First Two weeks of March- Sales Up, Listings Up and Prices Up
If you are looking for some information about the market, here is the latest:
“MARCH 2016 TREB MID-MONTH STATISTICS
March 17, 2016 – Greater Toronto Area REALTORS® reported 4,569 sales through TREB’s MLS® System during the first 14 days of March 2016. The number of transactions was up by 20.3 per cent compared to 3,797 transactions reported during the same period in 2015.
For the TREB market area as a whole, double-digit annual rates of sales growth were experienced for all major market segments, with semi-detached house sales up by the greatest rate compared to last year.
The number of new listings reported by TREB Members during the first two weeks of March amounted to 6,689 – a 1.2 per cent decrease, which had its roots in the City of Toronto.
With market conditions tightening compared to last year, strong competition between buyers resulted in the average selling price for March mid-month transactions increasing by 12 per cent year-over-year.
Low-rise market segments continued to drive price growth, but the condominium apartment market segment also continued to experience an annual rate of price growth more than double the rate of inflation.
In the City of Toronto, detached and semi-detached house price growth was not as strong compared to the surrounding region. This was due to the fact that fewer higher end homes were sold during the first 14 days of March compared to the same period in 2015.”
Comparing the first two weeks of March:
City of Toronto ("416") 1,611 1,415
Rest of GTA ("905") 2,958 2,382
GTA 4,569 3,797
City of Toronto 2,540 2,681
Rest of GTA 4,149 4,089
GTA 6,689 6,770
City of Toronto $718,907 $688,728
Rest of GTA $680,164 $578,288
GTA $693,825 $619,445
Some people ask the question: is this coming to an end?
Have a look at the trends:
- Semis are active,
- The suburbs are active.
This is not necessarily by choice. High prices are forcing potential buyers to look to semis rather than detached and in the 905 rather than the 416.
These are still signs of a healthy market. Both semis and the suburbs are being “pulled up” by the 416 detached segment.
The market starts all over again once the higher end starts to be “pushed up” by the lower end coming closer.
Constantly, we have “push-pull” factors working in the market.
If you would like to discuss the market, give me a call.
Brian Madigan LL.B., Broker