TORONTO, 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
“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.
The MLS® Home Price Index Composite Benchmark was up by 19.7 per cent on a yearover-
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
“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.