Ontario MLS® home sales continue slow and steady recovery amid surge in supply
Residential sales activity reported through the MLS® Systems of real estate boards in Ontario numbered 14,858 units in July 2024. This increased by 2.9% from July 2023.
Home sales were 19.9% below the five-year average and 23.4% below the 10-year average for the month of July.
On a year-to-date basis, home sales totalled 104,782 units over the first seven months of the year. This was a modest decline of 2.9% from the same period in 2023.
Nationally, home sales activity was up by 4.8% from year-ago levels in July 2024.
The average price of resale residential homes sold across the province in July 2024 was $837,685, down modestly by 1.7% from July 2023.
The more comprehensive year-to-date average price was $872,577, a minor decrease of 1.3% from the first seven months of 2023.
The national average price, by comparison, marked a slight reduction of 0.2% on a year-over-year basis to $667,317 in July 2024.
The number of new listings on MLS® Systems of real estate boards in Ontario was up by 15% from July 2023. There were 37,198 new residential listings in July 2024. This was also the largest number of new listings added in the month of July in history.
New listings were 11.9% above the five-year average and 14.4% above the 10-year average for the month of July.
Active residential listings numbered 62,940 units on the market at the end of July, an advance of 42.1% from the end of July 2023. Active listings haven’t been this high in the month of July in more than five years.
Active listings were 51.4% above the five-year average and 29.7% above the 10-year average for the month of July.
Months of inventory numbered 4.2 at the end of July 2024, up from the 3.1 months recorded at the end of July 2023 and above the long-run average of 2.7 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 July 2024 was $12.4 billion, a small gain of 1.1% 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.
For additional information, please email info@orea.com
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Jean-Adrien Delicano
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JeanAdrienD@orea.com
Rick Kedzior
