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
Year to Date Average Prices
December 15 $741,515
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