Ontario August Market Update

September 20, 2016 by

Ontario home sales set new August record

Highlights
  • Residential sales up 17.2% in August 2016 compared to a year earlier.
  • New listings in Ontario numbered 28,562 units in August 2016, a decrease of 3.2% compared to last year.
  • The provincial average price of homes in August 2016 rose 16.2% compared to a year earlier.
  • There were just 2.1 months of inventory at the end of August 2016.

 

 
Unit Sales

Residential sales activity reported through the MLS® Systems of real estate Boards and Associations in Ontario numbered 22,350 units in August 2016, up 17.2% from a year earlier.
 
Newly Listed Units

New listings on the MLS® Systems of real estate boards in Ontario numbered 28,562 units in August 2016, a decrease of 3.2% from a year earlier.

 

 
Average House Price

The provincial average price for homes sold in August 2016 was a record $518,586, rising 16.2% from a year earlier.
 

 

Months of Inventory

There were just 2.1 months of inventory at the end of August 2016, down from 3.6 months from the same time one year ago. The number of months of inventory is the number of months it would take to sell current inventories at the current rate of sales activity.

 

 
Sales to New Listings Ratio

The Ontario sales-to-new listings ratio was 72.4% in August 2016. A sales-to-new listings ratio between 40 and 60 percent is generally consistent with balanced housing market conditions, with readings below and above this range indicating buyers’ and sellers’ markets respectively.

 

Source: The Canadian Real Estate Association. Monthly Stats Report.
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