Ontario MLS® home sales nearly back to average levels despite shortage of new listings
Residential sales activity reported through the MLS® Systems of real estate boards in Ontario numbered 17,306 units in April 2023. This was down sharply by 13.1% from April 2022.
Home sales were 10.7% below the five-year average and 17.9% below the 10-year average for the month of April.
On a year-to-date basis, home sales totalled 51,505 units over the first four months of the year. This was a substantial decline of 32.2% from the same period in 2022.
Nationally, home sales activity posted a substantial decrease of 19.5% from year-ago levels in April 2023.
The average price of resale residential homes sold across the province in April 2023 was $911,078, a moderate decrease of 7.7% from April 2022.
The more comprehensive year-to-date average price was $875,553, a substantial decline of 15.5% from the first four months of 2022.
The national average price, by comparison, decreased by 3.9% on a year-over-year basis to $716,083 in April 2023.
The number of new listings on MLS® Systems of real estate boards in Ontario was down sharply by 32.8% from April 2022. There were 26,478 new residential listings in April 2023.
New listings were 17.2% below the five-year average and 24.9% below the 10-year average for the month of April.
Active residential listings numbered 30,673 units on the market at the end of April, an increase of 11.6% from the end of April 2022.
Active listings were 3.5% below the five-year average and 29.1% below the 10-year average for the month of April.
Months of inventory numbered 1.8 at the end of April 2023, up from the 1.4 months recorded at the end of April 2022 and below the long-run average of 2.2 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 April 2023 was $15.8 billion, a sharp decrease of 19.8% from the same month in 2022.
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.
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Katarina Praljak
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Tanya Artenosi
