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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.
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.
The provincial average price for homes sold in March 2017 was a record $672,584, rising 29.5% from a year earlier.
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.
The Ontario sales-to-new listings ratio was 79.9% in March 2017. A sales-to-new listings ratio between 40 and 60 per cent 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.
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