Highlights Latest Report from TREB Market Watch for the Residential Real Estate Market in the GTA March 2016

Highlights of the latest report from TREB for the Residential Real Estate Market in the GTA

• The Average price for last month was $685,278 (it was $631,092 the previous month) and this represents aver a 11.1% increase compared to the same month last year
  
  - see graph of prices here
  
• Sales volumes were 7,621 (it was 4,672 last month) and this an 21.1% increase from the same month last year  
• The Bank of Canada Prime Lending Rate now stands at 0.50% since July 2015 read more
  
  read more
  
• See more at this page about average prices and read the TREB full price and data report below.

This is the full price and data report from TREB for last month

Record February Sales

TORONTO, March 3, 2016 – Toronto Real Estate Board President Mark McLean announced Greater Toronto Area REALTORS® reported a record number of home sales through TREB’s MLS® System in February 2016. There were 7,621 transactions reported this past February – up 21.1 per cent compared to February 2015.

The number of new listings entered into TREB’s MLS® System was also up on a year-over-year basis, but by a lesser 8.2 per cent. The fact that the annual rate of sales growth outstripped the annual rate of price growth shows a tightening of market conditions compared to last year.

“Even after accounting for the leap year day, sales were above the previous record for February set back in 2010. Sales were up strongly from the 15th day of the month onward as well, despite the new federal mortgage lending guidelines coming into effect that require at least a 10 per cent down payment on the portion of purchase prices between $500,000 and $1,000,000,” said Mr. McLean.

Seller’s market conditions continued throughout the GTA in February. Strong competition between buyers resulted in a healthy growth in selling prices. The MLS® Home Price Index (HPI) Composite Benchmark was up by 11.3 per cent year-over year.

The average selling price was up by 14.9 per cent annually to $685,278.

“Recent polling conducted for TREB by Ipsos suggested that GTA households will remain upbeat about purchasing a home in 2016. Early sales results for January and February certainly support this view. 

With strong sales up against a constrained supply of listings, home prices continued to trend strongly upward,” said Jason Mercer, TREB’s Director of Market Analysis.

All the Best!

Mark

I hope this finds you Happy and Healthy!

All the Best!

Mark

A. Mark Argentino
P. Eng. Broker
Specializing in Residential & Investment Real Estate
RE/MAX Realty Specialists Inc.
Providing Full-Time Professional Real Estate Services since 1987
BUS 905-828-3434
FAX 905-828-2829  CELL 416-520-1577
mark@mississauga4sale.com

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