Wednesday, April 06, 2016

Residential Real Estate Market in the GTA April 2016 Highlights of the latest report from TREB

Greetings from Fabulous Mississauga!

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

  • The Average price for last month was $688,181 (it was $685,278 the previous month) and this represents aver a 12.1% increase compared to the same month last year- see graph of prices here
  • Sales volumes were 10,326 (it was 7,621 last month) and this an 15.8% increase from the same month last year
  • The 2015 calendar year total number of sales was 101,299 – a substantial 9.2 per cent increase compared to 2014 as a whole
  • There were 22,575 sales in the first quarter of 2016 and the year-over-year growth rate for sales was 15.8 per cent for Q1 2016.
     
  • The Bank of Canada Prime Lending Rate now stands at 2.70% steady (since July 2015) read more




Strong Growth in Home Sales in March/Q1


TORONTO, April 5, 2016 – Toronto Real Estate Board President Mark McLean announced record TREB MLS® home sales for the first quarter of 2016 following a strong result for March transactions.

There were 10,326 sales in March and 22,575 sales in the first quarter.

The year-over-year growth rate for sales was 15.8 per cent for Q1 2016 and 16.2 per cent for March 2016. For the TREB market area as a whole, double-digit year-over-year rates of sales growth were experienced for all major home types during the first quarter.

The positive annual growth in sales was not mirrored on the listings front. The number of new listings entered into TREB's MLS® System during March and the first quarter were down compared to the same periods in 2015.

“At the beginning of 2016, TREB’s outlook for the year pointed to a strong possibility of a second consecutive record year for home sales. This outlook was based, in part, on upbeat consumer survey results pointing to robust home buying intentions. It is clear that these upbeat intentions have translated into record first quarter results,” said Mr. McLean.

The MLS® Home Price Index Composite Benchmark for March 2016 was up by 11.6 per cent compared to March 2015.

The average selling price for all home types combined was up 12.1 per cent year-over-year in March and 13.6 per cent in the first quarter.

“Demand was clearly not an issue in the first three months of 2016, regardless of the housing market segment being considered. The supply of listings, however, continued to aggravate many would-be home buyers. We could have experienced even stronger sales growth were it not for the constrained supply of listings, especially in the low-rise market segments.

The resulting strong competition between buyers has underpinned the double-digit rates of price growth experienced so far this year," said Jason Mercer, TREB’s Director of Market Analysis.


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

Mississauga4Sale.com


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