• Residential sales up 4.9% in January 2016 compared to a year earlier.
• New listings in Ontario numbered 21,405 units in January 2016, a decline of 10.6% compared to last year.
• The provincial average price of homes in January 2016 rises 11% compared to a year earlier.
• There were 4 months of inventory at the end of January 2016.
Residential sales activity reported through the MLS® Systems of real estate Boards and Associations in Ontario numbered 10,323 units in January 2016, up 4.9% from a year earlier.
Newly Listed Units:
New listings on the MLS® Systems of real estate boards in Ontario numbered 21,405 units in January 2016, a decline of 10.6% from a year earlier.
Average House Price:
The provincial average price for homes sold in January 2016 was $466,053, rising 11% from a year earlier.
Months of Inventory:
There were 4 months of inventory at the end of January 2016, down from 5 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 65.2% in January 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.