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GTA REALTORS® Release Monthly Resale Housing Market Figures

TORONTO, ONTARIO -- (Marketwired) -- 12/02/16 -- 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    
----------------------------------------------------------------------------
                                  2016                       2015           
                       -----------------------------------------------------
                                 Average    New             Average    New  
                         Sales    Price  Listings   Sales    Price  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
GTA                       8,547  776,684   10,518    7,337  632,774    9,540
----------------------------------------------------------------------------
                                                                            
    TorontoMLS Sales & Average Price By Home Type November 1 - 30, 2016     
                                                        Average             
                            Sales                        Price              
                  416        905     Total     416        905       Total   
               -------------------------------------------------------------
                                                                            
Detached           1,009     2,881   3,890  1,345,962    957,517  1,058,273 
  Yr./Yr. %                                                                 
   Change           12.9%     13.6%   13.4%      32.3%      25.5%      27.6%
Semi-Detached        283       515     798    906,353    618,860    720,815 
  Yr./Yr. %                                                                 
   Change           -3.1%     12.2%    6.3%      20.3%      22.5%      19.8%
Townhouse            343       975   1,318    674,761    571,581    598,432 
  Yr./Yr. %                                                                 
   Change           15.1%     15.2%   15.2%      22.8%      24.1%      23.7%
Condo                                                                       
 Apartment         1,718       691   2,409    471,256    374,792    443,586 
  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                             
----------------------------------------------------------------------------
               Composite   Single-                                          
                  (All     Family     Single-Family    Townhouse  Apartment 
                 Types)   Detached       Attached                           
----------------------------------------------------------------------------
TREB Total         20.30%    22.89%             21.38%     19.58%     13.98%
----------------------------------------------------------------------------
Halton Region      21.52%    21.71%             22.37%     20.36%         - 
Peel Region        21.17%    21.28%             22.08%     20.39%     18.86%
City of                                                                     
 Toronto           16.54%    19.97%             17.36%     18.51%     12.90%
York Region        24.81%    27.14%             24.07%     16.58%     13.84%
Durham Region      25.38%    25.63%             25.96%     23.13%     24.15%
Orangeville        23.25%    24.07%             23.29%         -          - 
South Simcoe                                                                
 County(1)         24.94%    25.30%             25.68%         -          - 
----------------------------------------------------------------------------

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 46,000 residential and commercial TREB Members serve consumers in the Greater Toronto Area. TREB is Canada's largest real estate board.

www.TREBhome.com

Contacts:
Toronto Real Estate Board
Media Inquiries:
Mary Gallagher
Senior Manager Public Affairs
(416) 443-8158
[email protected]

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