOUSING FIGURES TORONTO October 2015
November 5, 2015 – Toronto Real Estate Board President Mark McLean
announced that Greater Toronto Area REALTORS® reported 8,804 home sales through
TREB’s MLS® System in October 2015. This is the best result on record for the
month of October. “It is clear that many GTA households remain upbeat about
home ownership because owning a home represents a high quality, long-term
investment. We will see a big, new record this year for home sales reported
through TREB’s MLS® System,” said Mr. McLean. “Despite the record October
result, I must point out that the Government of Ontario could hamper home sales
in the near future. The Wynne government is seriously considering allowing
municipalities throughout Ontario to institute a second land transfer tax on
top of the existing provincial tax. Recent polling has shown that the great
majority of Ontarians oppose this tax and would consider delaying a move if
they were forced to bear the additional upfront cost,” added Mr. McLean. The
MLS® Home Price Index (HPI) Composite Benchmark was up by 10.3 per cent year
over year in October. Over the same period, the average selling price for all
home types combined was up by 7.3 per cent to $630,876. Price growth continued
to be driven by the low-rise market segments. “Record sales coupled with a
constrained supply of listings in many GTA neighbourhoods has underpinned very
strong price growth throughout 2015. Even if we do see a greater supply of
low-rise listings in the marketplace over the next year, market conditions will
remain tight enough to see continued price growth well-above the rate of
inflation,” said Jason Mercer, TREB’s Director of Market Analysis.
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