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GTA Resale Market – Record Home Sales for October

by Scarlett
November 6, 2015
Category:   Market Updates
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house1TORONTO, November 5, 2015 — Toronto Real Estate Board President Mark McLean announced that Greater Toronto Area REALTORS® reported 8,804 home sales through TREB’s MLS® System in October 2015. This is the best result on record for the month of October.

“It is clear that many GTA households remain upbeat about home ownership because owning a home represents a high quality, long-term investment. We will see a big, new record this year for home sales reported through TREB’s MLS® System,” said Mr. McLean.

“Despite the record October result, I must point out that the Government of Ontario could hamper home sales in the near future. The Wynne government is seriously considering allowing municipalities throughout Ontario to institute a second land transfer tax on top of the existing provincial tax. Recent polling has shown that the great majority of Ontarians oppose this tax and would consider delaying a move if they were forced to bear the additional upfront cost,” added Mr. McLean.

The MLS® Home Price Index (HPI) Composite Benchmark was up by 10.3 per cent year over year in October. Over the same period, the average selling price for all home types combined was up by 7.3 per cent to $630,876. Price growth continued to be driven by the low-rise market segments.

“Record sales coupled with a constrained supply of listings in many GTA neighbourhoods has underpinned very strong price growth throughout 2015. Even if we do see a greater supply of low-rise listings in the marketplace over the next year, market conditions will remain tight enough to see continued price growth well-above the rate of inflation,” said Jason Mercer, TREB’s Director of Market Analysis.

Click here to see Full Report [pdf]

Historic Annual Sales and Average Price [pdf]

 

Summary
of TorontoMLS Sales and Average Price
 – October 1 -31, 2015

2015

2014

Sales

Average Price

New Listings

Sales

Average Price

New Listings

City of Toronto (“416”)

3,431

671,350

5,593

3,404

633,483

5,665

Rest of GTA (“905”)

5,373

605,030

7,746

5,108

557,598

7,724

GTA

8,804

630,876

13,339

8,512

587,945

13,389

 

TorontoMLS Sales & Average Price  By Home Type – October 1
-31, 2015

Sales

Average Price

416

905

Total

416

905

Total

Detached

1,077

3,023

4,100

1,071,394

734,745

823,177

Yr./Yr.
% Change

-9.7%

2.4%

-1.1%

12.5%

9.1%

9.2%

Semi-Detached

381

542

923

747,149

512,234

609,203

Yr./Yr.
% Change

1.9%

4.2%

3.2%

10.0%

13.8%

11.6%

Townhouse

347

1,030

1,377

579,358

456,585

487,524

Yr./Yr.
% Change

-3.6%

9.1%

5.6%

11.2%

10.1%

9.8%

Condo Apartment

1,587

632

2,219

406,792

318,317

381,593

Yr./Yr.
% Change

9.7%

9.7%

9.7%

4.2%

3.0%

3.9%

 

October
2015 Year-Over-Year Per Cent Change in the MLS® HPI

 

Composite (All Types)

Single-Family Detached

Single-Family Attached

Townhouse

Apartment

TREB Total

10.33%

11.67%

11.06%

10.57%

5.23%

Halton Region

9.74%

9.75%

9.75%

8.42%

Peel Region

9.52%

10.07%

10.67%

10.30%

3.66%

City of Toronto

8.21%

10.53%

8.53%

9.27%

5.21%

York Region

14.17%

14.79%

14.59%

14.35%

7.07%

Durham Region

13.02%

12.57%

13.92%

13.39%

9.57%

Orangeville

10.33%

10.60%

10.20%

South Simcoe County1

12.93%

11.47%

14.96%

Source: Toronto Real Estate Board

1South
Simcoe includes Adjala-Tosorontio, Bradford West Gwillimbury, Essa, Innisfil and New Tecumseth

Here is a video from the Toronto Real Estate Board on the September Market Watch for 2015.

Source: (All data and comments in this article is an excerpt from the  market watch report prepared by Toronto Real Estate Board)


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