March sales rose to 2,664 units, a 10% increase compare to last year and much higher than long-term trends. While new listings did pick up over last month, the 3,172 units were still below what we typically see in March. The sales-to-new listings ratio rose to 84%, and the months of supply fell below one month.

“We have not seen March conditions this tight since 2006, which is also the last time we reported high levels of interprovincial migration and a months-of-supply below one month," said Ann-Marie Lurie, Chief Economist at CREB®. city “Moreover, we are entering the third consecutive year of a market favouring the seller as the two-year spike in migration has driven up demand and contributed to the drop in re-sale and rental supply. Given supply adjustments take time, it is not a surprise that we continue to see upward pressure on home prices.” 

Inventory levels have declined across properties priced below $1,000,000, with the steepest declines occurring for homes priced below $500,000. In March, there were 2,532 units in inventory, 22% lower than last year and half the levels we normally see in March.

In March, the unadjusted total residential benchmark price rose to $597,600, a 2% gain over last month and nearly 11% higher than last year. Prices have increased across all property types, with the most significant year-over-year gains occurring for the relatively more affordable row and apartment-style homes.

- Detached sales increased by 1% compared to a year ago

- New listings decreased by -14% compared to a year ago

- Inventory decreased by -28% compared to a year ago

- Benchmark Price increased by 14% to $739,700 compared to a year ago

- Semi-Detached sales increased by 15% compared to a year ago

- New listings decreased by -7% compared to a year ago

- Inventory decreased by -28% compared to a year ago

- Benchmark Price increased by 14% to $620,000 compared to a year ago

- Townhouse sales increased by 16% compared to a year ago

- New listings increased by 6% compared to a year ago

- Inventory decreased by -12% compared to a year ago

- Benchmark Price increased by 20% to $448,700 compared to a year ago

- Apartment unit sales increased by 20% compared to a year ago

- New listings increased by 8% compared to a year ago

- Inventory decreased by -14% compared to a year ago

- Benchmark Price increased by 17% to $337,700 compared to a year ago