Ontario MLS® home sales remain subdued in June as inventories continue to rise
Residential sales activity reported through the MLS® Systems of real estate boards in Ontario numbered 16,060 units in June 2024. This was a substantial decrease of 15.1% from June 2023.
Home sales were 20.9% below the five-year average and 26.9% below the 10-year average for the month of June.
On a year-to-date basis, home sales totalled 88,962 units over the first six months of the year. This was a moderate decrease of 4% from the same period in 2023.
Nationally, home sales activity was down by 9.4% from year-ago levels in June 2024.
The average price of resale residential homes sold across the province in June 2024 was $884,761, decreasing by 2.3% from June 2023.
The more comprehensive year-to-date average price was $880,807, a modest decline of 1.2% from the first six months of 2023.
The national average price, by comparison, marked a small reduction of 1.6% on a year-over-year basis to $696,179 in June 2024.
The number of new listings on MLS® Systems of real estate boards in Ontario saw an increase of 5.1% from June 2023. There were 39,164 new residential listings in June 2024.
New listings were 3.4% above the five-year average and 3.6% above the 10-year average for the month of June.
Active residential listings numbered 61,524 units on the market at the end of June, a jump of 52.1% from the end of June 2023. Active listings haven’t been this high in the month of June in more than five years.
Active listings were 50.7% above the five-year average and 25.2% above the 10-year average for the month of June.
Months of inventory numbered 3.8 at the end of June 2024, up from the 2.1 months recorded at the end of June 2023 and above the long-run average of 2.3 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 June 2024 was $14.2 billion, down sharply by 17% 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
