New listings amounted to 3,318, down about 40 per cent from the prior March, while inventory sat at 3,233, down 26 per cent from a year ago.The benchmark price, however, was up almost one per cent year-over-year to $541,800.
The board’s chief economist Ann-Marie Lurie says the numbers indicate the city is experiencing a sellers’ market, where supply is the main challenge. “Existing homeowners may be reluctant to list as they struggle to find an acceptable housing alternative in this market,” she said, in a press release. “At the same time, higher lending rates can also reduce the incentives for existing homeowners to list their home.”
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