Ontario home sales rise to new February record

Highlights
– Residential sales up 15.8% in February 2016 compared to a year earlier.
– New listings in Ontario numbered 25,384 units in February 2016, an increase of 3.8% compared to last year.
– The provincial average price of homes in February 2016 rises 12.7% compared to a year earlier.
– There were 2.8 months of inventory at the end of February 2016.

Unit Sales
Residential sales activity reported through the MLS® Systems of real estate Boards and Associations in Ontario numbered 15,680 units in February 2016, up 15.8% from a year earlier.

Newly Listed Units
New listings on the MLS® Systems of real estate boards in Ontario numbered 25,384 units in February 2016, an increase of 3.8% from a year earlier.

Average House Price
The provincial average price for homes sold in February 2016 was a record $511,967, rising 12.7% from a year earlier.

Months of Inventory
There were just 2.8 months of inventory at the end of February 2016, down from 3.8 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 invetories at the current rate of sales activity.

Sales to New Listings Ratio
The Ontario sales-to-new listings ratio was 65.5% in February 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.