Ontario Real Estate Association

Ontario MLS® home sales manage to post third best August in history despite decline from last year’s record levels

Residential sales activity reported through the MLS® Systems of real estate boards in Ontario numbered 20,578 units in August 2021. This was a substantial decrease of 19.9% from August 2020.

Home sales were 2.4% above the five-year average and 7% above the 10-year average for the month of August.

On a year-to-date basis, home sales totalled a record 195,408 units over the first eight months of the year. This was a jump of 37.1% from the same period in 2020.

Nationally, home sales activity was down sharply by 14% from year-ago levels in August 2021.

The average price of resale residential homes sold across the province in August 2021 was $834,932, increasing by 15.1% from August 2020.

The more comprehensive year-to-date average price was $857,755, a gain of 25.7% from the first eight months of 2020.

The national average price, by comparison, marked a sizable gain of 13.3% on a year-over-year basis to $663,503 in August 2021.

The number of new listings on MLS® Systems of real estate boards in Ontario saw a substantial decline of 30.9% from August 2020. There were 24,690 new residential listings in August 2021. This was the lowest number of new listings added in the month of August in more than 15 years.

New listings were 13.4% below the five-year average and 12.8% below the 10-year average for the month of August.

Active residential listings numbered 20,426 units on the market at the end of August, a big decline of 40.9% from the end of August 2020. Active listings haven't been this low in the month of August in more than three decades.

Active listings were 48.9% below the five-year average and 61.4% below the 10-year average for the month of August.

Months of inventory numbered 1 at the end of August 2021, down from the 1.3 months recorded at the end of August 2020 and below 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 August 2021 was $17.2 billion, down by 7.8% from the same month in 2020.


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.

For additional information, please email info@orea.com


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

President
Karen Cox