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Strong Annual Rates of Sales Growth

TORONTO, December 2, 2016 -- Toronto Real Estate Board President Larry Cerqua announced that Greater Toronto Area REALTORS® reported 8,547 home sales through TREB's MLS® System in November 2016. This result represented a 16.5 per cent increase compared to November 2015.

For the TREB market area as a whole, sales were up on a year-over-year basis for all major home types. The strongest annual rates of sales growth were experienced for the townhouse and condominium apartment segments.

"Home buying activity remained strong across all market segments in November. However, many would-be home buyers continued to be frustrated by the lack of listings, as annual sales growth once again outstripped growth in new listings. Seller's market conditions translated into robust rates of price growth," said Mr. Cerqua.

The MLS® Home Price Index (HPI) Composite Benchmark was up by 20.3 per cent compared to November 2015. The average selling price at $776,684 was up by 22.7 per cent on a year-over-year basis.

"Recent policy initiatives seeking to address strong home price growth have focused on demand. Going forward, more emphasis needs to be placed on solutions to alleviate the lack of inventory for all home types, especially in the low-rise market segments,” said Jason Mercer, TREB’s Director of Market Analysis.

In January 2017, TREB will be releasing its second annual Market Year in Review & Outlook Report. This report will contain a more in-depth discussion on the current state and future direction of the housing market in the Greater Golden Horseshoe. Detailed findings from Member and consumer surveys conducted by Ipsos will be released, including consumer intentions, buyer profiles and foreign buying activity. The results of a TREB-commissioned study on transportation infrastructure on housing affordability will also be presented.

 

Summary of TorontoMLS Sales and Average Price November 1 - 30, 2016

2016

2015

Sales

Average Price

New Listings

Sales

Average Price

New Listings

City of Toronto ("416")

3,376

790,457

4,073

2,843

653,741

4,104

Rest of GTA ("905")

5,171

767,692

6,445

4,494

619,510

5,436

GTA

8,547

776,684

10,518

7,337

632,774

9,540

 

TorontoMLS Sales & Average Price  By Home Type November 1 - 30, 2016

Sales

Average Price

416

905

Total

416

905

Total

Detached

1,009

2,881

3,890

1,345,962

957,517

1,058,273

Yr./Yr. % Change

12.9%

13.6%

13.4%

32.3%

25.5%

27.6%

Semi-Detached

283

515

798

906,353

618,860

720,815

Yr./Yr. % Change

-3.1%

12.2%

6.3%

20.3%

22.5%

19.8%

Townhouse

343

975

1,318

674,761

571,581

598,432

Yr./Yr. % Change

15.1%

15.2%

15.2%

22.8%

24.1%

23.7%

Condo Apartment

1,718

691

2,409

471,256

374,792

443,586

Yr./Yr. % Change

27.9%

20.8%

25.8%

13.5%

18.9%

15.1%

 

November 2016 Year-Over-Year Per Cent Change in the MLS® HPI

 

Composite (All Types)

Single-Family Detached

Single-Family Attached

Townhouse

Apartment

TREB Total

20.30%

22.89%

21.38%

19.58%

13.98%

Halton Region

21.52%

21.71%

22.37%

20.36%

-

Peel Region

21.17%

21.28%

22.08%

20.39%

18.86%

City of Toronto

16.54%

19.97%

17.36%

18.51%

12.90%

York Region

24.81%

27.14%

24.07%

16.58%

13.84%

Durham Region

25.38%

25.63%

25.96%

23.13%

24.15%

Orangeville

23.25%

24.07%

23.29%

-

-

South Simcoe County1

24.94%

25.30%

25.68%

-

-

Source: Toronto Real Estate Board

1South Simcoe includes Adjala-Tosorontio, Bradford West Gwillimbury, Essa, Innisfil and New Tecumseth

 

 

Source: TREB.


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