Tuesday, December 6, 2016

■Market Watch-December, 2016

Tight Market Conditions in November

December 2, 2016 -- Toronto Real Estate Board President Larry Cerqua announced that Greater Toronto Area REALTORS® reported 8,547 home sales through TREB's MLS® System in November 2016. This result represented a 16.5 per cent increase compared to November 2015.

For the TREB market area as a whole, sales were up on a year-over-year basis for all major home types. The strongest annual rates of sales growth were experienced for the townhouse and condominium apartment segments.

"Home buying activity remained strong across all market segments in November. However, many would-be home buyers continued to be frustrated by the lack of listings, as annual sales growth once again outstripped growth in new listings. Seller's market conditions translated into robust rates of price growth," said Mr. Cerqua.

The MLS® Home Price Index (HPI) Composite Benchmark was up by 20.3 per cent compared to November 2015. The average selling price at $776,684 was up by 22.7 per cent on a year-over-year basis.

"Recent policy initiatives seeking to address strong home price growth have focused on demand. Going forward, more emphasis needs to be placed on solutions to alleviate the lack of inventory for all home types, especially in the low-rise market segments," said Jason Mercer, TREB's Director of Market Analysis.

Friday, November 4, 2016

■Market Watch-November, 2016

October Home Sales Up Year-Over-Year

November 3, 2016 -- Toronto Real Estate Board President Larry Cerqua announced that Greater Toronto Area REALTORS® reported a record 9,768 sales through TREB's MLS® System in October 2016 – up by 11.5 per cent compared to October 2015. For the TREB market area as a whole, the largest annual rate of sales growth was in the condominium apartment market segment. Detached home sales were up by 10 per cent year-over-year, driven predominantly by transactions in the regions surrounding Toronto.

"The record pace of GTA home sales continued in October, with strong growth observed throughout the month. As we move through November and December, we will be watching the sales and listings trends closely, in light of the recent policy changes announced by the Federal Minister of Finance. TREB will once again be conducting consumer survey work, in order to report on home buying intentions for 2017," said Mr. Cerqua.

The MLS® Home Price Index Composite Benchmark was up by 19.7 per cent on a yearover- yeaThe MLS® Home Price Index Composite Benchmark was up by 19.7 per cent on a year-over-year basis in October 2016. Similarly, the average selling price for all home types combined was $762,975 – up 21.1 per cent over the same time period. Double-digit increases were experienced for all major home types for the TREB Market Area as a whole.

"New listings were up slightly in October compared to last year, but not nearly enough to offset the strong sales growth. This meant that seller's market conditions continued to prevail as buyers of all home types experienced intense competition in the marketplace. Until we experience sustained relief in the supply of listings, the potential for strong annual rates of price growth will persist, especially in the low-rise market segments," said Jason Mercer, TREB's Director of Market Analysis.

Monday, October 24, 2016

■Condo & Rental Market Report | Q3 2016

Condo Sales and Average Price Up in Q3 2016

TORONTO, October 24, 2016 – Toronto Real Estate Board President Larry Cerqua announced that condominium apartment sales reported through TREB’s MLS® System in the third quarter of 2016 were up by 22.1 per cent on a year-over-year basis to 8,014. Over the same period, new listings for condominium apartments were down by 13.3 per cent. “While the low-rise market has been top-of-mind in the supply discussion, it is very important to note that supply pressures have also been experienced in the condominium apartment market segment over the past year. The completion of new units was down substantially during the first three quarters of 2016 compared to the same period in 2015. This arguably played a role in the decline in new condominium apartment listings on TREB’s MLS® System,” said Mr. Cerqua. The average price of a condominium apartment in the Q3 2016 was $415,643 – up 9.6 per cent compared to Q3 2015. The MLS® Home Price Index (HPI) apartment benchmark price was up by a similar amount on an annual basis throughout the third quarter. “The annual rate of condominium apartment price growth has accelerated over the past year as the supply of units available for sale became more constrained while demand remained strong. With this said, however, annual rates of price growth remain well-below those for low-rise home types. Condo apartments continue to be an affordable entry point into home ownership for first-time buyers,” said Jason Mercer, TREB’s Director of Market Analysis.



