Ontario MLS® home sales record modest gain in September
Residential sales activity reported through the MLS® Systems of real estate boards in Ontario numbered 13,251 units in September 2024. This was a moderate gain of 9.8% from September 2023.
Home sales were 22.8% below the five-year average and 24.9% below the 10-year average for the month of September.
On a year-to-date basis, home sales totalled 131,130 units over the first nine months of the year. This decreased by 1.5% from the same period in 2023.
Nationally, home sales activity posted a gain of 6.9% from year-ago levels in September 2024.
The average price of resale residential homes sold across the province in September 2024 was $851,478, up only 0.2% from September 2023.
The more comprehensive year-to-date average price was $865,359, down modestly by 1.3% from the first nine months of 2023.
The national average price, by comparison, marked a minor increase of 2.1% on a year-over-year basis to $669,630 in September 2024.
The number of new listings on MLS® Systems of real estate boards in Ontario saw a moderate gain of 7.8% from September 2023. There were 38,820 new residential listings in September 2024. This was also the largest number of new listings added in the month of September in history.
New listings were 13.5% above the five-year average and 17.2% above the 10-year average for the month of September.
Active residential listings numbered 64,503 units on the market at the end of September, increasing by 25.6% from the end of September 2023. Active listings haven’t been this high in the month of September in more than five years.
Active listings were 51.8% above the five-year average and 35.3% above the 10-year average for the month of September.
Months of inventory numbered 4.9 at the end of September 2024, up from the 4.3 months recorded at the end of September 2023 and above the long-run average of 2.9 months 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 dollar value of all home sales in the province in September 2024 was $11.3 billion, an increase of 10.1% from the same month in 2023.
1 Oakville-Milton, Greater Toronto
2 Cornwall, Kingston and Area, Ottawa, Renfrew County, Rideau-St. Lawrence
3 Bancroft & District, Barrie & District, Kawartha Lakes, Lakelands, Northumberland Hills, Peterborough and the Kawarthas, Quinte & District
4 North Bay, Saul Ste. Marie, Sudbury, Thunder Bay, Timmins, Cochrane & Timiskaming Districts
5 Brantford Region, Guelph & District, Hamilton-Burlington, Kitchener-Waterloo, Niagara Region, Simcoe, and Cambridge
6 Chatham-Kent, Grey Bruce Owen Sound, Huron Perth, London & St. Thomas, Sarnia-Lambton, Windsor-Essex, Woodstock-Ingersoll-Tillsonburg
BOARD & ASSOCIATION INFORMATION
The Ontario Real Estate Association represents nearly 100,000 brokers and salespeople who are members of the 29 real estate boards throughout the province. OREA serves its REALTOR® members through a wide variety of support services, educational programs, advocacy, standard forms, and other offerings.
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Jean-Adrien Delicano
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JeanAdrienD@orea.com
Rick Kedzior