Real Estate Information

January OREA Stats

Ontario Real Estate Association

Ontario home sales remain at near-record levels in January despite ongoing supply shortage

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Residential sales activity reported through the MLS® Systems of real estate Boards and Associations in Ontario numbered 11,277 units in January 2017, an increase of 10.5% from a year earlier.

This was the second highest January sales figure on record – just 1.6% below the record set a decade earlier.

Nationally, home sales activity edged up 1.9% from year-ago levels in January 2017.

The provincial average price for homes sold in January 2017 was $556,631, rising 19.8% from a year earlier.

The national average price, by comparison, was little changed (+0.2%) on a year-over-year basis at $470,253.

New listings on the MLS® Systems of real estate boards in Ontario numbered 17,830 units in January, a decline of 14.8% from a year earlier. This was the lowest January reading in over 15 years.

Active residential listings numbered 26,914 units at the end of January, down 33.5% from one year earlier. Supply is currently running at record lows.

There were just 2.4 months of inventory at the end of January 2017, down from four months at the same time one year ago and less than half 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 $6.3 billion in January 2017, an increase of 32.4% from January 2016. This was the highest level of any January on record and the first January to surpass $5 billion.

The dollar volume of all home sales in Canada edged up 2.1% on a year-over-year basis.

Sales of all property types in Ontario numbered 11,962 units in January, up 11.1% from January 2016. The value of those sales amounted to $6.6 billion, rising 33.4% from a year earlier.

Ontario Monthly Summary
January 2017 Residential Sales Year-Over-Year % Change Residential Average Price Year-Over-Year % Change
Central1 5,418 11.0 $777,991 21.8
Eastern2 998 8.7 $344,471 9.7
Northeastern3 962 8.6 $378,171 26.1
Northern4 364 -1.4 $209,525 9.8
Southern5 2,024 10.9 $439,432 18.2
Western6 1,511 14.4 $257,252 6.9
Ontario 11,277 10.5 $556,631 19.8
Ontario Year-To-Date Summary
YTD 2017 Residential Sales Year-Over-Year % Change Residential Average Price Year-Over-Year % Change
Central1 5,418 11.0 $777,991 21.8
Eastern2 998 8.7 $344,471 9.7
Northeastern3 962 8.6 $378,171 26.1
Northern4 364 -1.4 $209,525 9.8
Southern5 2,024 10.9 $439,432 18.2
Western6 1,511 14.4 $257,252 6.9
Ontario 11,277 10.5 $556,631 19.8

 

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