More active listings and borrowing costs pushed prices down from last month, but remained up from last year. Still, sales volume is still down from last month and last year.
While borrowing costs and inflation have pushed buyer power down, demand may still get support from low supply, favourable employment, and immigration.
Compared to March 2022, active listings were on the rise, prices and volume came down from the previous month. This suggests a growing gap between seller expectations and buyer demand. High inflation and sharp rises in mortgage rates were noted as major factors. Still, conditions supported an impressive 15% price growth from last year even with more listings.
Average home price dipped to $1.3M from February. Condos still maintaining value. Active listings grew from previous month more than number sales, showing reduction in buyer competition.
Buyer competition is still high but increased listings and volumes from January could be signs of easing in to the Spring market when more listings are expected to appear. Higher borrowing costs expected to tame demand but will likely be countered by increased immigration and continued low supply.
Sold volumes remain relatively low while average prices reach record highs. Active listings actually increased from last month. Still a very strong seller’s market.
While sales and prices have come down from November, active listings decreased 59%. Supply pressures resulted in price growth YoY especially in low-rise segments.
Sales volume and prices up 3.3% and 31.7% while new listings down 13.2%, showing continued supply issues. Growing population and economic recovery may lead to higher sales activity in more affordable home types.
Demand and sales prices persisted with modest sales activity growth from September, except condo apartment prices decrease slightly. Low inventory counteracted usual seasonal declines.
September showed growing demand for more affordable home segments. Increased volume of condo sales drove overall volume and still had price growth. Low rises sustained low supply and significant price growth.
SAlthough sales activity slowed in line with seasonality, low supply still met with strong demand to keep prices up. TRREB points to immigration and federal party positions on affordable housing as future influences.
