Tuesday, March 8, 2016
GTA REALTORS® Release Monthly Resale Housing Market Figures February 2016
TORONTO, March 3, 2016 – Toronto Real Estate Board President
Mark McLean announced Greater Toronto Area REALTORS® reported a record number
of home sales through TREB’s MLS® System in February 2016. There were 7,621
transactions reported this past February – up 21.1 per cent compared to
February 2015. The number of new listings entered into TREB’s MLS® System was
also up on a year over-year basis, but by a lesser 8.2 per cent. The fact that
the annual rate of sales growth outstripped the annual rate of new listings
growth shows a tightening of market conditions compared to last year. “Even
after accounting for the leap year day, sales were above the previous record
for February set back in 2010. Sales were up strongly from the 15th day of the
month onward as well, despite the new federal mortgage lending guidelines
coming into effect that require at least a 10 per cent down payment on the
portion of purchase prices between $500,000 and $1,000,000,” said Mr. McLean.
Seller’s market conditions continued throughout the GTA in February. Strong
competition between buyers resulted in a healthy growth in selling prices. The
MLS® Home Price Index (HPI) Composite Benchmark was up by 11.3 per cent
year-over-year. The average selling price was up by 14.9 per cent annually to
$685,278. “Recent polling conducted for TREB by Ipsos suggested that GTA
households will remain upbeat about purchasing a home in 2016. Early sales
results for January and February certainly support this view. With strong sales
up against a constrained supply of listings, home prices continued to trend
strongly upward,” said Jason Mercer, TREB’s Director of Market Analysis.
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