GTA REALTORS(R) Release Monthly Resale Housing Figures

TORONTO, ONTARIO--(Marketwired - April 5, 2016) - Toronto Real Estate Board President Mark McLean announced record TREB MLS® home sales for the first quarter of 2016 following a strong result for March transactions. There were 10,326 sales in March and 22,575 sales in the first quarter. The year-over-year growth rate for sales was 15.8 per cent for Q1 2016 and 16.2 per cent for March 2016. For the TREB market area as a whole, double-digit year-over-year rates of sales growth were experienced for all major home types during the first quarter.

The positive annual growth in sales was not mirrored on the listings front. The number of new listings entered into TREB's MLS® System during March and the first quarter were down compared to the same periods in 2015.

"At the beginning of 2016, TREB's outlook for the year pointed to a strong possibility of a second consecutive record year for home sales. This outlook was based, in part, on upbeat consumer survey results pointing to robust home buying intentions. It is clear that these upbeat intentions have translated into record first quarter results," said Mr. McLean.

The MLS® Home Price Index Composite Benchmark for March 2016 was up by 11.6 per cent compared to March 2015. The average selling price for all home types combined was up 12.1 per cent year-over-year in March and 13.6 per cent in the first quarter.

"Demand was clearly not an issue in the first three months of 2016, regardless of the housing market segment being considered. The supply of listings, however, continued to aggravate many would-be home buyers. We could have experienced even stronger sales growth were it not for the constrained supply of listings, especially in the low-rise market segments. The resulting strong competition between buyers has underpinned the double-digit rates of price growth experienced so far this year," said Jason Mercer, TREB's Director of Market Analysis.

Summary of TorontoMLS Sales and Average Price March 1 - 31, 2016

		2016						2015
		Sales		Average Price		New Listings		Sales		Average Price		New Listings
City of Toronto ("416")		3,627		699,745		5,528		3,178		656,022		6,092
Rest of GTA ("905")		6,699		681,919		9,336		5,709		590,320		9,343
GTA		10,326		688,181		14,864		8,887		613,815		15,435

TorontoMLS Sales & Average Price By Home Type March 1 - 31, 2016

			Sales						Average Price
			416		905		Total		416		905		Total
Detached			1,075		3,879		4,954		1,174,358		837,217		910,375
	Yr./Yr. % Change		3.2%		14.2%		11.6%		12.4%		18.2%		15.7%
Semi-Detached			319		667		986		817,611		551,903		637,867
	Yr./Yr. % Change		11.5%		25.4%		20.5%		12.9%		15.7%		13.2%
Townhouse			397		1,154		1,551		623,534		498,296		530,353
	Yr./Yr. % Change		21.4%		11.4%		13.8%		13.9%		13.6%		14.1%
Condo Apartment			1,808		833		2,641		416,251		330,865		389,319
	Yr./Yr. % Change		20.7%		36.1%		25.2%		4.3%		6.6%		4.3%

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

		Composite (All		Single-Family		Single-Family
		Types)		Detached		Attached		Townhouse		Apartment
TREB Total		11.59%		13.05%		12.70%		11.12%		7.14%
Halton Region		10.54%		10.98%		12.39%		7.09%		-
Peel Region		11.84%		12.04%		12.42%		10.75%		9.29%
City of Toronto		9.33%		11.05%		10.29%		10.52%		6.77%
York Region		15.39%		16.62%		15.66%		14.57%		7.68%
Durham Region		14.48%		14.71%		15.47%		15.01%		1.75%
Orangeville		15.16%		15.70%		13.69%		-		-
South Simcoe County1		16.57%		16.59%		16.13%		-		-
Source: Toronto Real Estate Board
1South 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. www.TREBhome.com