TREB has reported a Strong Growth for the Month of March
The housing market has showing a strong growth in home sales for the first quarter of 2016, after a strong result for March transaction, according to Mark McLean, President of Toronto Real Estate Board. 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. The first quarter saw a growth for all major home types and the market asa whole, saw double-digits for the year-over-year sales growth rate.
However, TREB also reported that the positive annual growth in sales was not reflected on the listing side. The number of new listings posted into TREB’s MLS database during the month of March and the first quarter showed a decline compared to the same periods last year (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.(Strong Growth in Home Sales – TREB March Report)
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. (Strong Growth in Home Sales – TREB March Report)
“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.(Strong Growth in Home Sales – TREB March Report)