March 2019 Market Update

March 2019 activity was the softest in 10 years in the GTA but relative to February, resales increased to just under 2% m/m (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% y/y) 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.

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