Full Report: OREA March Statistics

Thursday Apr 21st, 2016

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Ontario Real Estate Association
Insights - Real Estate in Ontario

Ontario home sales just miss setting March record

Highlights

  • Residential sales up 12.2% in March 2016 compared to a year earlier.
  • New listings in Ontario numbered 34,370 units in March 2016, a decrease of 6.2% compared to last year.
  • The provincial average price of homes in March 2016 rises 11.5% compared to a year earlier.
  • There were 2.4 months of inventory at the end of March 2016.

Unit Sales

Residential sales activity reported through the MLS® Systems of real estate Boards and Associations in Ontario numbered 20,974 units in March 2016, up 12.2% from a year earlier.

Newly Listed Units

New listings on the MLS® Systems of real estate boards in Ontario numbered 34,370 units in March 2016, a decrease of 6.2% from a year earlier.

Average House Price

The provincial average price for homes sold in March 2016 was a record $521,178, rising 11.5% from a year earlier.

Months of Inventory

There were just 2.4 months of inventory at the end of March 2016, down from 3.2 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 invetories at the current rate of sales activity.

Sales to New Listings Ratio

The Ontario sales-to-new listings ratio was 66.7% in March 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.

 

Full Report: OREA MARCH STATISTICS

Residential sales activity reported through the MLS® Systems of real estate Boards and Associations in Ontario numbered 20,974 units in March 2016, an increase of 12.2 per cent from a year earlier. This was the second best month of March on record, standing less than one per cent below the record set back in 2010.

Residential sales activity

Nationally, home sales activity also rose 12.2 per cent from year-ago levels in March 2016.

Provincial year-to-date home sales were running 11.7 per cent above the first quarter of 2015. The 46,981 homes that have traded hands so far this year represent the best start to any year on record.

Residential new listings - Canada

The provincial average price for homes sold in March 2016 was a record $521,178, rising 11.5 per cent from a year earlier.

The national average price, by comparison, rose 15.7 per cent on a year-over-year basis to $508,567.

The year-to-date average price for Ontario was $506,035, rising 11.9 per cent from a year earlier.

Residential average price

New listings on the MLS® Systems of real estate boards in Ontario numbered 34,370 units in March, a decrease of 6.2 per cent from a year earlier.

Active residential listings numbered 49,542 units at the end of March, down 17.8 per cent from one year earlier. Supply has now fallen to the lowest level in over a decade.

Residential average price - year over year

There were just 2.4 months of inventory at the end of March 2016, down from 3.2 months at the same time one year ago and below the long-run average for this time of year. 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.

National residential average price

The value of all home sales in the province totalled $10.9 billion in March 2016, an increase of 25 per cent from March 2015. The dollar volume of all home sales in Canada was up 29.8 per cent on a year-over-year basis.

Sales of all property types in Ontario numbered 22,036 units in March, up 12.7 per cent from March 2015. The value of those sales amounted to $11.2 billion, rising 25.2 per cent from a year earlier.

Ontario Monthly Summary
March 2016 Residential Sales Year-Over-Year % Change Residential Average Price Year-Over-Year % Change
Central1 10,982 14.0 $695,227 12.6
Eastern2 1,738 -1.4 $333,524 2.1
Northeastern3 1,837 15.1 $340,997 12.0
Northern4 594 -0.8 $202,534 -4.4
Southern5 3,477 10.6 $400,727 9.3
Western6 2,346 19.9 $245,738 6.0
Ontario 20,974 12.2 $521,178 11.5

 

Ontario Year-To-Date Summary
YTD 2016 Residential Sales Year-Over-Year % Change Residential Average Price Year-Over-Year % Change
Central1 24,068 13.3 $682,798 13.9
Eastern2 3,979 1.9 $324,878 0.5
Northeastern3 4,030 11.5 $326,804 9.8
Northern4 1,380 -2.5 $197,274 -2.0
Southern5 8,113 11.7 $387,880 7.5
Western6 5,411 17.5 $242,398 7.7
Ontario 46,981 11.7 $506,035 11.9

 

1 Oakville-Milton, Greater Toronto
2 Cornwall, Kingston and Area, Ottawa, Renfrew County, Rideau-St. Lawrence
3 Bancroft & District, Barrie & District, Kawartha Lakes, Muskoka Haliburton Orillia, Northumberland Hills, Parry Sound, Peterborough and the Kawarthas, Quinte & District, Southern Georgian Bay
4 North Bay, Saul Ste. Marie, Sudbury, Thunder Bay, Timmins, Cochrane & Timiskaming Districts
5 Brantford Region, Cambridge, Guelph & District, Hamilton-Burlington, Kitchener-Waterloo, Niagara Region, Simcoe
6 Chatham-Kent, Grey Bruce Owen Sound, Huron Perth, London & St. Thomas, Sarnia-Lambton, Tillsonburg District, Windsor-Essex, Woodstock-Ingersoll

 

 

Important information

The Ontario Real Estate Association (OREA) represents over 64,240 brokers and salespeople across the province who are members of Ontario’s 40 real estate Boards. OREA’s mission is to help Ontario REALTORS®, brokerages and Associations succeed. The Association serves its members through a wide variety of publications, educational programs and special services. The Association provides all real estate licensing courses in Ontario. REALTOR® is a trademark, which identifies real estate professionals who are members of the Canadian Real Estate Association and, as such, subscribe to a high standards of professional service and to a strict Code of Ethics.

Bancroft and District Real Estate Board

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President
Ray Ferris

For more information,
please contact:

Fahed Malik, BComm, MBA
Director, Marketing and Communication
T: 416-445-9910 Ext 346 | 1-800-265-OREA(6732)
F: 416-385-6612
99 Duncan Mill Road | Don Mills, ON M3B 1Z2
fahedm@orea.com

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