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New Listings Across Canada Hit 20-Year Low Shaping Favourable Conditions for Sellers: CREA

Mackenzie Scibetta by Mackenzie Scibetta
April 14, 2023
in Canada, Market Insights, Real Estate News
Reading Time: 4 mins read
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With spring buyers eager to come off the sidelines, national home sales experienced a modest increase from February to March, recording 1.4% growth and marking the first back-to-back monthly gains in more than a year. This could indicate that conditions are recovering after a volatile 2022, however, lack of supply is pushing market conditions into tighter territory. 

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Market Conditions Extremely Tight as Supply Dwindles

The Canadian Real Estate Association (CREA) recorded new listings dropping 5.8% month-over-month in March, reaching a 20-year low. Metropolitan areas suffered the most, with Calgary, Edmonton, Hamilton-Burlington, and Halifax-Dartmouth all experiencing supply drops of more than 10%. The Greater Toronto Area (GTA) experienced a 7.3% decrease in supply month-over-month and Greater Vancouver followed suit with a month-over-month decrease of 6.9%. 

  • Read: GTA Home Prices vs. Income: How Do Your Earnings Compare?

This puts inventory at just 3.9 months, down nearly 5% from last month’s 4.1 months and a full month below its long-term average. Inventory is even lower in Ontario, where there’s only 2.6 months of supply. The lack of supply is advantageous to sellers as this means prices will likely continue to grow along with competition. “With buyers re-entering a market with historically low supply, homes are not only selling but selling faster,” said Jill Oudil, Chair of CREA. 

Inventory Moving Quickly, Keeping Prices Up

The actual (not seasonally adjusted) national average home price in March was $686,371, up 3.6% from February and 12.1% from January. Among the major markets, Quebec City experienced the most growth with the average home price increasing by 4.3% from $315,300 to $329,000 month-over-month. Greater Toronto experienced steady growth as well, with the average price increasing by 2.5% from $1,091,300 to $1,118,500 month-over-month. With buyers gaining confidence in the market, sales activity will likely grow and continue to push prices upwards. 

“The 2023 spring housing market is getting going after a tough 2022, and the green shoots continued to pile up in March. Sales are trending up, markets have tightened considerably, the Bank of Canada is on hold, and the MLS® Home Price Index is stabilizing across the country,” said Shaun Cathcart, CREA’s Senior Economist. 

  • Read: BoC: Interest Rates Remain on Pause. What it Means for Prospective Buyers and Sellers

Sales increases were most noticeable in Fraser Valley, where activity jumped up by an impressive 39.9% month-over-month (seasonally adjusted). Other markets experiencing significant sales growth include Saint John, up month-over-month by 10.5%, Quebec CMA, up by 7.4%, and London and St. Thomas, up by 4.5%. 

If you’re preparing to enter the spring market, whether that’s through buying, selling, or both, it’s important to speak with a local realtor to learn about market conditions in your specific area. If you’re ready, give us a call today to speak with a qualified agent!

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Mackenzie Scibetta

Mackenzie Scibetta

Mackenzie Scibetta is a seasoned Content Marketing Specialist at Zoocasa, where she brings her expertise to the world of real estate. As a dedicated real estate writer, Mackenzie's primary goal is to equip home buyers and sellers with the most up-to-date market insights, enabling them to navigate their real estate ventures with confidence. Mackenzie's writing is characterized by its depth and breadth, covering a wide range of topics related to the real estate industry. From exploring the intricacies of mortgages to meticulously tracking and analyzing trends in local markets across Canada and the U.S., Mackenzie is known for her comprehensive and data-driven reports. Her commitment to providing valuable information is evident in the consistent quality of her work. Mackenzie's research and insights have earned her recognition from prominent media outlets. Her expertise has been featured in BNN Bloomberg, CTV News, the National Post, The Globe and Mail, and even The New York Times. These accolades underscore her position as a trusted authority in the field of real estate.

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