Ontario home sales remain very strong in January 2016 according to reports from Ontario Real Estate Association from The Canadian Real Estate Association Monthly Stats Report.
Some of the highlights of the report include:
- Residential sales up 4.9% in January 2016 compared to a year earlier.
- New listings in Ontario numbered 21,405 units in January 2016, a decline of 10.6% compared to last year.
- There were 4 months of inventory at the end of January 2016, down from 5 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.
- The provincial average price for homes sold in January 2016 was $466,053, rising 11% from a year earlier.
- The Ontario sales-to-new listings ratio was 65.2% in January 2016. 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.