Again, just like in February, sales activity reached a monthly high and also hit new all-time record high for any given month. Gains happened across all property types and they all hit new all-time record highs.
An increase in new listings this month helped the growth in sales activity but inventory has remained low, ensuring the continuation of the sellers market.
With an unadjusted benchmark price of $518,600 this month, the monthly gain increased by another four per cent. After three consecutive gains, prices have risen by nearly $55,000 since December and currently sit nearly 18 per cent higher than last year’s levels.
Despite the strong start to the year, price gains and rising lending rates are expected to weigh on demand in the second half of this year. Nonetheless, persistently tight conditions will likely continue to impact the market over the next several months.
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