October 2016 - Mid Month Results
This is the current report released by the Toronto Real Estate Board (TREB) on the market:
October 19, 2016 – Greater Toronto Area REALTORS® reported 4,460 home sales through TREB’s MLS® System during the first 14 days of October 2016. This result represented a 15.5 per cent increase compared to the first two weeks of October 2015. Similar to September, the strongest annual rate of sales growth for the TREB market area as a whole was recorded for the condominium apartment segment.
While the market is tight for condo apartments, there is comparatively more inventory available, which has allowed for stronger growth in sales compared to the low-rise market segments.
The number of new listings was also up on a year-over-year basis during the first two weeks of October, but by a much lesser annual rate compared to sales. This means that, on the whole, the market continued to tighten with more competition between buyers.
Intense competition between buyers in many neighbourhoods throughout the GTA continued to underpin double-digit annual gains in average selling prices.
Due to the persistent lack of inventory, low-rise market segments experienced the strongest rates of price growth.
However, it is important to point out that the condominium apartment market, particularly in the City of Toronto, also experienced year-over-year price growth in excess of 10 per cent.
Price (Average sale)
416 (Toronto) $751,710
905 (suburbs) $747,351
GTA (both combined) $748,984
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”.
Brian Madigan LL.B., Broker