The average home price in March was $439,144, a 1.7% increase compared with the previous month. Prices remain 9.4% higher than the same month of the previous year, ; however, if you remove Toronto and Vancouver from the calculation, this declines to $332,711 and shows only a modest 2.4% increase year-over-year.
In March, a seasonally adjusted 40,670 homes sold according to the Canadian Real Estate Association. This was an increase of 4.1% from February and is up 9.8% from March of the previous year.
A seasonally adjusted 75,514 homes came on the market in March, increasing the sales-to-new-listings ratio to 53.9%. This is the second month in a row of increases in the ratio after hitting the lowest level since 2012 in January.
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