Full Report: OREA March Statistics
Thursday Apr 21st, 2016
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.
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.
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.
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.
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.
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.
|
President |
|
For more information, |
Post a comment