TORONTO, April 5, 2016 - 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 yearover-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.
Homeownership in the Greater Toronto Area (GTA) became more affordable in March 2025 compared to the previous year. On average, both borrowing costs and home prices have declined over the past year, making monthly payments more manageable for households looking to buy a home. “Homeownership has become more affordable over the past 12 months, and we expect further rate cuts this spring. Buyers will also benefit from increased choice, giving them greater negotiating power. Once consumers feel confident in the economy and their job security, home buying activity should improve,” said Toronto Regional Real Estate Board (TRREB) President Elechia Barry-Sproule. “Given the current trade uncertainty and the upcoming federal election, many households are likely taking a wait-and-see approach to home buying. If trade issues are solved or public policy choices help mitigate the impact of tariffs, home sales will likely increase. Home buyers need to feel their employment situation is solid before ...
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