Blog by Tomasz Wdowczyk

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Residential sales activity reported through the MLS® Systems of real estate Boards and Associations in Ontario numbered 16,864 units in February 2017, an increase of 8.9% from a year earlier. This was the highest February sales figure on record.

Provincial year-to-date home sales were running 9.7% above the first two months of 2016.

The provincial average price for homes sold in February 2017 was $634,341, rising 24.5% from a year earlier.

The year-to-date average price for Ontario was $602,960, rising 22.7% from a year earlier.

New listings on the MLS® Systems of real estate boards in Ontario numbered 22,090 units in February, a decline of 11.3% from a year earlier. While this was still the lowest February reading in 15 years, it marked a rebound from a very weak month of January for new supply.

Active residential listings numbered 28,058 units at the end of February, down 35.6% from one year earlier. Supply is currently running near all-time lows.

The value of all home sales in the province totalled $10.7 billion in February 2017, an increase of 35.5% from February 2016. This was the highest level of any February on record and the first February to surpass $8 billion.