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GTA REALTORS(R) Release Monthly Resale Housing Market Figures

ID: 1467729
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(businesspress24) - TORONTO, ONTARIO -- (Marketwired) -- 11/03/16 -- 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.

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

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

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

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.

Contacts:


Toronto Real Estate Board
Media Inquiries:
Mary Gallagher
Senior Manager Public Affairs
(416) 443-8158



More information:
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Date: 11/03/2016 - 11:00
Language: English
News-ID 1467729
Character count: 4395
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Firma: Toronto Real Estate Board
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Stadt: TORONTO, ONTARIO
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