TORONTO, ONTARIO--(Marketwired - Dec. 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|
|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|
|TorontoMLS Sales & Average Price By Home Type November 1 - 30, 2016|
|Yr./Yr. % Change||12.9||%||13.6||%||13.4||%||32.3||%||25.5||%||27.6||%|
|Yr./Yr. % Change||-3.1||%||12.2||%||6.3||%||20.3||%||22.5||%||19.8||%|
|Yr./Yr. % Change||15.1||%||15.2||%||15.2||%||22.8||%||24.1||%||23.7||%|
|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|
|City of Toronto||16.54||%||19.97||%||17.36||%||18.51||%||12.90||%|
|South Simcoe County1||24.94||%|
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 46,000 residential and commercial TREB Members serve consumers in the Greater Toronto Area. TREB is Canada's largest real estate board.