Rental Market Tightened in Q3 2016

TORONTO, October 24, 2016 – Toronto Real Estate Board President Larry Cerqua announced that the number of lease agreements signed for condominium apartments listed on TREB’s MLS® System was down by 4.8 per cent on a year-over-year basis to 9,164 in the third quarter of 2016 compared to 9,629 a year earlier. Over the same period, the number of condominium apartments listed for rent was down by a greater annual rate of 17.3 per cent. “Demand remains very strong for condominium apartments in the Greater Toronto Area. The key issue in the third quarter was the fact that there was a pronounced decline in the number of units available for rent. The dip in the supply of available rental units can be attributed, at least in part, to fewer condominium project completions during the first three quarters of 2016 compared to last year. This suggests that there were fewer newly completed investor-held units available for rent,” said Mr. Cerqua. Average one-bedroom and two-bedroom condominium apartment rents were up substantially in the third quarter compared to 2015. The average one-bedroom rent was up by 7.2 per cent to $1,777. The average two-bedroom rent was up by 7.9 per cent to $2,419. “Conditions in the condominium apartment rental market tightened substantially in the third quarter, with listings down on a much greater basis relative to rental transactions. This means that competition between renters was enhanced, which fed through into average rent increases well-above the rate of inflation,” said Jason Mercer, the TREB’s Director of Market Analysis.

Friday, October 7, 2016

■This Month in Real Estate | October 2016


■Market Watch-October, 2016

Sales Growth Continues in September

October 5, 2016 -- Toronto Real Estate Board President Larry Cerqua announced that Greater Toronto Area REALTORS® reported 9,902 sales through TREB's MLS® System in September 2016. This result was up by 21.5 per cent compared to September 2015.

For the region as a whole, strong annual rates of sales growth were experienced for all major home types. The pace of detached sales growth was slower in the City of Toronto and the number of semi-detached sales was down compared to last year. In both cases, the year-over year dip in new listings was likely the issue.

"We continued to see strong demand for ownership housing up against a short supply of listings in the Greater Toronto Area in September. The sustained lack of inventory in many neighbourhoods across the GTA continued to underpin high rates of price growth for all home types," said Mr. Cerqua.

Both the MLS® Home Price Index (HPI) Composite Benchmark and the average selling price for all home types combined were up strongly on a year-over-year basis in September. The MLS® HPI Composite Benchmark grew by 18 per cent compared to September 2015. The average selling price was up by 20.4 per cent to $755,755. It is important to remember that the MLS® HPI provides a price growth measure for a benchmark home, thereby allowing for an apples-to apples comparison from one year to the next. The average selling price can be influenced by changes in both market conditions and the mix of homes sold.

"The Toronto Real Estate Board will be closely monitoring how the recent changes to Federal mortgage lending guidelines and capital gains tax exemption rules impact the housing market in the Greater Toronto Area. While these changes are pointed at the demand for ownership housing, it is important to note that much of the upward pressure on home prices in the GTA has been based on the declining inventory of homes available for sale," said Jason Mercer, TREB's Director of Market Analysis.

Tuesday, September 13, 2016

■Market Watch-September, 2016

Strong Sales & Price Growth in August

September 7, 2016 -- Toronto Real Estate Board President Larry Cerqua announced that Greater Toronto Area REALTORS® reported a record 9,813 sales through TREB's MLS® System in August 2016.

While this sales result was 23.5 per cent above the number of transactions reported for August 2015, it is important to note that the majority of sales are reported on working days and there were two additional working days in August 2016 compared to 2015. When the year-over-year discrepancy in working days is accounted for, the annual percentage change in sales is closer to 13 per cent.

"The conditions underlying strong demand for ownership housing remained in place, including a relatively strong regional economy, growth in average earnings and low borrowing costs. Unfortunately, we did not see any relief on the listings front, with the number of new listings down compared to last year. This situation continued to underpin very strong home price growth, irrespective of home type or area," said Mr. Cerqua.

The MLS® Home Price Index (HPI) Composite Benchmark for August 2016 was up by 17.2 per cent on a year-over-year basis. Similarly, the average selling price for all home types combined was up by 17.7 per cent on an annual basis to $710,410. Both the MLS® HPI benchmarks and average prices for low-rise home types were up by double digits percentage-wise.

