Toronto MLS - March selling prices up 14.9 % -Diane Plant, Broker

GTA REALTORS® Release Monthly Resale Housing Market Figures

TORONTO, March 3, 2016 – Toronto Real Estate Board President Mark McLean
announced Greater Toronto Area REALTORS® reported a record number of home sales
through TREB’s MLS® System in February 2016. There were 7,621 transactions reported
this past February – up 21.1 per cent compared to February 2015.

The number of new listings entered into TREB’s MLS® System was also up on a year over-year
basis, but by a lesser 8.2 per cent. The fact that the annual rate of sales growth
outstripped the annual rate of new listings growth shows a tightening of market conditions
compared to last year.

“Even after accounting for the leap year day, sales were above the previous record for
February set back in 2010. Sales were up strongly from the 15th day of the month onward
as well, despite the new federal mortgage lending guidelines coming into effect that
require at least a 10 per cent down payment on the portion of purchase prices between
$500,000 and $1,000,000,” said Mr. McLean.

Seller’s market conditions continued throughout the GTA in February. Strong competition
between buyers resulted in a healthy growth in selling prices. The MLS® Home Price
Index (HPI) Composite Benchmark was up by 11.3 per cent year-over-year. The average
selling price was up by 14.9 per cent annually to $685,278.

“Recent polling conducted for TREB by Ipsos suggested that GTA households will remain
upbeat about purchasing a home in 2016. Early sales results for January and February
certainly support this view. With strong sales up against a constrained supply of listings,
home prices continued to trend strongly upward,” said Jason Mercer, TREB’s Director of
Market Analysis.