GTA REALTORS(R) Release Monthly Resale Housing Market Figures

TORONTO, ONTARIO--(Marketwired - March 3, 2016) - Toronto Real Estate Board President Mark McLean announced Greater Toronto Area REALTORS® reported a record number of home sales through TREB's MLS® System in February 2016. There were 7,621 transactions reported this past February - up 21.1 per cent compared to February 2015.

The number of new listings entered into TREB's MLS® System was also up on a year- over-year basis, but by a lesser 8.2 per cent. The fact that the annual rate of sales growth outstripped the annual rate of new listings growth shows a tightening of market conditions compared to last year.

"Even after accounting for the leap year day, sales were above the previous record for February set back in 2010. Sales were up strongly from the 15^th day of the month onward as well, despite the new federal mortgage lending guidelines coming into effect that require at least a 10 per cent down payment on the portion of purchase prices between $500,000 and $1,000,000," said Mr. McLean.

Seller's market conditions continued throughout the GTA in February. Strong competition between buyers resulted in a healthy growth in selling prices. The MLS® Home Price Index (HPI) Composite Benchmark was up by 11.3 per cent year-over-year. The average selling price was up by 14.9 per cent annually to $685,278.

"Recent polling conducted for TREB by Ipsos suggested that GTA households will remain upbeat about purchasing a home in 2016. Early sales results for January and February certainly support this view. With strong sales up against a constrained supply of listings, home prices continued to trend strongly upward," said Jason Mercer, TREB's Director of Market Analysis.

Summary of TorontoMLS Sales and Average Price
	February 1 - 29, 2016
	2016						2015
	Sales		Average Price		New Listings		Sales		Average Price		New Listings
City of Toronto ("416")	2,809		719,843		4,476		2,352		630,855		4,187
Rest of GTA ("905")	4,812		665,100		6,799		3,942		575,715		6,234
GTA	7,621		685,278		11,275		6,294		596,320		10,421

TorontoMLS Sales & Average Price By Home Type
		February 1 - 29, 2016
		Sales						Average Price
		416		905		Total		416		905		Total
Detached		855		2,772		3,627		1,211,459		816,705		909,761
	Yr./Yr. % Change	11.8	%	23.1	%	20.3	%	16.3	%	17.4	%	16.1	%
Semi-Detached		239		486		725		848,835		534,476		638,106
	Yr./Yr. % Change	21.9	%	21.8	%	21.8	%	20.7	%	12.7	%	16.1	%
Townhouse		253		849		1,102		578,667		493,092		512,739
	Yr./Yr. % Change	11.0	%	18.1	%	16.4	%	13.9	%	13.8	%	13.7	%
Condo Apartment		1,439		607		2,046		435,579		327,086		403,392
	Yr./Yr. % Change	25.6	%	26.7	%	25.9	%	17.8	%	1.6	%	13.4	%

February 2016 Year-Over-Year Per Cent Change in the MLS® HPI
	Composite (All Types)		Single-Family Detached		Single-Family Attached		Townhouse		Apartment
TREB Total	11.30	%	12.78	%	11.51	%	9.70	%	6.11	%
Halton Region	17.62	%	16.17	%	10.61	%	7.07	%	-
Peel Region	10.65	%	11.60	%	11.85	%	8.15	%	5.70	%
City of Toronto	8.60	%	10.53	%	9.34	%	9.52	%	5.89	%
York Region	14.08	%	14.80	%	13.69	%	14.56	%	9.81	%
Durham Region	13.08	%	13.25	%	13.62	%	13.77	%	3.81	%
Orangeville	16.55	%	16.69	%	15.32	%	-		-
South Simcoe County1	15.94	%	16.21	%	15.67	%	-		-
Source: Toronto Real Estate Board
1 South Simcoe includes Adjala-Tosorontio, Bradford West Gwillimbury, Essa, Innisfil and New Tecumseth

Greater Toronto REALTORS® are passionate about their work. They are governed by a strict Code of Ethics and share a state-of-the-art Multiple Listing Service. Over 43,000 residential and commercial TREB Members serve consumers in the Greater Toronto Area. TREB is Canada's largest real estate board.

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