Demand in the Ontario and British Columbia markets bolstered the median home price, which increased to $508,567 in March. This was an increase of 1.1 percent from February and 15.7 percent from last year. The median home price has increased by nearly $69,166 in the past year alone, but much of these gains are due to the hot Toronto and Vancouver markets.
A seasonally adjusted 45,137 homes were sold in March, which was up 1.5 percent from February and 10.7 percent from the previous year. Currently, 2016 is outpacing 2015 by approximately 15,314 home sales.
The sales-to-new-listings ratio rose to 61.7 percent in March, and a seasonally adjusted 73,155 new listings came on the market. This ratio could indicate a seller’s market in the majority of regions.
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