Ontario MLS® home sales picking up steam in November
Residential sales activity reported through the MLS® Systems of real estate boards in Ontario numbered 13,763 units in November 2024. This was a substantial gain of 31.3% from November 2023.
Home sales were 9.2% below the five-year average and 11.6% below the 10-year average for the month of November.
On a year-to-date basis, home sales totalled 163,344 units over the first 11 months of the year. This was a modest gain of 3.3% from the same period in 2023.
Nationally, home sales activity increased by 26% from year-ago levels in November 2024.
The average price of resale residential homes sold across the province in November 2024 was $868,067, up by 4.7% from November 2023.
The more comprehensive year-to-date average price was $863,634, essentially unchanged, down just 0.5% from the first 11 months of 2023.
The national average price, by comparison, was up by 7.4% on a year-over-year basis to $694,411 in November 2024.
The number of new listings on MLS® Systems of real estate boards in Ontario increased by 1.9% from November 2023. There were 24,838 new residential listings in November 2024. This was the largest number of new listings added in the month of November in more than five years.
New listings were 7.7% above the five-year average and 12.1% above the 10-year average for the month of November.
Active residential listings numbered 56,384 units on the market at the end of November, a gain of 18.6% from the end of November 2023. Active listings haven’t been this high in the month of November in more than a decade.
Active listings were 56.2% above the five-year average and 46.6% above the 10-year average for the month of November.
Months of inventory numbered 4.1 at the end of November 2024, down from the 4.5 months recorded at the end of November 2023 and above the long-run average of 2.7 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 November 2024 was $11.9 billion, a jump of 37.4% 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 nearly 100,000 brokers and salespeople who are members of the 29 real estate boards throughout the province. OREA serves its REALTOR® members through a wide variety of support services, educational programs, advocacy, standard forms, and other offerings.
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Jean-Adrien Delicano
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JeanAdrienD@orea.com
Rick Kedzior
