Strong Start to 2016

 TORONTO, February 3, 2016 – Greater Toronto Area REALTORS® reported 4,672 residential transactions through TREB’s MLS® System in January 2016. This result represented an 8.2 per cent increase compared to January 2015. Recent polling conducted for TREB by Ipsos suggested 12 per cent of GTA households were seriously considering the purchase of a home in 2016.  The MLS® Home Price Index Composite Benchmark Price for January 2016 was up by 10.7 per cent on a year-over-year basis. The average selling price over the same period was up by 14.1 per cent. The difference in the annual growth rates for the MLS® HPI and average price was largely due to a greater share of high-end detached homes sold in the regions surrounding the City of Toronto this year compared to last. The MLS® HPI removes the impact of shifts in the share of different property types sold from one year to the next. “Market conditions in January were tighter compared to a year earlier, with an annual increase in sales up against a decline in listings. This is why growth in the MLS® HPI benchmarks continued to be strong, especially for singles, semis and townhouses, where there has been a persistent lack of inventory,” said Jason Mercer, TREB’s Director of Market Analysis.Toronto Real Estate Board Market Watch,

•