Ontario home sales and new listings set new September records
Residential sales activity reported through the MLS® Systems of real estate Boards and Associations in Ontario numbered 26,257 units in September 2020. This was a large increase of 41.9% from September 2019. This was also a new sales record for the month of September and marked the first time in history that sales had ever surpassed 25,000 in this month.
On a year-to-date basis, home sales totalled 168,390 units over the first nine months of the year. This edged up 2.7% from the same period in 2019.
Nationally, home sales activity rose 45.6% from year-ago levels in September 2020.
The average price of resale residential homes sold across the province in September 2020 was a record $741,395, rising 19.7% from September 2019 and setting a record for the third consecutive month. The more comprehensive year-to-date average price was $691,514, rising 14.9% from the first nine months of 2019.
The national average price, by comparison, was up 17.5% on a year-over-year basis to $604,211 in September 2020.
There were 38,353 new residential listings on the MLS® Systems of real estate boards in Ontario in September 2020. This was an increase of 18.9% on a year-over-year basis. This was also the largest number of new listings added in the month of September in history and marked the first September to record more than 35,000 new listings.
Overall supply is currently hovering around the lowest levels on record. Active residential listings numbered 34,717 units at the end of September. This was down 26.5% from the end of September 2019.
Months of inventory numbered 1.3 at the end of September 2020, down from the 2.6 months recorded at the end of September 2019 and below the long-run average of 3.4 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 2020 was $19.5 billion, a large increase of 69.8% from the same month in 2019. This was also a new record for the month of September.
Sales of all property types in Ontario numbered 27,740 units in September 2020; this was a considerable increase of 43.3%from September 2019. The total value of all properties sold was $20.1 billion, a substantial gain of 70.4% from September 2019.
1 Oakville-Milton, Greater Toronto
2 Cornwall, Kingston and Area, Ottawa, Renfrew County, Rideau-St. Lawrence
3 Bancroft & District, Barrie & District, Kawartha Lakes, Muskoka Haliburton Orillia, Northumberland Hills, Parry Sound, Peterborough and the Kawarthas, Quinte & District, Southern Georgian Bay
4 North Bay, Saul Ste. Marie, Sudbury, Thunder Bay, Timmins, Cochrane & Timiskaming Districts
5 Brantford Region, Cambridge, Guelph & District, Hamilton-Burlington, Kitchener-Waterloo, Niagara Region, Simcoe
6 Chatham-Kent, Grey Bruce Owen Sound, Huron Perth, London & St. Thomas, Sarnia-Lambton, Tillsonburg District, Windsor-Essex, Woodstock-Ingersoll
BOARD & ASSOCIATION INFORMATION
The Ontario Real Estate Association represents 78,000 brokers and salespeople who are members of the 38 real estate boards throughout the province. OREA serves its REALTOR® members through a wide variety of professional publications, educational programs, advocacy, and other services. The association provides all real estate licensing courses in Ontario. REALTOR® is a trademark, which identifies real estate professionals who are members of the Canadian Real Estate Association and, as such, subscribe to a high standards of professional service and to a strict Code of Ethics.
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