Toronto’s Market in January 2016
Everyone wants to know “how the market’s going”. This is conversation just about everywhere these days.
Reproduced below is a copy of the recently released report from TREB.
"Strong Start to 2016 TORONTO,
February 3, 2016 – Toronto Real Estate Board President Mark McLean announced Greater Toronto Area REALTORS® reported 4,672 residential transactions through TREB’s MLS® System in January 2016.
This result represented an 8.2 per cent increase compared to January 2015. “It is clear that the handoff from 2015 to 2016 was a strong one. This is not surprising given that recent polling conducted for TREB by Ipsos suggested 12 per cent of GTA households were seriously considering the purchase of a home in 2016.
Buying intentions are strong for this year as households continue to see home ownership as an affordable long-term investment,” said McLean. The MLS® Home Price Index Composite Benchmark Price for January 2015 was up by 11.2 per cent on a year-over-year basis.
The average selling price over the same period was up by 14.1 per cent. The difference in the annual growth rates for the MLS® HPI and average price was largely due to a greater share of high-end detached homes sold in the regions surrounding the City of Toronto this year compared to last.
The MLS® HPI removes the impact of shifts in the share of different property types sold from one year to the next. “Market conditions in January were tighter compared to a year earlier, with an annual increase in sales up against a decline in listings.
This is why growth in the MLS® HPI benchmarks continued to be strong, especially for singles, semis and townhouses, where there has been a persistent lack of inventory,” said Jason Mercer, TREB’s Director of Market Analysis."
That was the report from TREB. If you would like to discuss buying of selling a property, please give me a call.
Brian Madigan LL.B., Broker