Sales in the Ontario housing market of Grey Bruce Owen Sound and Wellington was down in February but remained in line with long-term averages.

Sales of 132 units meant a 23.3% drop year-over-year, while year-to-date sales were down 10.6% year-over-year to 253 units.

With overall inventory at record lows, there was no respite in February with new listings 13.5% below their February 2017 level. The 199 new listings took the total inventory to just 508 units, down 35.4% year-over-year, representing just 3.8 months of supply.

The tight inventory meant upward pressure for prices with the average sales price rising 12.3% year-over-year to $322,108. The dollar value of all home sales in February 2018 was $42.5 million, down 13.8% from February 2017.

Are you looking to invest in property? If you like, we can get one of our mortgage experts to tell you exactly how much you can afford to borrow, which is the best mortgage for you or how much they could save you right now if you have an existing mortgage. Click here to get help choosing the best mortgage rate

More market watch: