Ontario home sales set new all-time record in May

Residential sales activity reported through the MLS® Systems of real estate Boards and Associations in Ontario numbered 27,914 units in May 2016, an increase of 9.3 per cent from a year earlier. This was the highest monthly sales figure on record.

Nationally, home sales activity rose 9.6 per cent from year-ago levels in May 2016.

Provincial year-to-date home sales were running 10.3 per cent above the first five months of 2015. The 100,785 homes that have traded hands so far this year represent the best start to any year on record and also the fastest year to hit the 100,000 mark. 

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

The national average price, by comparison, rose 13.2 per cent on a year-over-year basis to $509,460.

The year-to-date average price for Ontario was $526,550, rising 12.2 per cent from a year earlier.

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

Active residential listings numbered 54,204 units at the end of May, down 26.6 per cent from one year earlier. Supply has now fallen to the lowest level in over a decade.

There were just 1.9 months of inventory at the end of May 2016, down from 2.9 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 $15.3 billion in May 2016, an increase of 23.3 per cent from May 2015. This was the highest level of any month on record. The dollar volume of all home sales in Canada was up 24.1 per cent on a year-over-year basis.

Sales of all property types in Ontario numbered 29,295 units in May, up 9.7 per cent from May 2015. The value of those sales amounted to $15.7 billion, rising 23.6 per cent from a year earlier.

 

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

 

Source: http://creastats.crea.ca/orea/

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