Monday, May 27, 2024

March Real Estate Market Update in Ontario

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The Ontario housing market in March 2024 saw moderate declines in monthly home sales, a rise in new and active residential listings, and a growing inventory, while the average price of resale homes continued to rise. Home sales totaled 15,167 units, a 4.4% decrease from March 2023, but year-to-date sales increased by 7.9%. The average price of Ontario resale homes rose 1.4% to $889,033. New listings increased 14.4% to 30,610 units, but remained below historical averages. Active listings rose 25.8% to 37,735 units, the highest for March in five years. Inventory increased to 2.5 months. Housing starts saw a seasonally adjusted annual rate of 89,960 in February 2024, with a six-month moving average of 85,426. The unemployment rate rose slightly to 6.5% in March 2024, with a net gain of 18,900 total jobs.

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