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Ontario home sales sets all-time record in May

Posted by on Friday, June 24th, 2016 at 1:50pm.

Highlights

·         Residential sales up 9.3% in May 2016 compared to a year earlier

·         New listings in Ontario numbered 40,432 units in May 2016, a decrease of 7.9% compared to last year

·         The province average price of homes in May 2016 rose 12.8% compared to a year earlier

·         There were 1.9 months inventory at the end of May 2016

Unit Sales

Residential sales activity reported through the MLS System of real estate Boards and Associations in Ontario numbered 27,914 units in May 2016, up 9.3% from a year earlier. 

Newly Listed Units

New listings on MLS Systems of real estate boards in Ontario numbered 40,432 units in May 2016, a decrease of 7.9% from a year earlier. 

Average House Price

The provincial average price for homes sold in May 2016 was a record $547,860, rising 12.8% from a year earlier. 

Months of Inventory

There were 1,9 months of inventory at the end of May 2016, down from 2.9 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 71.4% in April 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 the range indicating buyers’ and sellers’ market respectively. 

Ontario Monthly Summary

May 2016

Residential Sales

Year-Over-Year % Change

Residential Average Price

Year-Over-Year % Change

Central1

13,738

9.3

$758,081

16.1

Eastern2

2,933

5.2

$345,878

-0.3

Northeastern3

2,816

14.1

$373,391

9.8

Northern4

941

11.5

$224,433

5.3

Southern5

4,462

7.3

$409,094

9.8

Western6

3,024

11.6

$256,593

6.2

Ontario

27,914

9.3

$547,860

12.8

Ontario Year-To-Date Summary

YTD 2016

Residential Sales

Year-Over-Year % Change

Residential Average Price

Year-Over-Year % Change

Central1

50,781

10.4

$719,228

15.1

Eastern2

9,502

5.5

$336,167

0.1

Northeastern3

9,484

15.1

$343,296

9.0

Northern4

3,060

2.2

$209,611

1.4

Southern5

16,663

8.8

$399,443

8.4

Western6

11,295

14.5

$247,707

6.8

Ontario

100,785

10.3

$526,550

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

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

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