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Home sales up in March as buyers re-enter market with historically low supply

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Canada homes sales rose in March while markets are tightening, according to a report by the Canadian Real Estate Association. Read on.

She said homes are also selling faster, with buyers re-entering a housing market with historically low supply. The latest figures show a 5.8 per cent month-over-month drop in the number of newly listed homes in March.

It said the March 2023 sales figure was similar to those in 2018 and 2019, and was also the smallest year-over-year decline since September last year. CREA also said the sales-to-new listings ratio jumped to 63.5 per cent in March, the tightest market in a year. New listings have fallen considerably, and sales are moving higher once again.

It expects around 493,000 properties to be resold via MLS systems in 2023, a 1.1 per cent decline from 2022 and almost unchanged from the previous national forecast.

 

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