"Population in the GTA continues to grow. The resulting growth in households coupled with favourable economic conditions and low borrowing costs means that we remain on track for another record year for home sales. Against this backdrop, TREB will also be releasing new third-party research, and consumer and REALTOR® survey results throughout the fall and winter, with discussions focusing on foreign buying activity and issues affecting the supply of ownership housing," said Jason Mercer, TREB's Director of Market Analysis.

Monday, August 22, 2016

■Condo & Rental Market Report | Q2 2016

Condo Market Conditions Tighten in Q2 2016

July 21, 2016 -- Toronto Real Estate Board President Larry Cerqua announced another very strong quarter for condominium apartment sales in Q2 2016. Greater Toronto Area REALTORS® reported 8,965 condo apartment sales between the beginning of April and end of June. This result represented an increase of 17.4 per cent in comparison to the same period in 2015.

"TREB REALTOR® Members are involved in all aspects of the condominium apartment market in the Greater Toronto Area, from working with buyers at the pre-construction stage of development through to the resale or rental of existing units. While we have certainly seen a lot of condo construction over the last few years, project completions have not resulted in a glut of inventory. Over the past year, we have actually experienced tighter market conditions and accelerating annual rates of price growth," said Mr. Cerqua.

The average selling price of a condominium apartment in Q2 2016 was $415,326 – up 7.1 per cent compared to Q2 2015. The MLS® Home Price Index apartment benchmark price was up by a similar 7.9 per cent at the end of June.

"Similar to the low-rise market segments, we have seen growth in condo sales outstrip growth in condo listings this year. Seller's market conditions exist for condominium apartments in many parts of the GTA including Toronto's downtown core. This is why we are seeing average price growth well-above the rate of inflation," said Jason Mercer, TREB's Director of Market Analysis.

Wednesday, August 10, 2016

■Market Watch-August, 2016

Strong July Price Growth

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.

Monday, July 11, 2016

■This Month in Real Estate | July 2016


■Market Watch-July, 2016

Spring Market Capped Off with Strong June

July 6, 2016 -- Toronto Real Estate Board President Larry Cerqua announced that Greater Toronto Area REALTORS® reported 12,794 residential transactions through TREB's MLS® System in June 2016. This result was 7.5 per cent higher than the 11,905 sales reported in June 2015. In line with the prevailing trend so far this year, the number of new listings was down by 3.8 per cent.

"As I start my term as TREB President, we are certainly in an interesting environment for ownership housing. There is no doubt that demand is at a record level, but would-be home buyers continue to face an uphill battle against a constrained supply of listings, which has perpetuated strong price growth. Buyers and sellers alike continue to benefit from the value a REALTOR® brings to a transaction," said Mr. Cerqua.

"As the federal, provincial and local levels of government discuss housing policy in the coming months, issues affecting the lack of supply in the GTA should be of paramount importance. TREB will be undertaking, and making public, results of additional research in the second half of 2016, with the goal of proactively adding to the housing policy discussion," added Mr. Cerqua.

The MLS® Home Price Index Composite Benchmark was up by 16 per cent on a year- overyear basis. The average selling price for all home types combined was up by a slightly higher annual rate of 16.8 per cent to $746,546. The single-detached, semi- detached and townhouse market segments led the way in terms of price growth.

"When TREB surveyed consumer intentions for 2016, we found that the majority of GTA households who were likely to purchase a home continued to be pointed towards some form of ground oriented housing. This is why we continue to see strong competition between buyers in many neighbourhoods where supply remains constrained," said Jason Mercer, TREB's Director of Market Analysis.

Sunday, June 5, 2016

■Market Watch-June, 2016

Strong Sales Growth Continues in May

June 3, 2016 -- Toronto Real Estate Board President Mark McLean announced that there were 12,870 home sales reported through TREB's MLS® System in May 2016. This result represented a new record for the month of May and a 10.6 per cent increase over the same period last year. In contrast, the number of new listings was down over the same time frame by 6.4 per cent. The decline in listings was experienced in both the low-rise and condominium apartment market segments.

