Source: Toronto Real Estate Board
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
For full July 2016 GTA housing resale statistics click here.