Brian Madigan LL.B., Broker
BRMadigan@iSourceRealEstate.com

RE/MAX West Realty Inc.,
Brokerage
Independently owned and operated

96 Rexdale Blvd. 
Toronto, Ontario 


Phone: 416-745-2300
Toll Free: 1-888-507-0817

 

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December 2016 Mid-Month Report TREB

December 20, 2016 - Updated: December 20, 2016

December 2016 Mid - Month Statistics

 

This is the mid-month report of the Toronto Real Estate Board:

 

December 20, 2016 – Greater Toronto Area REALTORS® reported 3,196 home sales through TREB’s MLS® System during the first 14 days of December 2016.

 

This result represented an increase of almost 18 per cent compared to the first two weeks of December 2015, when 2,713 home sales were reported. Broken down by market segment, the strongest annual growth in sales was experienced for condominium apartments – both for the City of Toronto and the surrounding regions.

 

Double digit growth in detached home sales was also reported, but this was driven solely by sales outside of Toronto. Within the City of Toronto, sales were down for all low-rise home types – likely due to a lack of listings rather than a lack of demand.

 

New listings reported by REALTORS® were down by 4.7 per cent year-over-year to 3,061.

 

With sales up strongly and listings down, market conditions were tighter compared to a year earlier.

 

Strong competition between home buyers continued to result in double-digit price increases.

 

The average selling price for all home types combined was $741,515 during the first two weeks of December, representing a 19.3 per cent increase compared to a year earlier.

 

Average annual rates of price growth generally remained strongest for low-rise home types, but the pace of condominium apartment price growth continued to accelerate.

 

Average Prices December 15, 2016

 

 

City of Toronto (416)              $739,810

Rest of GTA (905)                  $742,631

Total                                      $741,515

 

 

Year to Date     Average Prices

 

January                $630,193

 

February              $685,738

 

March                  $687,999

 

April                    $739,765

 

May                     $752,324

 

June                     $746,961

 

July                     $710,500

 

August                 $710,975

 

September            $756,213

 

October                $762,525

 

November            $776,684

 

December 15       $741,515

 

COMMENT

 

It is noteworthy that the average transaction throughout the entire Greater Toronto Area is about three quarters of a million. The only thing affected is: “how much house do you get for that kind of money”.

 

The market reached its height this year on 30 November. That was one month late. But look at the drop in December. The decline in two weeks was $35,169 or about 4.5%. This would take us back to mid-April pricing.

 

It should be noted that this is very normal. This is precisely what is reasonably expected at this time of year.

 

Overall, there is still a shortage of listings and this will contribute to an upward pressure on pricing in the New Year.

 

Brian Madigan LL.B., Broker

www.iSourceRealEstate.com


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Brian Madigan LL.B. Broker

RE/MAX West Realty Inc. Brokerage

Independently owned and operated

96 Rexdale Blvd. , Toronto Ontario,

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