Ontario MLS® home sales outpaced by rise in new listings in March
Residential sales activity reported through the MLS® Systems of real estate boards in Ontario numbered 15,167 units in March 2024. This was a moderate decrease of 4.4% from March 2023.
Home sales were 28.7% below the five-year average and 26.1% below the 10-year average for the month of March.
On a year-to-date basis, home sales totalled 37,571 units over the first three months of the year. This increased by 7.9% from the same period in 2023.
Nationally, home sales activity increased by 1.7% from year-ago levels in March 2024.
The average price of resale residential homes sold across the province in March 2024 was $889,033, a modest gain of 1.4% from March 2023.
The more comprehensive year-to-date average price was $865,788, up modestly by 1.4% from the first three months of 2023.
The national average price, by comparison, was up modestly by 2% on a year-over-year basis to $698,530 in March 2024.
The number of new listings on MLS® Systems of real estate boards in Ontario saw a sizable gain of 14.4% from March 2023. There were 30,610 new residential listings in March 2024.
New listings were 11.5% below the five-year average and 9.9% below the 10-year average for the month of March.
Active residential listings numbered 37,735 units on the market at the end of March, increasing by 25.8% from the end of March 2023. Active listings haven’t been this high in the month of March in five years.
Active listings were 34.3% above the five-year average and 3.5% above the 10-year average for the month of March.
Months of inventory numbered 2.5 at the end of March 2024, up from the 1.9 months recorded at the end of March 2023 and above the long-run average of 1.9 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 March 2024 was $13.5 billion, a minor decrease of 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 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
