From the Toronto Real Estate Board:

September 16, 2016 – Greater Toronto Area REALTORS® reported 3,847 home sales through TREB’s
MLS® System during the first 14 days of September 2016. This result represented a 19.1 per cent
increase compared to the first two weeks of September 2015. Annual sales growth was strongest for
condominium apartments, but double-digit increases were also noted for low-rise home types on a GTAwide
basis.

The supply of listings, or lack thereof, continued to be an issue in the TREB Market Area. The number of
new listings was down by 4.4 per cent compared to the same period last year. The decline for the TREB
Market Area as a whole was entirely due to a dip in new listings in the City of Toronto. This lack of listings
in the ‘416’ area code likely played a role in the slower annual rate of sales growth in the City of Toronto
versus the surrounding regions.

Average selling prices were up strongly year-over-year for all major home types. This speaks to the
widespread market tightness in the GTA today, with intense competition between buyers of all types of
ownership housing.

The conditions underlying strong demand for ownership housing, including relatively healthy labour
market conditions and the continuation of low borrowing costs, remain in place. With this in mind, the
persistent lack of inventory should result in further robust price growth for the remainder of 2016.

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