"Whether we're talking about existing homeowners or people looking to purchase for the first time, there is no shortage of buyers in the marketplace today. So, while the record number of home sales through the first five months of 2016 is not necessarily surprising, it does sometimes mask the larger story in the GTA: the shortage of listings, which has resulted in strong upward pressure on home prices," said Mr. McLean.

The MLS® Home Price Index Composite Benchmark was up by 15 per cent year-over year in May 2016. Similarly, the average selling price for all home types combined was up by 15.7 per cent over the same period. Low-rise home types, which remained in short supply in many GTA neighbourhoods, experienced the strongest price growth.

"Widespread competition between buyers of singles, semis and townhouses across the GTA has underpinned the robust annual rates of price growth experienced so far this year. With this said, however, it is also important to understand that tighter market conditions for condominium apartments have resulted in price growth well above the rate of inflation in this market segment as well," said Jason Mercer, TREB's Director of Market Analysis.

Tuesday, May 10, 2016

■This Month in Real Estate | May 2016


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Thursday, May 5, 2016

■Condo & Rental Market Report | Q1 2016

Strong Condo Sales and Price Growth in Q1 2016

April 22, 2016 
-- Toronto Real Estate Board President Mark McLean announced that Greater Toronto Area REALTORS® reported 5,974 condominium apartment sales through TREB's MLS® System during the first quarter of 2016 – an increase of 21.2 per cent compared to the first quarter of 2015. Approximately 70 per cent (4,131 sales) of first quarter 2016 transactions occurred in the City of Toronto.

The same annual rate of growth was not experienced for new listings. There were 11,112 new condominium apartment listings entered into TREB's MLS® System in the first quarter – down 1.7 per cent compared to the same period in 2015.

"It is clear that the demand for condominium apartments more than kept up with the supply of listings in the first quarter of this year. This housing type is an important entry point into home ownership for a lot of GTA households, particularly in the City of Toronto. Recent polling undertaken for TREB by Ipsos suggested that approximately half of home purchases made in the GTA this year would be accounted for by first-time buyers," said Mr. McLean.
The average condominium apartment selling price was $393,589 in the first quarter – up 8.1 per cent compared to Q1 2015. Similarly, the MLS® Home Price Index benchmark price for apartments was up by 7.1 per cent on a year-over-year basis at the end of March.

"While the condominium apartment market segment remains the best supplied in the GTA, market conditions have tightened considerably since the first quarter of 2015. Not surprisingly, the pace of year-over-year price growth has accelerated over the same period of time," said Jason Mercer, TREB's Director of Market Analysis.


Robust Average Rent Increases in Q1 2016

April 22, 2016 – Toronto Real Estate Board President Mark McLean announced 6,458 condominium apartment rental transactions reported through TREB’s MLS® System during the first quarter of 2016. This result represented a year-over-year increase of 6.5 per cent compared to the first quarter of 2015. “It’s not just the home ownership market that is tight in the Greater Toronto Area. Demand for condominium apartment rentals remained very strong relative to available listings. As a result, strong competition between renters prompted very strong growth in average rents, particularly for the popular one-bedroom and two-bedroom apartment categories,” said Mr. McLean. The average one-bedroom apartment rent was $1,662 in the first quarter – up 4.8 per cent compared to the same period in 2015. The average two bedroom rent climbed by 8.9 per cent to $2,375 on a year-over-year basis. “Even with record and near-record completions over the last few years, condominium apartment vacancy rates have remained low. Renters looking for new apartments in popular neighbourhoods are by and large pointed at investor-held condominium apartments. This is why new rental listings have been absorbed in short order and average rents have trended upwards over the past year,” said Jason Mercer, TREB’s Director of Market Analysis.

■Market Watch-May, 2016

Record Home Sales in April

May 4, 2016 -- Toronto Real Estate Board President Mark McLean announced that there were 12,085 sales reported through TREB's MLS® System in April 2016. This result, which represented a record for the month of April, was up by 7.4 per cent in comparison to April 2015.

For the TREB market area as a whole, annual sales growth was experienced for all major home types except semi-detached houses. In the City of Toronto, sales were down for detached and semi-detached houses as well as townhouses on a year-over-year basis. This dip in sales in the '416' area code was due to a lack of low-rise listings. Many would-be buyers were not able to find a home that met their needs.

