What Is OREA?
The Ontario Real Estate Association is one of the largest business associations in Canada. As of August 2020, this association provides services to clients with 79,000 realtor members. OREA is set out to help deliver one of the biggest Canadian dreams, which is buying a house.
OREA helps the real estate industry through special services, continuous education, and collaboration with the government.
History
OREA was founded in 1922 under the name of the Ontario Board of Real Estate. It was formed by a group of volunteers, whose aim was to standardize real estate transactions in Ontario. It was renamed to OREA in 1970.
OREA has always been an advocate for lower taxes for buying and selling houses.
Coverage Area
OREA gives real estate services at a local, provincial, and national level. OREA’s 79,000 members are active across the province, working in 38 boards of realtors. The following map shows different divisions within the province:
Market Report
As of August 2020, market numbers look very good. Sales have risen 29.8% since last year this time. Average home price sales in July 2020 was $704,985, which is a record high. Arguably, all these high records are due to rebound in sales after the limitations caused by the pandemic.
The bigger picture in Ontario also looks favorable to realtors and clients. The following tables provide a glimpse into the monthly and annual performance of various markets within the province:
OREA, Monthly
| July 2020 | Residential Sales | Year-to-year%Change | Residential Average Price | Year-over-year %Change |
| Central | 11,495 | 28.5 | $949,932 | 16.7 |
| Eastern | 3,341 | 23.8 | $479,440 | 18.7 |
| Northeastern | 3,406 | 50.8 | $600,436 | 22.0 |
| Northern | 1,265 | 21.9 | $270,036 | 13.7 |
| Southern | 4,215 | 31.4 | $633,783 | 19.0 |
| Western | 3,381 | 23.5 | $451,894 | 20.9 |
| Ontario | 27,103 | 29.8 | $704,985 | 18.1 |
OREA, Yearly
| Year-to-date 2020 | Residential Sales | Year-over-year % Change | Residential Average Price | Year-over-year % Change |
| Central | 49,156 | -10.6 | $910,941 | 11.5 |
| Eastern | 14,814 | -12.0 | $463,586 | 14.1 |
| Northeastern | 12,803 | 8.4 | $547,103 | 14.6 |
| Northern | 5,020 | -4.3 | $252,549 | 8.8 |
| Southern | 18,725 | -6.4 | $598,516 | 14.0 |
| Western | 14,921 | -7.5 | $423,676 | 14.9 |
| Ontario | 115,439 | -7.7 | $670,892 | 11.7 |
Source: creastats.crea.ca
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