October 2016 Home Sales Up Year-Over-Year
GTA is setting a Record Pace!
TORONTO, November 3, 2016 – Toronto Real Estate Board President Larry Cerqua announced that Greater Toronto Area REALTORS® reported a record 9,768 sales through TREB's MLS® System in October 2016 – up by 11.5 per cent compared to October 2015. For the TREB market area as a whole, the largest annual rate of sales growth was in the condominium apartment market segment. Detached home sales were up by 10 per cent year-over-year, driven predominantly by transactions in the regions surrounding Toronto.
“The record pace of GTA home sales continued in October, with strong growth observed throughout the month. As we move through November and December, we will be watching the sales and listings trends closely, in light of the recent policy changes announced by the Federal Minister of Finance. TREB will once again be conducting consumer survey work, in order to report on home buying intentions for 2017,” said Mr. Cerqua.
The MLS® Home Price Index Composite Benchmark was up by 19.7 per cent on a year- over-year basis in October 2016. Similarly, the average selling price for all home types combined was $762,975 – up 21.1 per cent over the same time period. Double-digit increases were experienced for all major home types for the TREB Market Area as a whole.
“New listings were up slightly in October compared to last year, but not nearly enough to offset the strong sales growth. This meant that seller’s market conditions continued to prevail as buyers of all home types experienced intense competition in the marketplace. Until we experience sustained relief in the supply of listings, the potential for strong annual rates of price growth will persist, especially in the low-rise market segments,” said Jason Mercer, TREB’s Director of Market Analysis.
UXBRIDGE, November 3, 2016 - The average selling price for all home types for the Township of Uxbridge combined was $745,988 - up 22.7% year-to-date. There were 31 sales reported in October compared to 36 in October 2015 down 14%. New listing for the month were 42 compared to 40 in October 2015 and increase of 5%. However there were 82 active listings in Uxbridge for October 2015 well over the 53 listings on the market in 2016. With the tight supply prices are still increasing and homes are selling quickly (the average days on market October 2016 are 17 days, 10 days shorted that in 2015)
GTA is setting a Record Pace!
TORONTO, November 3, 2016 – Toronto Real Estate Board President Larry Cerqua announced that Greater Toronto Area REALTORS® reported a record 9,768 sales through TREB's MLS® System in October 2016 – up by 11.5 per cent compared to October 2015. For the TREB market area as a whole, the largest annual rate of sales growth was in the condominium apartment market segment. Detached home sales were up by 10 per cent year-over-year, driven predominantly by transactions in the regions surrounding Toronto.
“The record pace of GTA home sales continued in October, with strong growth observed throughout the month. As we move through November and December, we will be watching the sales and listings trends closely, in light of the recent policy changes announced by the Federal Minister of Finance. TREB will once again be conducting consumer survey work, in order to report on home buying intentions for 2017,” said Mr. Cerqua.
The MLS® Home Price Index Composite Benchmark was up by 19.7 per cent on a year- over-year basis in October 2016. Similarly, the average selling price for all home types combined was $762,975 – up 21.1 per cent over the same time period. Double-digit increases were experienced for all major home types for the TREB Market Area as a whole.
“New listings were up slightly in October compared to last year, but not nearly enough to offset the strong sales growth. This meant that seller’s market conditions continued to prevail as buyers of all home types experienced intense competition in the marketplace. Until we experience sustained relief in the supply of listings, the potential for strong annual rates of price growth will persist, especially in the low-rise market segments,” said Jason Mercer, TREB’s Director of Market Analysis.
UXBRIDGE, November 3, 2016 - The average selling price for all home types for the Township of Uxbridge combined was $745,988 - up 22.7% year-to-date. There were 31 sales reported in October compared to 36 in October 2015 down 14%. New listing for the month were 42 compared to 40 in October 2015 and increase of 5%. However there were 82 active listings in Uxbridge for October 2015 well over the 53 listings on the market in 2016. With the tight supply prices are still increasing and homes are selling quickly (the average days on market October 2016 are 17 days, 10 days shorted that in 2015)
From the Toronto Real Estate Board Market Watch, October 2016
