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TREB: Record 2015 for Home Sales

The second best sales result on record for December capped off a record year for TREB MLS® home sales in the GTA. Toronto Real Estate Board President Mark McLean announced that there were 4,945 sales reported in December bringing the 2015 calendar year total to 101,299 – a substantial 9.2 per cent increase compared to 2014 as a whole. Strong annual sales increases were experienced for all major home types last year.

“Home ownership is a quality long-term investment that families can live in while the value increases over time. A relatively strong regional economy in the GTA coupled with low borrowing costs kept a record number of households – first-time buyers and existing homeowners alike – confident in their ability to purchase and pay for a home over the long term,” said Mr. McLean.

“If the market had benefitted from more listings, the 2015 sales total would have been greater. As it stands, we begin 2016 with a substantial amount of pent-up demand,” continued Mr. McLean.

The average selling price for 2015 as a whole was $622,217 – up 9.8 per cent compared to $566,624 in 2014. The MLS® HPI Composite Benchmark Price was up by a similar annual rate of 10 per cent in December. GTA home price growth was driven by the low-rise segments of the market, but condominium apartment price growth was generally well-above the rate of inflation as well through 2015.

“TREB will release its official 2016 outlook later in January, but suffice to say that the demand for ownership housing is expected to remain very strong in 2016. Despite stricter mortgage lending guidelines and the possibility of slightly higher borrowing costs, on average, there will be many buyers who remain upbeat on the purchase of ownership housing,” said Jason Mercer, TREB’s Director of Market Analysis.

 

Annual Summary of TREB MLS® Sales and Average Price (Calendar Year)
2015 2014
Sales Average Price New Listings Sales Average Price New Listings
City of Toronto (“416”) 37,326 659,270 64,731 34,893 610,343 61,922
Rest of GTA (“905”) 63,973 600,598 95,789 57,889 540,272 93,920
GTA 101,299 622,217 160,520 92,782 566,624 155,842
 

Annual TREB MLS® Sales & Average Price  By Home Type (Calendar Year)

Sales Average Price
416 905 Total 416 905 Total
Detached 11,991 36,666 48,657 1,047,483 728,015 806,744
Yr./Yr. % Change 1.7% 10.5% 8.2% 12.6% 12.1% 11.6%
Semi-Detached 3,646 6,571 10,217 736,082 492,643 579,516
Yr./Yr. % Change 2.2% 7.3% 5.4% 10.3% 11.0% 10.1%
Townhouse 3,977 11,857 15,834 542,406 449,218 472,624
Yr./Yr. % Change 8.0% 9.8% 9.3% 10.0% 10.4% 10.2%
Condo Apartment 17,404 7,327 24,731 405,589 317,572 379,512
Yr./Yr. % Change 12.0% 15.0% 12.9% 5.0% 5.0% 4.9%

 

Summary of TorontoMLS Sales and Average Price December 1 – 31, 2015
2015 2014
Sales Average Price New Listings Sales Average Price New Listings
City of Toronto (“416”) 1,999 626,942 2,029 1,755 572,111 1,885
Rest of GTA (“905”) 2,946 597,009 2,754 2,663 545,812 2,528
GTA 4,945 609,110 4,783 4,418 556,259 4,413

 

TorontoMLS Sales & Average Price  By Home Type December 1 – 31, 2015
Sales Average Price
416 905 Total 416 905 Total
Detached 571 1,563 2,134 1,039,638 747,229 825,470
Yr./Yr. % Change 10.9% 8.5% 9.2% 11.8% 11.7% 11.9%
Semi-Detached 158 319 477 743,738 495,551 577,760
Yr./Yr. % Change 23.4% 12.7% 16.1% 20.8% 9.8% 15.0%
Townhouse 215 577 792 535,283 451,971 474,588
Yr./Yr. % Change 23.6% 16.6% 18.4% 12.7% 6.9% 8.8%
Condo Apartment 1,038 426 1,464 400,088 325,036 378,249
Yr./Yr. % Change 12.5% 16.4% 13.6% 3.2% 8.2% 4.2%

 

December 2015 Year-Over-Year Per Cent Change in the MLS® HPI
  Composite (All Types) Single-Family Detached Single-Family Attached Townhouse Apartment
TREB Total 10.01% 11.57% 11.02% 10.62% 4.70%
Halton Region 10.31% 10.28% 10.42% 11.11%
Peel Region 9.60% 10.20% 10.28% 10.65% 5.64%
City of Toronto 7.66% 10.05% 8.59% 9.02% 4.30%
York Region 14.31% 14.82% 14.57% 16.47% 6.49%
Durham Region 12.27% 12.25% 13.80% 9.31% 5.36%
Orangeville 11.70% 11.95% 10.81%
South Simcoe County1 13.99% 12.88% 15.38%
1South Simcoe includes Adjala-Tosorontio, Bradford West Gwillimbury, Essa, Innisfil and New Tecumseth
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