March 2019 GTA Market Stats
Friday Apr 05th, 2019
Competition between buyers, low inventory, keep market tight…
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.