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
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
"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.