Ontario Real Estate Association

Ontario MLS® home sales finish 2022 at lowest annual level since 2008

Residential sales activity reported through the MLS® Systems of real estate boards in Ontario numbered 7,516 units in December 2022. This was a substantial decline of 41.3% from December 2021.

Home sales were 30% below the five-year average and 28.4% below the 10-year average for the month of December.

On an annual basis, home sales totalled 182,854 units over the course of 2022. This was a big decline of 32.3% from 2021.

Nationally, home sales activity was down sharply by 39.1% from year-ago levels in December 2022.

The average price of resale residential homes sold across the province in December 2022 was $812,338, a substantial decline of 12.2% from December 2021.

The more comprehensive annual average price was $931,953, a gain of 6.8% from all of 2021.

The national average price, by comparison, marked a large decline of 12% on a year-over-year basis to $626,318 in December 2022.

The number of new listings on MLS® Systems of real estate boards in Ontario saw a decrease of 9.5% from December 2021. There were 9,501 new residential listings in December 2022.

New listings were 4.2% below the five-year average and 7.5% below the 10-year average for the month of December.

Active residential listings numbered 24,839 units on the market at the end of December, more than double the levels from a year earlier, leaping 200.6% from the end of December 2021.

Active listings were 20.9% above the five-year average and 13.8% below the 10-year average for the month of December.

Months of inventory numbered 3.3 at the end of December 2022, up from the 0.6 months recorded at the end of December 2021 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 December 2022 was $6.1 billion, down sharply by 48.4% from the same month in 2021.


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, 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.

For additional information, please email info@orea.com


orea logo Visit external site

For more information, please contact:
Katarina Praljak
Head of Communications
T: 416-445-9910
info@orea.com

President
Karen Cox

Dark Mode