Ontario home sales edge lower in April 2017
- Residential sales down 2.2% in April 2017 compared to a year earlier.
- New listings in Ontario numbered 41,089 units in April 2017, an increase of 10.5% compared to last year.
- The provincial average price of homes in April 2017 rose 24.1% compared to a year earlier.
- There were just 1.6 months of inventory at the end of April 2017.
Residential sales activity reported through the MLS® Systems of real estate Boards and Associations in Ontario numbered 24,973 units in April 2017, down 2.2% from a year earlier.
Newly Listed Units
New listings on the MLS® Systems of real estate boards in Ontario numbered 41,089 units in April 2017, an increase of 10.5% from a year earlier.
Average House Price
The provincial average price for homes sold in April 2017 was a record $668,589 rising 24.1% from a year earlier.
Months of Inventory
There were just 1.6 months of inventory at the end of April 2017, down from 2.0 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.
Sales to New Listings Ratio
The Ontario sales-to-new listings ratio was 62.1% in April 2017. A sales-to-new listings ratio between 40 and 60 percent is generally consistent with balanced housing market conditions, with readings below and above this range indicating buyers’ and sellers’ markets respectively.
Source: The Canadian Real Estate Association. Monthly Stats Report.