Canadian real estate had a slow start last month, but activity picked up towards the end. Canadian Real Estate Association (CREA) data shows sales and new inventory both showed only minor movements in March. Prices slipped lower but haven’t moved much since last year. The big insight was the surge of activity towards month-end, and a sudden “jump” in new listings at the start of April.
Canadian Real Estate Prices Slipped Lower In March
Canadian real estate prices did fall, but not much from last year. The seasonally adjusted benchmark price of a home fell 0.3% to $718,400 in March, but remains 1.1% higher than last year.
Canadian Real Estate Prices
The seasonally adjusted benchmark price in Canadian dollars.
Source: CREA.
Canadian Existing Home Sales Climbed, But Remain Weak
Existing home sales got a boost, but overall remained weak in contrast to historical levels. Seasonally adjusted sales climbed 0.5% in March, representing a 1.7% increase from last year. That sounds better than it is, considering last March was one of the worst on record when it came to sales volume.
Canadian Real Estate Prices
The seasonally adjusted benchmark price in Canadian dollars.
Source: CREA.
New Listings of Homes For Sale Pulled Back, But Jumped In April
New inventory on the other hand pulled back slightly. Seasonally adjusted new listings contracted 1.6% in March, slightly tightening the market from February. Although new listings are still much higher than last year—about 10.1% higher. Tighter than a month prior, but much better supplied in contrast to last year.
The most important takeaway was the weekly tracking, according to CREA. Activity was a little soft at the start of the month, but new listings bounced in the second week. They also note the last week of March is when sales began to pick up, with a “jump” in listings in the first week of April.
In other words, the hype on activity was overstated. There was little change when it came to sales and new listings over the month, and prices fell slightly. Additionally, Easter falling in March this year would have contributed to slower activity.
However, April beginning with a sudden influx of inventory is a trend worth watching. If it’s absorbed, the market may be ready to advance, but look out if it lingers.
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2024-04-12 21:30:40Z
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