Ontario home sales post record March
- Residential sales up 20.8% in March 2017 compared to a year earlier.
- New listings in Ontario numbered 35,539 units in March 2017, an increase of 4.9% compared to last year.
- The provincial average price of homes in March 2017 rose 29.5% compared to a year earlier.
- There were just 1.3 months of inventory at the end of March 2017.
Residential sales activity reported through the MLS® Systems of real estate Boards and Associations in Ontario numbered 25,062 units in March 2017, up 20.8% from a year earlier.
Newly Listed Units
New listings on the MLS® Systems of real estate boards in Ontario numbered 35,539 units in March 2017, an increase of 4.9% from a year earlier.
Average House Price
The provincial average price for homes sold in March 2017 was a record $672,584 rising 29.5% from a year earlier.
Months of Inventory
There were just 1.3 months of inventory at the end of March 2017, down from 2.4 months from the same time one year ago. The number of months of inventory is the number of months it would take to sell current inventories at the current rate of sales activity.
Sales to New Listings Ratio
The Ontario sales-to-new listings ratio was 79.9% in March 2017. A sales-to-new listings ratio between 40 and 60 percent is generally consistent with balanced housing market conditions, with readings below and above this range indicating buyers’ and sellers’ markets respectively.
Source: The Canadian Real Estate Association. Monthly Stats Report.