March 2024 Housing Market Update:

  • March sales spiked to 2,664 units, a 10% year-over-year increase, surpassing typical trends.
  • Despite a slight uptick in new listings to 3,172 units, they remained below the March average, failing to meet demand.
  • Ann-Marie Lurie, CREB®'s Chief Economist, noted the tightest market conditions since 2006 due to high migration and dwindling supply.
  • Inventory dropped, especially for properties under $1,000,000, with a significant decline below $500,000.
  • The total residential benchmark price rose to $597,600, up 2% from last month and 11% year-over-year.


  • Sales increased but were constrained by limited new listings.
  • Inventory levels remained stable but significantly lower than last year, driving price gains.


  • Supply constraints persisted, with the sales-to-new listings ratio reaching 96%, driving further price increases.


  • Both sales and new listings rose, but the sales-to-new listings ratio prevented significant inventory changes.
  • Inventory levels dropped, particularly for properties priced below $400,000, leading to price gains.

Apartment Condominium:

  • Sales hit 814 units, contributing to record-high quarterly sales.
  • Tight conditions favored sellers, with prices rising over 17% year-over-year.

Overall, the market continues to favor sellers, with tight supply conditions driving price growth across property types.

Data is supplied by Pillar 9™ MLS® System. Pillar 9™ is the owner of the copyright in its MLS®System. Data is deemed reliable but is not guaranteed accurate by Pillar 9™.
The trademarks MLS®, Multiple Listing Service® and the associated logos are owned by The Canadian Real Estate Association (CREA) and identify the quality of services provided by real estate professionals who are members of CREA. Used under license.