The spring home-buying season is in full bloom in Canada’s largest markets.. Condos Vancouver .The Greater Vancouver Area (GVA) and Greater Toronto Area (GTA) saw sales and prices trending upwards in March from February..Greater Vancouver Area.In March, the Real Estate Board of Greater Vancouver (REBGV) reported home sales in the region reached 2,535 units, up from 1,808 sales in February..The MLS Home Price Index composite benchmark price for all homes sold in the GVA was $1,143,900 in March, up slightly from $1,123,400 in February..“On the pricing side, the spring market is already on track to outpace our 2023 forecast, which anticipated modest price increases of about 1% to 2% across all product types,” says Andrew Lis, REBGV’s director of economics and data analytics..“The surprising part of this recent activity is these price increases are occurring against a backdrop of elevated borrowing costs, below-average sales and new listing activity that continues to suggest that sellers are awaiting more favourable market conditions.”.There were 4,317 single-family, attached and apartment properties newly listed for sale in the GVA in March, compared to 3,467 new listings in February..At the end of March, the area had 8,617 active listings, up from 7,868 active listings the month before..Lis says the slight increase in active listings could affect sales going forward..“If home sellers remain on the sidelines, monthly MLS sales figures will continue to appear lower than historical averages as we move toward summer,” he says. “But it’s important to recognize the chicken-and-egg nature of these statistics.”.“The number of sales in any given month is partially determined by the number of homes that come to market that month, along with the inventory of unsold homes listed in previous months. With fewer homes coming on the market, homes sales will remain lower than we’re accustomed to seeing at this point in the year, almost entirely by definition.”.Sales of single-family homes in March reached 734 compared to 514 sales in February. The benchmark price increased to $1,861,800, up slightly from $1,813,100 the month before..There were 1,311 apartment sales in March at a benchmark price of $737,200 compared to 928 sales at a benchmark of $732,200 in February..Attached home sales in March reached 466 units, up from 366 sales in February. March’s benchmark price was $1,056,400 compared to $1,020,400 in February..Greater Toronto Area.The Toronto Region Real Estate Board (TRREB) reports market conditions tightened in March, with sales accounting for an increased share of listings compared to March 2022, suggesting competition between buyers is on the rise, adding the average sales price was above the average list price for the first time since May 2022..“As we moved through the first quarter, TRREB members were increasingly reporting competition between buyers was heating up in many GTA neighbourhoods. The most recent statistics bear this out,” says TRREB president Paul Baron. “Recent consumer polling also suggests demand for ownership housing will continue to recover this year.”.“Look for first-time buyers to lead this recovery, as high average rents move more closely in line with the cost of ownership.”.TRREB says there were 6,896 sales in March at an average price of $1,108,606, compared to 4,783 sales at an average of $1,095,617 in February..TRREB chief market analyst Jason Mercer sees more attractive mortgage rates in the near future..“Lower inflation and greater uncertainty in financial markets has resulted in medium-term bond yields to trend lower. This has and will continue to result in lower fixed-rate borrowing costs this year,” says Mercer..“Lower borrowing costs will help from an affordability perspective, especially as tighter market conditions exert upward pressure on selling prices in the second half of 2023.”.The GTA sees more newcomers to the country than elsewhere..“As population growth continues at a record pace on the back of immigration, first-time buying intentions will remain strong. Because the number of homes for sale is expected to remain low, it will also be important to have a substantial rental supply available,” says TRREB CEO John DiMichele..“Unfortunately, this is not something we have at the present time. We need to see a policy focus on bringing more purpose-built rental units online over the next number of years,” said DiMichele, a noticeable increase from 4,783 sales in February.
The spring home-buying season is in full bloom in Canada’s largest markets.. Condos Vancouver .The Greater Vancouver Area (GVA) and Greater Toronto Area (GTA) saw sales and prices trending upwards in March from February..Greater Vancouver Area.In March, the Real Estate Board of Greater Vancouver (REBGV) reported home sales in the region reached 2,535 units, up from 1,808 sales in February..The MLS Home Price Index composite benchmark price for all homes sold in the GVA was $1,143,900 in March, up slightly from $1,123,400 in February..“On the pricing side, the spring market is already on track to outpace our 2023 forecast, which anticipated modest price increases of about 1% to 2% across all product types,” says Andrew Lis, REBGV’s director of economics and data analytics..“The surprising part of this recent activity is these price increases are occurring against a backdrop of elevated borrowing costs, below-average sales and new listing activity that continues to suggest that sellers are awaiting more favourable market conditions.”.There were 4,317 single-family, attached and apartment properties newly listed for sale in the GVA in March, compared to 3,467 new listings in February..At the end of March, the area had 8,617 active listings, up from 7,868 active listings the month before..Lis says the slight increase in active listings could affect sales going forward..“If home sellers remain on the sidelines, monthly MLS sales figures will continue to appear lower than historical averages as we move toward summer,” he says. “But it’s important to recognize the chicken-and-egg nature of these statistics.”.“The number of sales in any given month is partially determined by the number of homes that come to market that month, along with the inventory of unsold homes listed in previous months. With fewer homes coming on the market, homes sales will remain lower than we’re accustomed to seeing at this point in the year, almost entirely by definition.”.Sales of single-family homes in March reached 734 compared to 514 sales in February. The benchmark price increased to $1,861,800, up slightly from $1,813,100 the month before..There were 1,311 apartment sales in March at a benchmark price of $737,200 compared to 928 sales at a benchmark of $732,200 in February..Attached home sales in March reached 466 units, up from 366 sales in February. March’s benchmark price was $1,056,400 compared to $1,020,400 in February..Greater Toronto Area.The Toronto Region Real Estate Board (TRREB) reports market conditions tightened in March, with sales accounting for an increased share of listings compared to March 2022, suggesting competition between buyers is on the rise, adding the average sales price was above the average list price for the first time since May 2022..“As we moved through the first quarter, TRREB members were increasingly reporting competition between buyers was heating up in many GTA neighbourhoods. The most recent statistics bear this out,” says TRREB president Paul Baron. “Recent consumer polling also suggests demand for ownership housing will continue to recover this year.”.“Look for first-time buyers to lead this recovery, as high average rents move more closely in line with the cost of ownership.”.TRREB says there were 6,896 sales in March at an average price of $1,108,606, compared to 4,783 sales at an average of $1,095,617 in February..TRREB chief market analyst Jason Mercer sees more attractive mortgage rates in the near future..“Lower inflation and greater uncertainty in financial markets has resulted in medium-term bond yields to trend lower. This has and will continue to result in lower fixed-rate borrowing costs this year,” says Mercer..“Lower borrowing costs will help from an affordability perspective, especially as tighter market conditions exert upward pressure on selling prices in the second half of 2023.”.The GTA sees more newcomers to the country than elsewhere..“As population growth continues at a record pace on the back of immigration, first-time buying intentions will remain strong. Because the number of homes for sale is expected to remain low, it will also be important to have a substantial rental supply available,” says TRREB CEO John DiMichele..“Unfortunately, this is not something we have at the present time. We need to see a policy focus on bringing more purpose-built rental units online over the next number of years,” said DiMichele, a noticeable increase from 4,783 sales in February.
