07/19/2016
Ontario home sales set new all-time record in June
Residential sales activity reported through the MLS® Systems of real estate Boards and Associations in Ontario numbered 28,030 units in June 2016, an increase of 6.5 per cent from a year earlier. This was the highest monthly sales figure on record.
Nationally, home sales activity rose 5.2 per cent from year-ago levels in June 2016.
Provincial year-to-date home sales were running 9.4 per cent above the first half of 2015. The 128,824 homes that have traded hands so far this year represent the best start to any year on record.
The provincial average price for homes sold in June 2016 was $544,009, rising 13.9 per cent from a year earlier.
The national average price, by comparison, rose 11.2 per cent on a year-over-year basis to $503,301.
The year-to-date average price for Ontario was $530,394, rising 12.6 per cent from a year earlier.
New listings on the MLS® Systems of real estate boards in Ontario numbered 37,666 units in June, a decrease of 6.2 per cent from a year earlier.
Active residential listings numbered 53,203 units at the end of June, down 27.2 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 June 2016, down from 2.8 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 $15.2 billion in June 2016, an increase of 21.4 per cent from June 2015. This was the second highest level of any month on record. The dollar volume of all home sales in Canada was up 16.9 per cent on a year-over-year basis.
Sales of all property types in Ontario numbered 29,346 units in June, up 6.7 per cent from June 2015. The value of those sales amounted to $15.6 billion, rising 21.3 per cent from a year earlier.
