Real Estate in mid-town Toronto
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Sales Up and Listings Down in February
March 3, 2017 -- Toronto Real Estate Board President Larry Cerqua announced that Greater Toronto Area REALTORS reported 8,014 residential sales through TREB's MLS System in February 2017. Despite the fact that February 2016 had one more day due to the leap year day, this result was up on a year-over-year basis by 5.7 per cent compared to 7,583 sales reported last year.
"The February statistics tell me that many Greater Toronto Area households continue to view home ownership as a great long-term investment. The high demand for ownership housing we're seeing is broad-based, with strong sales growth for most low-rise home types and condominium apartments. This makes sense given the results of a recent consumer survey undertaken for TREB by Ipsos, which found an even split between intending first-time buyers and existing homeowners who indicated that they were planning on purchasing a home in 2017," said Cerqua.
While the demand for ownership housing grew over the past year, new listings entered into TREB's MLS System in February were down on a year-over-year basis by 12.5 per cent to 9,834.
The MLS HPI Composite Benchmark Price was up by 23.8 per cent compared to February 2016. Similarly, the average selling price was up by 27.7 per cent year-over-year to $875,983. Annual rates of price growth continued to be strongest for low-rise home types, particularly detached houses. Growth rates for condominium apartment prices were also in the double digits, likely a result of strong demand from first-time buyers.
"The listing supply crunch we are experiencing in the GTA has undoubtedly led to the doubledigit home price increases we are now experiencing on a sustained basis, both in the low-rise and high-rise market segments. Until we see a marked increase in the number of homes available for sale, expect very strong annual rates of price growth to continue," said Jason Mercer, TREB's Director of Market Analysis.
North Toronto (Sherwood and Broadway)
2016 Sales January - December.
2016 Sales January - December.
Strong Start to 2017
TORONTO, ONTARIO, February 3, 2017- Toronto Real Estate Board President Larry Cerqua
announced that Greater Toronto Area REALTORS reported 5,188 residential transactions
through TREB's MLS® System in January 2017. This result was up by 11.8 per cent compared
to 4,640 sales reported in January 2016. Annual rates of sales growth were higher for
condominium apartments than for low-rise home types.
January 2017 picked up where 2016 left off: sales were up on a year-over-year basis while the
number of new listings was down by double-digit annual rates for most major home types.
"Home ownership continues to be a great investment and remains very important to the
majority of GTA households. As we move through 2017, we expect the demand for ownership
housing to remain strong, including demand from first-time buyers who, according to a recent
Ipsos survey, could account for more than half of transactions this year. However, many of
these would-be buyers will have problems finding a home that meets their needs in a market
with very little inventory," said Cerqua.
The MLS Home Price Index (HPI) Composite Benchmark price was up by 21.8 per cent on a
year-over-year basis in January. Similarly, over the same period, the average selling price was
up by 22.3 per cent to $770,745, with double-digit gains in the average prices for all major
“The number of active listings on TREB’s MLS System at the end of January was essentially
half of what was reported as available at the same time last year. That statistic, on its own,
tells us that there is a serious supply problem in the GTA – a problem that will continue to play
itself out in 2017. The result will be very strong price growth for all home types again this
year,” said Jason Mercer, TREB’s Director of Market Analysis.
Record Sales in 2016
TORONTO, ONTARIO, January 5, 2017 – Toronto Real Estate Board President Larry Cerqua
announced that 2016 was a second consecutive record year for home sales. Greater Toronto
Area REALTORS reported 113,133 home sales through TREB’s MLS System – up by 11.8
per cent compared to 2015. The calendar year 2016 result included 5,338 sales in December
– an annual increase of 8.6 per cent.
The strongest annual rate of sales growth in 2016 was experienced for condominium
apartments followed by detached homes.
“A relatively strong regional economy, low unemployment and very low borrowing costs kept
the demand for ownership housing strong in the GTA, as the region’s population continued to
grow in 2016,” said Mr. Cerqua.
The annual rate of growth for the MLS Home Price Index (HPI) in the TREB market area
accelerated throughout 2016 – from 10.7 per cent in January 2016 to 21 per cent in December
2016. The overall average selling price for calendar year 2016 was $729,922 – up 17.3 per
cent compared to 2015. The pace of the annual rate of growth for the average selling price
also picked up throughout the year, including a climb of 20 per cent in December.
“Price growth accelerated throughout 2016 as the supply of listings remained very constrained.
Active listings at the end of December were at their lowest point in a decade-and-a-half. Total
new listings for 2016 were down by almost four per cent. In 2016, we saw policy changes and
policy debates pointed at the demand side of the market. If we want to see a sustained
moderation in the pace of price growth, what we really need is more policy focus on issues
impacting the lack of homes available for sale,” said Jason Mercer, TREB’s Director of Market