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Julia Metus

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Julia Metus

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August 2016 Market and Housing Market Stats

(Published on - 9/17/2016 3:18:17 PM)

The Toronto Real Estate Board announced that the Greater Toronto area reported a record 9813 sales through TREB’s MLS® in August 2016.  There were 2 additional trading days in 2016 compared to 2015 with 7943 sales so the 23.5 per cent increase in transactions, translates to be closer to 13 per cent when the additional trading days are factored into the results.  Check out the graph below for the results for Toronto and neighbouring communities in the Greater Toronto Area (GTA)

 

Demand for ownership housing continues with a strong regional economy, growth in average earnings and low borrowing costs contributing to this demand.  In addition, the number of new listings is down for the same period last year.  Sellers appear to be choosing to "stay put" and renovate versus upsize to fit their needs, given the very competetive buyers market.  It may be very easy to sell your property for top dollar in this market but the low number of properties for sale, makes finding your next home and competing with other buyers for your new property, a much more difficult task. First time buyers entering the market with downpayments (from 5% to under 20%) require Canada Mortgage and Housing Corporation (CMHC) insurance to get get access to interest rates of buyers with downpayments of 20% or more.  While getting the competetive rates is helpful, they are having a difficult time competing with those buyers with higher downpayments who are more likely to put offers on properites without financing conditions.  Because sellers love certainty, I have seen firsthand that they are accepting offers from buyers with lower offers but with no financing conditions.  

 

The MLS® Home Price Index (HPI) for August 2016 was up by 17.2 per cent on a year over year basis to $710,410.  The MLS® HPI

is calculated using a sophisticated statistical model that is a hybrid of both the repeat sales and hedonic price approaches.  The MLS® HPI takes into account a home’s quantitative attributes (e.g. the number of rooms it has; square footage etc.) and qualitative attributes (e.g., whether it has a finished basement, a view etc.).  You can read the full report here.  If you care to review previous reports, contact me at JuliaMetus@RealtyExecutives.com

 

 

Summary of Toronto MLS Sales and Average Price August 1 – 31, 2016

2016

2015

Sales

Average Price

New Listings

Sales

Average Price

New Listings

City of Toronto ("416")

3,416

677,241

4,480

2,793

606,706

4,861

Rest of GTA ("905")

6,397

728,122

7,929

5,150

601,813

7,703

GTA

9,813

710,410

12,409

7,943

603,534

12,564

 

TorontoMLS Sales & Average Price  By Home Type August 1 – 31, 2016

Sales

Average Price

416

905

Total

416

905

Total

Detached

863

3,586

4,449

1,206,637

905,610

964,002

Yr./Yr. % Change

14.8%

24.0%

22.1%

18.3%

23.3%

21.5%

Semi-Detached

208

651

859

774,700

594,033

637,780

Yr./Yr. % Change

-8.8%

15.6%

8.6%

16.4%

20.6%

17.6%

Townhouse

357

1,154

1,511

614,638

536,256

554,775

Yr./Yr. % Change

14.1%

25.8%

22.8%

16.9%

18.4%

17.7%

Condo Apartment

1,964

822

2,786

446,612

349,194

417,869

Yr./Yr. % Change

33.5%

28.6%

32.0%

9.8%

9.2%

9.8%

 

August 2016 Year-Over-Year Per Cent Change in the MLS® HPI

 

Composite (All Types)

Single-Family Detached

Single-Family Attached

Townhouse

Apartment

TREB Total

17.23%

19.90%

18.88%

15.85%

9.52%

Halton Region

19.03%

19.28%

20.13%

16.61%

-

Peel Region

18.06%

18.52%

19.75%

16.29%

12.69%

City of Toronto

13.53%

17.29%

15.12%

14.70%

8.89%

York Region

22.00%

24.31%

21.76%

16.10%

9.14%

Durham Region

20.97%

21.20%

21.96%

18.17%

12.89%

Orangeville

19.26%

19.58%

17.23%

-

-

South Simcoe County1

21.42%

21.49%

21.82%

-

-

 

 

 

 

 

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