March 2019 activity was the softest in 10 years in the GTA but relative to February, resales increased to just under 2% month-over-month (on a preliminary seasonally-adjusted basis). A lack of buying options continue to be a factor holding back activity as the number of new listings fell 4.5% from a year ago.
Robert Hogue, Senior Economist with RBC, says this explanation finds some support in the fact that the benchmark price rose at a faster pace in March (2.6% year-over-year) than February (2.3%)—suggesting that buyers had to bid more aggressively in the face of limited supply. While market-cooling government policy continues to dampen consumer confidence, the advent of warmer weather after a particularly harsh winter in the GTA will hopefully bring a welcomed boost to spring market activity.
If you would like to find out what these statistics mean to you, or if you are curious to know how much your property is worth today or how much you can afford to buy, please reach out.
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