Toronto Real Estate Board President Larry Cerqua announced today, March 3rd, 2017, that Greater Toronto Area REALTORS® reported 8,014 residential sales through TREB’s MLS® System in February 2017. This result was up on a year-over-year basis by 5.7 per cent compared to 7,583 sales reported last year.
According to the recent Ipsos survey of intending GTA home buyers, first-time buyers will continue to account for much of the demand for ownership housing in Toronto and the surrounding regions. For the GTA as a whole, 53 per cent of likely buyers indicated that they would be first-timers – up from 49 per cent a year earlier. First-time buying intentions were highest in the City of Toronto, where 64 per cent of likely home purchasers indicated they would be first-timers – up from 56 per cent a year earlier. The higher percentage of first-time buyers in the City of Toronto likely relates to the prevalence of condominium apartments, which are a popular entry point into home ownership.
While the demand for ownership housing grew over the past year, new listings entered into TREB's MLS® System in February were down on a year-over-year basis by 12.5 per cent to 9,834. This continues a pattern we saw throughout much of 2016, with the sales trend pointing up while the listings trend has been down, which has resulted in a contraction of the inventory of homes available for sale. TREB's average months of inventory trend for February was at one month, while in many neighbourhoods across the GTA, inventory can now be measured in weeks rather than months.
"The listing supply crunch we are experiencing in the GTA has undoubtedly led to the double-digit home price increases we are now experiencing on a sustained basis, both in the low-rise and high-rise market segments. Until we see a marked increase in the number of homes available for sale, expect very strong annual rates of price growth to continue," said Jason Mercer, TREB's Director of Market Analysis.
The MLS® HPI Composite Benchmark Price was up by 23.8 per cent compared to February 2016. Similarly, the average selling price was up by 27.7 per cent year-over-year to $875,983. Annual rates of price growth continued to be strongest for low-rise home types, particularly detached houses. Growth rates for condominium apartment prices were also in the double digits, likely a result of strong demand from first-time buyers.
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TREB Market Watch February 2017
Summary of TorontoMLS Sales and Average Price February 1 - 28, 2017
2017
2016
Sales
Average Price
New Listings
Sales
Average Price
New Listings
City of Toronto ("416")
2,900
859,186
3,586
2,794
720,633
4,457
Rest of GTA ("905")
5,114
885,508
6,248
4,789
665,380
6,777
GTA
8,014
875,983
9,834
7,583
685,738
11,234
TorontoMLS Sales & Average Price By Home Type February 1 - 28, 2017
Sales
Average Price
416
905
Total
416
905
Total
Detached
793
2,928
3,721
1,573,622
1,106,201
1,205,815
Yr./Yr. % Change
-6.8%
6.0%
3.0%
29.8%
35.4%
32.5%
Semi-Detached
199
452
651
1,085,484
712,276
826,359
Yr./Yr. % Change
-16.0%
-6.2%
-9.5%
27.6%
33.2%
29.4%
Townhouse
257
908
1,165
671,243
653,584
657,480
Yr./Yr. % Change
2.4%
7.7%
6.5%
15.7%
32.4%
28.0%
Condo Apartment
1,632
728
2,360
515,424
404,460
481,194
Yr./Yr. % Change
14.0%
20.3%
15.9%
18.2%
23.6%
19.2%
According to the recent Ipsos survey of intending GTA home buyers, first-time buyers will continue to account for much of the demand for ownership housing in Toronto and the surrounding regions. For the GTA as a whole, 53 per cent of likely buyers indicated that they would be first-timers – up from 49 per cent a year earlier. First-time buying intentions were highest in the City of Toronto, where 64 per cent of likely home purchasers indicated they would be first-timers – up from 56 per cent a year earlier. The higher percentage of first-time buyers in the City of Toronto likely relates to the prevalence of condominium apartments, which are a popular entry point into home ownership.
While the demand for ownership housing grew over the past year, new listings entered into TREB's MLS® System in February were down on a year-over-year basis by 12.5 per cent to 9,834. This continues a pattern we saw throughout much of 2016, with the sales trend pointing up while the listings trend has been down, which has resulted in a contraction of the inventory of homes available for sale. TREB's average months of inventory trend for February was at one month, while in many neighbourhoods across the GTA, inventory can now be measured in weeks rather than months.
"The listing supply crunch we are experiencing in the GTA has undoubtedly led to the double-digit home price increases we are now experiencing on a sustained basis, both in the low-rise and high-rise market segments. Until we see a marked increase in the number of homes available for sale, expect very strong annual rates of price growth to continue," said Jason Mercer, TREB's Director of Market Analysis.
The MLS® HPI Composite Benchmark Price was up by 23.8 per cent compared to February 2016. Similarly, the average selling price was up by 27.7 per cent year-over-year to $875,983. Annual rates of price growth continued to be strongest for low-rise home types, particularly detached houses. Growth rates for condominium apartment prices were also in the double digits, likely a result of strong demand from first-time buyers.
For More Info, please click below:
TREB Market Watch February 2017
Summary of TorontoMLS Sales and Average Price February 1 - 28, 2017
| |||||||||||||
2017
|
2016
| ||||||||||||
Sales
|
Average Price
|
New Listings
|
Sales
|
Average Price
|
New Listings
| ||||||||
City of Toronto ("416")
|
2,900
|
859,186
|
3,586
|
2,794
|
720,633
|
4,457
| |||||||
Rest of GTA ("905")
|
5,114
|
885,508
|
6,248
|
4,789
|
665,380
|
6,777
| |||||||
GTA
|
8,014
|
875,983
|
9,834
|
7,583
|
685,738
|
11,234
| |||||||
TorontoMLS Sales & Average Price By Home Type February 1 - 28, 2017
| |||||||||||||
Sales
|
Average Price
| ||||||||||||
416
|
905
|
Total
|
416
|
905
|
Total
| ||||||||
Detached
|
793
|
2,928
|
3,721
|
1,573,622
|
1,106,201
|
1,205,815
| |||||||
Yr./Yr. % Change
|
-6.8%
|
6.0%
|
3.0%
|
29.8%
|
35.4%
|
32.5%
| |||||||
Semi-Detached
|
199
|
452
|
651
|
1,085,484
|
712,276
|
826,359
| |||||||
Yr./Yr. % Change
|
-16.0%
|
-6.2%
|
-9.5%
|
27.6%
|
33.2%
|
29.4%
| |||||||
Townhouse
|
257
|
908
|
1,165
|
671,243
|
653,584
|
657,480
| |||||||
Yr./Yr. % Change
|
2.4%
|
7.7%
|
6.5%
|
15.7%
|
32.4%
|
28.0%
| |||||||
Condo Apartment
|
1,632
|
728
|
2,360
|
515,424
|
404,460
|
481,194
| |||||||
Yr./Yr. % Change
|
14.0%
|
20.3%
|
15.9%
|
18.2%
|
23.6%
|
19.2%
| |||||||
