Ontario Home Sales Set New December Record
Ontario home sales set new annual record as supply shrinks to record-lows in 2016.
Unit Sales
Residential sales activity reported through the MLS® Systems of real estate Boards and Associations in Ontario numbered 11,307 units in December 2016, up 4.9% from a year earlier.
Newly Listed Units
New listings on the MLS® Systems of real estate boards in Ontario numbered 9,819 units in December 2016, a decrease of 12.4% from a year earlier. This was the lowest December reading in over a decade.
Average House Price
The provincial average price for homes sold in December 2016 was a record $535,969, rising 18.9% from a year earlier.
Months of Inventory
There were just 2.3 months of inventory at the end of December 2016, down from 3.6 months from the same time one year ago. 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.