"While April's sales result represented a new record for sales, that number could have been even higher if we had benefitted from more supply. In the City of Toronto in particular, some households have chosen not to list their home for sale because of the second substantial Land Transfer Tax and associated administration fee. The lack of available inventory, coupled with record sales, continued to translate into robust annual rates of price growth," said Mr. McLean.

Home selling prices continued to trend upward in April. The MLS® Home Price Index Composite Benchmark was up by 12.6 per cent year-over-year. The average selling price was up by 16.2 per cent. The higher growth rate reported for the average home price, as compared to the MLS® HPI, points to a greater share of high-end home sales this year compared to last.

"As we move into the busiest time of the year, in terms of sales volume, strong competition between buyers will continue to push home prices higher. A greater supply of listings would certainly be welcome, but we would need to see a number of consecutive months in which listings growth outpaced sales growth before market conditions become more balanced," said Jason Mercer, TREB's Director of Market Analysis.

Wednesday, April 6, 2016

■Condo & Rental Market Report | Q4 2015

Condo Market Tightened in Q4 2015

January 27, 2016 - Toronto Real Estate Board President Mark McLean announced that Greater Toronto Area REALTORS® reported 5,595 condominium apartment sales through TREB's MLS® System during the fourth quarter of 2015. This result was up by 12.6 per cent compared to the same period in 2014.

Over the same period of time, the number of new condominium apartment listings entered into TREB's MLS® System was also up, but by a substantially lower annual rate compared to sales, at 3.3 per cent. The result was tighter market conditions compared to a year earlier.

"The condominium apartment segment is integral to the overall housing market in the Greater Toronto Area. Over the past decade, the trend has been to increasingly build up due to provincial land use policies. As new projects have completed, a number of investor-held units have been listed for sale on TREB's MLS® System. These units have been absorbed quite rapidly, with enough demand relative to supply to prompt continued price growth," said Mr. McLean.

The average selling price for condominium apartments in the fourth quarter was up by 4.1 per cent year over year to $382,070. Throughout the fourth quarter, the MLS® Home Price Index (HPI) Apartment Benchmark Price was up by between four and six per cent on an annual basis.

"First-time buyers account for approximately half of all buyers in the GTA and even more so in the City of Toronto. Condominium apartments represent an important entry point into home ownership for a lot of households. This is a key reason why we experienced continued growth in sales for this home type over the past year," said Jason Mercer, TREB's Director of Market Analysis.


Strong Average Rent Growth in Q4 2015

January 27, 2016 - Toronto Real Estate Board President Mark McLean announced that Greater Toronto Area REALTORS® reported 6,073 condominium apartment rentals through TREB’s MLS® System in the fourth quarter of 2015. This result represented a substantial 20.7 per cent increase compared to 5,032 rentals reported in Q4 2014. “While the ownership market is often top-of-mind when we think about condominium apartments in the GTA, it is important to remember that investor-held condos have become an increasingly important source of rental supply. Renters looking for mid- to high-end units have tended to be pointed at condo rentals. Strong demand resulted in tighter market conditions in Q4,” said Mr. McLean. Year-over-year growth in rental transactions outstripped growth in the number of units listed during the quarter. This suggests that competition between renters increased, which explains above-inflation rent increases for one- and two-bedroom condo apartments. “Tighter rental market conditions resulted in strong increases in average rents compared to last year. Looking forward into 2016, expect rent growth to remain strong if we continue to see growth in the number of transactions outpace growth in the number of units listed for rent,” said Jason Mercer, TREB’s Director of Market Analysis.

■Market Watch-April, 2016

Strong Growth in Home Sales in March/Q1

April 5, 2016 -- Toronto Real Estate Board President Mark McLean announced record TREB MLS® home sales for the first quarter of 2016 following a strong result for March transactions. There were 10,326 sales in March and 22,575 sales in the first quarter. The year-over-year growth rate for sales was 15.8 per cent for Q1 2016 and 16.2 per cent for March 2016. For the TREB market area as a whole, double-digit year-over-year rates of sales growth were experienced for all major home types during the first quarter.

The positive annual growth in sales was not mirrored on the listings front. The number of new listings entered into TREB's MLS® System during March and the first quarter were down compared to the same periods in 2015.

