Wednesday, October 12, 2016
GTA REALTORS® RELEASE MONTHLY RESALE HOUSING MARKET FIGURES September 2016
TORONTO, October 5, 2016 - Toronto Real Estate Board
President Larry Cerqua announced that Greater Toronto Area REALTORS® reported
9,902 sales through TREB’s MLS® System in September 2016. This result was up by
21.5 per cent compared to September 2015. For the region as a whole, strong
annual rates of sales growth were experienced for all major home types. The
pace of detached sales growth was slower in the City of Toronto and the number
of semi-detached sales was down compared to last year. In both cases, the
year-over-year dip in new listings was likely the issue. “We continued to see
strong demand for ownership housing up against a short supply of listings in
the Greater Toronto Area in September. The sustained lack of inventory in many
neighbourhoods across the GTA continued to underpin high rates of price growth
for all home types,” said Mr. Cerqua. Both the MLS® Home Price Index (HPI)
Composite Benchmark and the average selling price for all home types combined
were up strongly on a year-over-year basis in September. The MLS® HPI Composite
Benchmark grew by 18 per cent compared to September 2015. The average selling
price was up by 20.4 per cent to $755,755. It is important to remember that the
MLS® HPI provides a price growth measure for a benchmark home, thereby allowing
for an apples-to-apples comparison from one year to the next. The average
selling price can be influenced by changes in both market conditions and the
mix of homes sold. “The Toronto Real Estate Board will be closely monitoring
how the recent changes to Federal mortgage lending guidelines and capital gains
tax exemption rules impact the housing market in the Greater Toronto Area.
While these changes are pointed at the demand for ownership housing, it is
important to note that much of the upward pressure on home prices in the GTA
has been based on the declining inventory of homes available for sale,” said
Jason Mercer, TREB’s Director of Market Analysis.
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