Ontario MLS® home sales continue to decline in October
Residential sales activity reported through the MLS® Systems of real estate boards in Ontario numbered 11,544 units in October 2023. This was a decline of 7.6% from October 2022.
Home sales were 36.1% below the five-year average and 36.5% below the 10-year average for the month of October.
On a year-to-date basis, home sales totalled 143,587 units over the first 10 months of the year. This was down sharply by 13.4% from the same period in 2022.
Nationally, home sales activity posted a slight gain of 0.9% from year-ago levels in October 2023.
The average price of resale residential homes sold across the province in October 2023 was $855,990, a minor increase of 2.7% from October 2022.
The more comprehensive year-to-date average price was $876,781, a moderate decrease of 7% from the first 10 months of 2022.
The national average price, by comparison, marked a modest gain of 1.8% on a year-over-year basis to $656,625 in October 2023.
The number of new listings on MLS® Systems of real estate boards in Ontario saw a gain of 25.9% from October 2022. There were 31,117 new residential listings in October 2023.
New listings were 9.6% above the five-year average and 10.2% above the 10-year average for the month of October.
Active residential listings numbered 50,072 units on the market at the end of October, up sharply by 35.8% from the end of October 2022. Active listings haven’t been this high in the month of October in more than five years.
Active listings were 40.1% above the five-year average and 13.7% above the 10-year average for the month of October.
Months of inventory numbered 4.3 at the end of October 2023, up from the 3 months recorded at the end of October 2022 and above the long-run average of 2.6 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 October 2023 was $9.9 billion, falling by 5% from the same month in 2022.
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 78,000 brokers and salespeople who are members of the 38 real estate boards throughout the province. OREA serves its REALTOR® members through a wide variety of professional publications, educational programs, advocacy, and other services. The association provides all real estate licensing courses in Ontario. REALTOR® is a trademark, which identifies real estate professionals who are members of the Canadian Real Estate Association and, as such, subscribe to a high standards of professional service and to a strict Code of Ethics.
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