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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July 2016 Holds Steady Pace for GTA Real Estate

August 8, 2016 - Updated: August 8, 2016

July 2016 Holds Steady Pace for GTA Real Estate

 

You might be interested in what’s going on in the real estate market. Actually, prices are going down. Don’t tell anybody. No one wants to hear that.

 

So, let’s have a look at TREB’s recently released report:

 

“Strong July Price Growth

 

 

TORONTO, ONTARIO, August 4, 2016 –

 

Toronto Real Estate Board President Larry Cerqua announced that TREB REALTOR® Members reported 9,989 home sales through TREB’s MLS® System in July 2016. At just shy of 10,000 transactions, this was the best result on record for the month of July.

 

While sales were up on a year-over-year basis, the number of new listings was down over the same period, representing the continuation of a troubling trend in the GTA. “GTA REALTORS® have been working very hard on behalf of their buyer clients to help them find a home meeting their needs.

 

Unfortunately, listings for single-detached and semi-detached houses and townhouses continue to be in short supply. The result has been an increase in pent-up demand and annual rates of price increases well above the rate of inflation. Housing policy is now top of mind for all levels of government.

 

Policy makers need to be focusing on solutions to the sustained lack of low-rise inventory throughout the GTA,” said Mr. Cerqua. The MLS® Home Price Index (HPI) Composite Benchmark was up by 16.7 per cent in July 2016 compared to the same month a year earlier. Similarly, the average selling price for all home types combined was up by 16.6 per cent year-over-year to $709,825.

 

“Relatively strong labour market conditions, above-inflation average income growth, and record low borrowing costs have kept many households confident about purchasing a home. As long as very strong buying intentions are up against an extreme shortage of listings, expect home price growth to greatly outpace the rate of inflation,” said Jason Mercer, TREB’s Director of Market Analysis.”

 

COMMENT

 

So, there it was, things look pretty good.

 

Here are the actual numbers as reported by TREB, as drawn from the published statistics:

 


So here are the numbers:

 

15 March    $693,825

 

31 March    $688,180

 

15 April      $730,330

 

30 April      $739,515

 

15 May       $758,626

 

31 May       $752,335

 

15 June       $758,507

 

30 June       $746,546

 

15 July        $707,303

 

31 July        $709,825

 

The interesting thing to note would be that the height of the market was 15 May and the market trended downward until 15 July, where it bottomed out and headed up slightly.

 

That analysis, of course, assume that we are using bi-monthly numbers. If we used just end of the month numbers, we have a rather strong downward trend. And, $2,500 isn’t much of a recovery.

 

What do we expect for August?

 

Actually, if we look at previous years, it should be down too, a little lower than where we are now, with increases in September and October.

 

Brian Madigan LL.B., Broker

www.iSourceRealEstate.com


Tagged with: july 2016 sales prices treb reports toronto gta
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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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