April 1 2025
Row
March reported a surge in new listings with 697 units. The growth in new listings was met with 400 sales, causing the sales-to-new-listings ratio to ease, and inventories to rise from the lower levels reported last year. There were 826 units in inventory in March, pushing above long-term trends, but remaining shy of some of the highs reported prior to the pandemic. Supply levels improved across all price ranges, with much of the gains occurring in the North East, North and South East districts. Like other property types, improving inventory relative to sales has shifted the market toward more balanced conditions, especially for row homes priced above $500,000. This has also slowed the upward pressure on home prices. In March, the unadjusted benchmark price was $454,000, two per cent higher than last March, but nearly four per cent below peak levels reported in June of last year.
Apartment Condominium
After the first quarter, condo sales reported the largest decline over last year compared to other property types. However, we achieved record highs last year, and the 1,383 sales remain well above long-term trends for the first quarter. Relatively strong demand has also been met with significant gains in new listings, causing the sales-to-new-listings ratio to fall below 50 per cent and driving inventory gains. As of March, there were 1,710 units in inventory, causing the months of supply to push up to just over three months. While the months of supply have risen compared to the exceptionally low levels seen over the previous three years, levels remain well below the over six-month average seen throughout 2015 – 2020.
Nonetheless, more supply has slowed the pace of price growth. The unadjusted benchmark price in March was $336,100, similar to last month and nearly three per cent higher than last March. Despite the year-over-year gain, prices remain below the peak reported last August. Prices are below peak across all districts, but the largest declines have occurred in the North and North East areas.
