Toronto real estate agents and GTA top realtors witness a new record for Ontario home sales
As reported March 22, 2016 by OREA:
Residential sales activity reported through the MLS® Systems of real estate Boards and Associations in Ontario numbered 15,680 units in February 2016, an increase of 15.8 per cent from a year earlier. This was a record for the month of February.
Nationally, home sales activity rose 18.7 per cent from year-ago levels in February 2016.
Provincial year-to-date home sales were running 11.4 per cent above the same period from 2015, joining a fairly exclusive club of years in which activity had surpassed the 25,000 mark by the end of February.
The provincial average price for homes sold in February 2016 was a record $511,967, rising 12.7 per cent from a year earlier. This was the first time the monthly average price figure had ever topped $500,000.
The national average price, by comparison, rose 16.4 per cent on a year-over-year basis to $503,057.
New listings on the MLS® Systems of real estate boards in Ontario numbered 25,384 units in February, an increase of 3.8 per cent from a year earlier.
Active residential listings numbered 43,932 units at the end of February, down 15.3 per cent from one year earlier and one of the lowest levels on record.
There were just 2.8 months of inventory at the end of February 2016, down from 3.8 months at the same time one year ago and below the long-run average 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 value of all home sales in the province totalled $8 billion in February 2016, an increase of 30.4 per cent from February 2015. This was a new record for the month and marked the first time volumes in February had reached $8 billion.
The dollar volume of all home sales in Canada was up 38.1 per cent on a year-over-year basis.
Sales of all property types in Ontario numbered 16,590 units in February, up 16.4 per cent from February 2015. The value of those sales amounted to $8.3 billion, rising 31.1 per cent from a year earlier.