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
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.