Toronto Real Estate Board President Mark McLean announced, in the beginning of April, a 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% for Q1 2016 and 16.2% 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.
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.
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.
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%
|