"At the beginning of 2016, TREB's outlook for the year pointed to a strong possibility of a second consecutive record year for home sales. This outlook was based, in part, on upbeat consumer survey results pointing to robust home buying intentions. It is clear that these upbeat intentions have translated into record first quarter results," said Mr. McLean.

The MLS® Home Price Index Composite Benchmark for March 2016 was up by 11.6 per cent compared to March 2015. The average selling price for all home types combined was up 12.1 per cent year-over-year in March and 13.6 per cent in the first quarter.

"Demand was clearly not an issue in the first three months of 2016, regardless of the housing market segment being considered. The supply of listings, however, continued to aggravate many would-be home buyers. We could have experienced even stronger sales growth were it not for the constrained supply of listings, especially in the low-rise market segments. The resulting strong competition between buyers has underpinned the double-digit rates of price growth experienced so far this year," said Jason Mercer, TREB's Director of Market Analysis.

Friday, March 4, 2016

■Market Watch-March, 2016

Record February Sales

March 3, 2016 -- Toronto Real Estate Board President Mark McLean announced Greater Toronto Area REALTORS® reported a record number of home sales through TREB's MLS® System in February 2016. There were 7,621 transactions reported this past February – up 21.1 per cent compared to February 2015.

The number of new listings entered into TREB's MLS® System was also up on a year-over-year basis, but by a lesser 8.2 per cent. The fact that the annual rate of sales growth outstripped the annual rate of new listings growth shows a tightening of market conditions compared to last year.

"Even after accounting for the leap year day, sales were above the previous record for February set back in 2010. Sales were up strongly from the 15th day of the month onward as well, despite the new federal mortgage lending guidelines coming into effect that require at least a 10 per cent down payment on the portion of purchase prices between $500,000 and $1,000,000," said Mr. McLean.

Seller's market conditions continued throughout the GTA in February. Strong competition between buyers resulted in a healthy growth in selling prices. The MLS® Home Price Index (HPI) Composite Benchmark was up by 11.3 per cent year-overyear. The average selling price was up by 14.9 per cent annually to $685,278.

"Recent polling conducted for TREB by Ipsos suggested that GTA households will remain upbeat about purchasing a home in 2016. Early sales results for January and February certainly support this view. With strong sales up against a constrained supply of listings, home prices continued to trend strongly upward," said Jason Mercer, TREB's Director of Market Analysis.

Thursday, February 11, 2016

■Market Watch-February, 2016

Strong Start to 2016

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 2016 was up by 10.7 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.

Sunday, January 17, 2016

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Wednesday, January 6, 2016

■Market Watch-January, 2016

Record TREB MLS® Home Sales in 2015

January 6, 2016 -- The second best sales result on record for December capped off a record year for TREB MLS® home sales in the GTA. Toronto Real Estate Board President Mark McLean announced that there were 4,945 sales reported in December bringing the 2015 calendar year total to 101,299 – a substantial 9.2 per cent increase compared to 2014 as a whole. Strong annual sales increases were experienced for all major home types last year.

"Home ownership is a quality long-term investment that families can live in while the value increases over time. A relatively strong regional economy in the GTA coupled with low borrowing costs kept a record number of households – first-time buyers and existing homeowners alike – confident in their ability to purchase and pay for a home over the long term," said Mr. McLean.

"If the market had benefitted from more listings, the 2015 sales total would have been greater. As it stands, we begin 2016 with a substantial amount of pent-up demand," continued Mr. McLean.

The average selling price for 2015 as a whole was $622,217 – up 9.8 per cent compared to $566,624 in 2014. The MLS® HPI Composite Benchmark Price was up by a similar annual rate of 10 per cent in December. GTA home price growth was driven by the low-rise segments of the market, but condominium apartment price growth was generally well-above the rate of inflation as well through 2015.

"TREB will release its official 2016 outlook later in January, but suffice to say that the demand for ownership housing is expected to remain very strong in 2016. Despite stricter mortgage lending guidelines and the possibility of slightly higher borrowing costs, on average, there will be many buyers who remain upbeat on the purchase of ownership housing," said Jason Mercer, TREB's Director of Market Analysis.