Ontario MLS® home sales surge in October
Residential sales activity reported through the MLS® Systems of real estate boards in Ontario numbered 15,893 units in October 2024. This was a substantial increase of 36.7% from October 2023.
Home sales were 8.6% below the five-year average and 11.7% below the 10-year average for the month of October.
On a year-to-date basis, home sales totalled 147,074 units over the first 10 months of the year. This was a small gain of 1.7% from the same period in 2023.
Nationally, home sales activity posted a substantial increase of 30% from year-ago levels in October 2024.
The average price of resale residential homes sold across the province in October 2024 was $878,620, increasing by 3.1% from October 2023.
The more comprehensive year-to-date average price was $866,834, down only 0.9% from the first 10 months of 2023.
The national average price, by comparison, increased by 6% on a year-over-year basis to $696,166 in October 2024.
The number of new listings on MLS® Systems of real estate boards in Ontario saw an increase of 5.3% from October 2023. There were 33,313 new residential listings in October 2024.
New listings were 12% above the five-year average and 15.6% above the 10-year average for the month of October.
Active residential listings numbered 60,530 units on the market at the end of October, a sizable gain of 17.4% from the end of October 2023. Active listings haven’t been this high in the month of October in a decade.
Active listings were 51.2% above the five-year average and 37.4% above the 10-year average for the month of October.
Months of inventory numbered 3.8 at the end of October 2024, down from the 4.4 months recorded at the end of October 2023 and above the long-run average of 2.6 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 October 2024 was $14 billion, up sharply by 41% 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
