Ontario Real Estate Association Report for May 2016
- Residential sales up 9.3% in May 2016 compared to a year earlier.
- New listings in Ontario numbered 40,432 units in May 2016, a decrease of 7.9% compared to last year.
- The provincial average price of homes in May 2016 rose 12.8% compared to a year earlier.
- There were just 1.9 months of inventory at the end of May 2016.
- Peter’s comments: We are selling more houses than we are listing. According to OREA we are moving out of a balanced market and starting to move towards a sellers market. Notice the trend: we had 4 months of inventory in January 2016 and we are down to 1.9 months of inventory by the end of May 2016.
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