Fueled by the Ontario and British Columbia markets, the median home price increased to $503,057 in February, which was up 7 percent from January and up 16.4 percent from last year. The median home price has increased by nearly $70,915 in the past year alone. Excluding Vancouver and Toronto, the average home price was $355,235, up 8.7 percent from last year.
A seasonally adjusted 44,314 homes were sold in February, which was up 0.8 percent from January and 13.4 percent from the previous year. Currently, 2016 is outpacing 2015 by approximately 10,800 home sales.
The total number of homes for sale in February increased 0.3 percent from January to 74,478 new listings nationwide. Inventory has expanded 12.9 percent from February of last year.
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