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Ontario’s Housing Market: A Shift Towards Stability
The latest figures for Ontario’s real estate market depicted a picture of a gradual transition to stability. In April 2024, the number of reported residential sales activity through the region’s MLS® Systems of real estate boards were 17,356 units. It was representing a slight decrease of 1.6% from the prior year and although means it’s down a bit though. But it’s also indicative of a market that has found its feet in turmoil in recent years. Notably, April sales activity was down 7.8% at a five-year average and 17.2% at a 10-year average, signaling a reassessment of ongoing market momentum.
Year-to-Date Gains and National Trends
Looking at the year to date, home sales in Ontario was totalled 54,992 homes in the first four months of 2024. This was a whopping 4.9% increase compared to the same period in 2023. That range this top contrasts with the national picture, where home sales activity year in April 2024. The year grew by 10.1%, highlighting the unique challenges and opportunities within the Ontario market. In April 2024, the average resale home price sold across the region was $900,161 This was incredibly strong $876,615 of just 0.9%. It was a decline from a year ago. Its largest price spread on a year-to-date basis represents a 0.5% lower return from the first quarter of 2023, further reinforcing the trend.
Inventory Levels on the Rise
One significant shift in the Ontario housing market can be seen in the rise of inventory. The number of new listings on the Real Estate Board’s MLS® Systems in the region has increased by a whopping 41.8% since April 2023, with 38,445 new listings in April 2024. This increase has new listings, up 17.2 % higher than the five-year average and 8 from the April 10-year average .1% higher. It gave consumers more choice and potentially easing some of the supply constraints that have plagued the market in recent years.
Active Listings Reach Five-Year High
The rise in inventory is further evidenced by the significant increase in active residential listings, with 48,858 units on the market at the end of April 2024. This was an impressive increase of 56.8% from the higher end April 2023 numbers each in April in more than five years. It reflects a change in the balance of supply and demand. Active listings stood 49.6% above the five-year average and 17.4% above the 10-year average for April. It gave prospective buyers a wide variety of options to consider.
Months of Inventory: A Measure of Market Equilibrium
April months ranked as a key indicator of market conditions is 2.8 at the end of April 2024, up from 1.8 months recorded at the end of April 2023. This metric is above the long-term average of 2.2 months for the year meanwhile. This represents the number of months that current listings should sell at the current level of sales activity. It indicates a market approaching equilibriumwith no distinct benefits to buyers or sellers. The dollar value of homes sold in the region as a whole in April 2024 decreased by 2.5 % compared to the same month in 2023 to $15.6 billion. However, overall market trends suggest a gradual stabilization and possible rebalancing of resources supply and demand.
