Record high sales seen again in March.
For the second month in a row, sales activity not only reached a monthly high but also hit new all-time record highs for any given month. Gains occurred across all property types as they all hit new all-time record highs.
An increase in new listings this month helped support the growth in sales activity. However, inventories have remained relatively low, ensuring the market continues to favour the seller.
“While supply levels have improved from levels seen over the past four months, inventory levels are still well below what we traditionally see in March, thanks to stronger than expected sales activity,” said CREB® Chief Economist Ann-Marie Lurie. “With just over one month of supply in the market, the persistently tight market conditions continue to place significant upward pressure on prices.” With an unadjusted benchmark price of $518,600 this month, the monthly gain increased by another four per cent. After three consecutive gains, prices have risen by nearly $55,000 since December and currently sit nearly 18 per cent higher than last year’s levels.