Facebook
X
Pinterest
Copy Link
Detached Homes
In March, detached home sales surged, although constrained by limited new listings entering the market. Despite 1,386 newly listed units compared to 1,151 sales, the sales-to-new listings ratio rose to 83 percent. Inventories, though stable from the previous month, dropped by 24 percent from last year and nearly 60 percent from long-term trends. Notably, inventory levels fell across all price ranges, particularly in the lower bracket, where 71 percent of available inventory was priced above $700,000.
The shortage in inventory compared to sales pushed the months of supply below one month, driving further price increases. The unadjusted benchmark price jumped to $739,700, marking a monthly increase of almost three percent and a significant year-over-year rise of 14 percent. The most substantial gains were observed in the more affordable North East and East districts.
Semi-Detached Homes
Supply constraints persisted in the semi-detached sector, with 260 new listings countered by 250 sales, resulting in a sale-to-new listings ratio of 96 percent in March. Stagnant inventories, coupled with a drop in months of supply below one month, were largely attributed to properties priced below $600,000.
Despite limited supply, robust demand continued to drive price appreciation. The unadjusted benchmark price soared to $658,000, marking a nearly three percent increase from the previous month and a significant 14 percent surge over the previous year. Price escalations were evident across all city districts, with gains ranging from 11 percent in the high-priced City Centre to 25 percent in the more affordable East district.
Row Houses
March saw an uptick in both sales and new listings, yet the sales-to-new listings ratio of 84 percent prevented any substantial monthly changes in inventory levels. With 536 new listings and 449 sales, inventory levels remained 12 percent lower than last year and 53 percent below long-term trends. The decline in inventory, particularly for properties priced below $400,000, drove up the unadjusted benchmark price to $448,700, marking a monthly increase of nearly three percent and a remarkable 20 percent surge over the previous year. The City Centre reported the slowest growth in benchmark prices, contrasting with the highest growth seen in the city’s most affordable districts.
Apartment Condominiums
March witnessed robust sales in the apartment condominium segment, contributing to record-high first-quarter sales of 1,940 units, nearly 31 percent higher than the previous year. Despite improvements in new listings, the sales-to-new-listings ratio of 82 percent in March, coupled with a one-month supply, favored sellers. The demand for lower-priced homes propelled the growth of apartment-style properties, further accentuated by tight market conditions, which contributed to price appreciation. In March, benchmark prices surged to $337,700, marking a two percent increase from the previous month and a notable 17 percent rise from the previous year.
