Ontario MLS® home sales in 2024 edge out totals from 2023
Residential sales activity reported through the MLS® Systems of real estate boards in Ontario numbered 8,997 units in December 2024. This was a gain of 8.1% from December 2023.
Home sales were 18.8% below the five-year average and 17.8% below the 10-year average for the month of December.
On an annual basis, home sales totalled 180,881 units over the course of 2024. This was up modestly by 3.1% from 2023.
Nationally, home sales activity was up by 19.2% from year-ago levels in December 2024.
The average price of resale residential homes sold across the province in December 2024 was $834,123, a minor decrease of 1.7% from December 2023.
The more comprehensive annual average price was $865,287, a slight reduction of 0.6% from all of 2023.
The national average price, by comparison, marked a small gain of 2.5% on a year-over-year basis to $676,640 in December 2024.
The number of new listings on MLS® Systems of real estate boards in Ontario saw a gain of 18.8% from December 2023. There were 11,669 new residential listings in December 2024.
New listings were 3.5% above the five-year average and 6.5% above the 10-year average for the month of December.
Active residential listings numbered 43,779 units on the market at the end of December, up by 24.7% from the end of December 2023. Active listings haven’t been this high in the month of December in a decade.
Active listings were 63.5% above the five-year average and 48.9% above the 10-year average for the month of December.
Months of inventory numbered 4.9 at the end of December 2024, up from the 4.2 months recorded at the end of December 2023 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 2024 was $7.5 billion, increasing by 6.3% 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.
For additional information, please email info@orea.com
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Jean-Adrien Delicano
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JeanAdrienD@orea.com
Rick Kedzior
