GTA Realtors Release Mid October Statistics

October 16, 2015 – Toronto Real Estate Board Members reported 3,889 sales through the TREB MLS® System during the first two weeks of October 2015. Broken down by major market segment, the strongest annual growth in sales was in the townhouse segment, followed by condominium apartments and semi-detached houses. Detached home sales were down on a year-over-year basis.

With sales up year-over-year in the first two weeks of the fourth quarter, we remained on track for a record year for home sales reported by Greater Toronto Area REALTORS®. It is also interesting to note that the number of new listings entered into TREB’s MLS® System were also up compared to the same period in 2014 and by a greater annual rate than sales. If this trend continues for the remainder of October, this will be the third straight month where new listings growth outstripped sales growth.

If listings grow at a quicker pace than sales over the next year, especially in the low-rise market segments, we would see more choices for buyers, which could translate into more moderate rates of price growth.

The average selling price for all home types combined was $623,508. This represented an increase of 6.8 per cent compared to the first two weeks of October 2014. The strongest annual rates of price growth were noted for semi-detached houses and townhouses, at 10.5 per cent. The average price for the condominium apartment segment, which remains better supplied compared to the low-rise home type market segments, was up by a more moderate annual rate of 3.9 per cent.

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Source: Toronto Real Estate Board