In its updated Market Watch report released on September 7, TREB announced that the the MLS® Home Price Index (HPI) Composite Benchmark for last month dramatically increased by 17.2 per cent compared to the same time the previous year. This corresponded to a 17.7 per cent year-over-year growth in the average selling price across all residential property types, up to $710,410.
“Population in the GTA continues to grow. The resulting growth in households coupled with favourable economic conditions and low borrowing costs means that we remain on track for another record year for home sales,” TREB director of market analysis Jason Mercer stated.
Sales numbers are also on the rise, with TREB’s MLS® System recording an unprecedented 9,813 successful transactions in August, an increase of 23.5 per cent compared to last year.
“The conditions underlying strong demand for ownership housing remained in place, including a
relatively strong regional economy, growth in average earnings and low borrowing costs,” TREB president Larry Cerqua said.
“Unfortunately, we did not see any relief on the listings front, with the number of new listings
down compared to last year. This situation continued to underpin very strong home price
growth, irrespective of home type or area,” Cerqua added.
Mercer announced that TREB will be releasing new third-party research and consumer/agent survey results in the coming months, with a particular focus on housing supply and the influence of foreign capital.
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August 2016 saw robust price growth and sales numbers in the Toronto housing segment, according to the latest data from the city’s real estate board.