Cindie Carr-Harris
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TORONTO REAL ESTATE BOARD OCTOBER MARKET WATCH
Monday, 07 November 2016, 02:25:00 PM

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

surrounding Toronto.

“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.

Cerqua.

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

whole.

“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.

 

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