March Hit Record Breaking Home Sales
Canadian home sales posted their third month-over-month increase on the way to breaking March’s previous record.
Driven by activity in the GTA and Vancouver, home sales increased 1.5% month-over-month in March, and 12.2% year-over-year, according to the Canadian Real Estate Board.
The GTA is heading into the spring home buying season with soaring demand and a shortage of listings,” CREA President Cliff Iverson said. “Meanwhile, other major urban markets in Canada are well balanced or are amply supplied.”
Sales were up month-over-month in nearly 60 different markets, according to CREA.
“Single family home sales in the GTA set new records for the month of March in the range between a-half and one-million dollars – as did sales above a million dollars,” Gregory Klump, CREA’s chief economist, said. “Meanwhile, sales below a half-a-million dollars, which were not subject to recently tightened mortgage regulations, are being increasingly restrained in these markets by a short supply of listings.
“If current sales and listings trends persist, price gains may pick up further this spring.”
Newly listed homes, meanwhile, fell by 1.4% month-over-month and the MLS Home Price Index increased 9.1% year-over-year.
The national sales price increased 15.7% year-over-year.
The GTA is heading into the spring home buying season with soaring demand and a shortage of listings,” CREA President Cliff Iverson said. “Meanwhile, other major urban markets in Canada are well balanced or are amply supplied.”
Sales were up month-over-month in nearly 60 different markets, according to CREA.
“Single family home sales in the GTA set new records for the month of March in the range between a-half and one-million dollars – as did sales above a million dollars,” Gregory Klump, CREA’s chief economist, said. “Meanwhile, sales below a half-a-million dollars, which were not subject to recently tightened mortgage regulations, are being increasingly restrained in these markets by a short supply of listings.
“If current sales and listings trends persist, price gains may pick up further this spring.”
Newly listed homes, meanwhile, fell by 1.4% month-over-month and the MLS Home Price Index increased 9.1% year-over-year.
The national sales price increased 15.7% year-over-year.
This is a good time to get into the home and condo market as prices will continue to go up and mortgage rates continue to be low.
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