Ontario Real Estate Market Statistics - February 2016

Monday Mar 21st, 2016

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Ontario Real Estate Association Insights - Real Estate in Ontario
Ontario home sales rise to new February record
Highlights
  • Residential sales up 15.8% in February 2016 compared to a year earlier.
  • New listings in Ontario numbered 25,384 units in February 2016, an increase of 3.8% compared to last year.
  • The provincial average price of homes in February 2016 rises 12.7% compared to a year earlier.
  • There were 2.8 months of inventory at the end of February 2016.
 
Unit Sales

Residential sales activity reported through the MLS® Systems of real estate Boards and Associations in Ontario numbered 15,680 units in February 2016, up 15.8% from a year earlier.

Unit Sales in February
 
Newly Listed Units

New listings on the MLS® Systems of real estate boards in Ontario numbered 25,384 units in February 2016, an increase of 3.8% from a year earlier.

Newly listed units
 
Average House Price

The provincial average price for homes sold in February 2016 was a record $511,967, rising 12.7% from a year earlier.

Average house price
 
Months of Inventory

There were just 2.8 months of inventory at the end of February 2016, down from 3.8 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.

Inventory




 
 
Sales to New Listings Ratio

The Ontario sales-to-new listings ratio was 65.5% in February 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.

Sales to New Listings Ratio

 

Full Report:

Ontario home sales rise to new February record

Residential sales activity reported through the MLS® Systems of real estate Boards and Associations in Ontario numbered 15,680 units in February 2016, an increase of 15.8 per cent from a year earlier. This was a record for the month of February.

Ontario Residential real estate sales activity February 2016 homes sold

Nationally, home sales activity rose 18.7 per cent from year-ago levels in February 2016.

Provincial year-to-date home sales were running 11.4 per cent above the same period from 2015, joining a fairly exclusive club of years in which activity had surpassed the 25,000 mark by the end of February.

The provincial average price for homes sold in February 2016 was a record $511,967, rising 12.7 per cent from a year earlier. This was the first time the monthly average price figure had ever topped $500,000.

Georgina Ontario residential real estate home sales prices February 2016

The national average price, by comparison, rose 16.4 per cent on a year-over-year basis to $503,057.

New listings on the MLS® Systems of real estate boards in Ontario numbered 25,384 units in February, an increase of 3.8 per cent from a year earlier.

Ontario new Residential real estate listings February 2016 homes for sale Georgina

Active residential listings numbered 43,932 units at the end of February, down 15.3 per cent from one year earlier and one of the lowest levels on record.

Ontario active Residential real estate listings February 2016 homes for sale Georgina

There were just 2.8 months of inventory at the end of February 2016, down from 3.8 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 $8 billion in February 2016, an increase of 30.4 per cent from February 2015. This was a new record for the month and marked the first time volumes in February had reached $8 billion.

Georgina Ontario new homes for sale inventory February 2016

The dollar volume of all home sales in Canada was up 38.1 per cent on a year-over-year basis.

Sales of all property types in Ontario numbered 16,590 units in February, up 16.4 per cent from February 2015. The value of those sales amounted to $8.3 billion, rising 31.1 per cent from a year earlier.

Ontario Monthly Summary
February 2016 Residential Sales Year-Over-Year % Change Residential Average Price Year-Over-Year % Change
Central1 8,124 18.3 $693,078 15.2
Eastern2 1,322 7.6 $320,850 -1.5
Northeastern3 1,307 17.0 $325,043 9.7
Northern4 436 -4.4 $193,182 -1.4
Southern5 2,747 13.6 $380,961 4.8
Western6 1,744 19.8 $239,308 8.5
Ontario 15,680 15.8 $511,967 12.7
Ontario Year-To-Date Summary
YTD 2016 Residential Sales Year-Over-Year % Change Residential Average Price Year-Over-Year % Change
Central1 13,087 12.8 $672,358 15.0
Eastern2 2,241 4.7 $318,173 -0.8
Northeastern3 2,193 8.6 $314,915 7.7
Northern4 786 -3.7 $193,299 -0.1
Southern5 4,640 12.5 $378,027 6.0
Western6 3,065 15.6 $239,842 8.9
Ontario 26,012 11.4 $493,768 12.2
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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