Cindie Carr-Harris
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TORONTO REAL ESTATE BOARD SEPTEMBER MARKET WATCH
Thursday, 06 October 2016, 03:00:00 PM

TORONTO, 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.

 

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