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.
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 ...
Comments