July 6, 2016 -- Toronto Real Estate Board President
Larry Cerqua announced that Greater Toronto Area REALTORS® reported 12,794
residential transactions through TREB's MLS® System in June 2016. This result
was 7.5 per cent higher than the 11,905 sales reported in June 2015. In line
with the prevailing trend so far this year, the number of new listings was down
by 3.8 per cent.
"As I start my term as TREB President, we are certainly in
an interesting environment for ownership housing. There is no doubt that demand
is at a record level, but would-be home buyers continue to face an uphill
battle against a constrained supply of listings, which has perpetuated strong
price growth. Buyers and sellers alike continue to benefit from the value a
REALTOR® brings to a transaction," said Mr. Cerqua.
"As the federal, provincial and local levels of government
discuss housing policy in the coming months, issues affecting the lack of
supply in the GTA should be of paramount importance. TREB will be undertaking,
and making public, results of additional research in the second half of 2016, with
the goal of proactively adding to the housing policy discussion," added
Mr. Cerqua.
The MLS® Home Price Index Composite Benchmark was up by 16 per
cent on a year- overyear basis. The average selling price for all home types
combined was up by a slightly higher annual rate of 16.8 per cent to $746,546.
The single-detached, semi- detached and townhouse market segments led the way
in terms of price growth.
"When TREB surveyed consumer intentions for 2016, we found
that the majority of GTA households who were likely to purchase a home
continued to be pointed towards some form of ground oriented housing. This is
why we continue to see strong competition between buyers in many neighbourhoods
where supply remains constrained," said Jason Mercer, TREB's Director of
Market Analysis.
Comments