Ontario Real Estate Market February 2017 Update

The total number of homes and condos sold in February 2017 through the MLS® in the province of Ontario was 16,864 units. This is the highest figure on record and is a increase of 8.9% from February 2016. The National average during this same period was down 2.6%.

The average sell price for the month of February 2017 for the province of Ontario was $634,341 a 24.5% increase from a year earlier. This noticeable increase was mostly felt in the Greater Toronto Area and surroundings cities. The National average now stands at $519,521 making homes in Ontario 22.1% more expensive than the average.

New listings on the market has also decline by 11.3% in February bringing that number to 22,090 units for February 2017. Supply in Ontario is running low in areas like the GTA. There we're 28,058 active listings at the end of the month down 35.6% from a year earlier.