February 3, 2016 -- Toronto Real Estate Board President Mark
McLean announced Greater Toronto Area REALTORS® reported 4,672 residential
transactions through TREB's MLS® System in January 2016. This result
represented an 8.2 per cent increase compared to January 2015. "It is clear that the handoff from 2015 to 2016 was a strong one. This is
not surprising given that recent polling conducted for TREB by Ipsos suggested
12 per cent of GTA households were seriously considering the purchase of a home
in 2016. Buying intentions are strong for this year as households continue to
see home ownership as an affordable long-term investment," said McLean.
The MLS® Home Price Index Composite Benchmark Price for January 2015 was up by
11.2 per cent on a year-over-year basis. The average selling price over the
same period was up by 14.1 per cent.
The difference in the annual
growth rates for the MLS® HPI and average price was largely due to a greater
share of high-end detached homes sold in the regions surrounding the City of
Toronto this year compared to last. The MLS® HPI removes the impact of shifts
in the share of different property types sold from one year to the next.
"Market conditions in
January were tighter compared to a year earlier, with an annual increase in
sales up against a decline in listings. This is why growth in the MLS® HPI
benchmarks continued to be strong, especially for singles, semis and
townhouses, where there has been a persistent lack of inventory," said
Jason Mercer, TREB's Director of Market Analysis.
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