Ontario home sales rise to new February record
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.
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.
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.
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.
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|
|Ontario Year-To-Date Summary|
|YTD 2016||Residential Sales||Year-Over-Year % Change||Residential Average Price||Year-Over-Year % Change|
|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|
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.
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