The median home price was $509,460 in May, which was an increase of 0.2 percent from April and a 13.3 percent increase from May of last year. The median home price has increased by approximately $59,721 in the past year, but excluding the Toronto and Vancouver markets that increase falls to approximately $46,400.
A seasonally adjusted 45,375 homes were sold in May, which was down 2.8 percent from April and up 4.9 percent from the previous year. Currently, 2016 is outpacing 2015 by approximately 22,465 home sales.
The sales-to-new-listings ratio rose to 64.8 percent in May, and a seasonally adjusted 70,017 new listings came on the market. This ratio could indicate a seller's market in the majority of regions.
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