Canadian housing market continues to sizzle
There are still plenty of signs of insanity in the Canadian housing market but I've noticed a slight cooling this month with home sitting on the market a bit longer, particularly in the higher range. That could be buyers hoping for more spring inventory before they FOMO again.
March Canadian home sales of 76,259 set a new record by a margin of 22,000 sales.
The report highlights that supply of homes hitting the market is up 25% in the past two months, which is easing the jam.
Cliff Stevenson, Chair of CREA said in a statement:
"The real issue is not strength in housing markets but imbalance. That demand has been around for months, but with the shortages in supply we have across so much of Canada, a lot of that demand has been pressuring prices. So the big rebound in new supply to start the spring market is the relief valve we need the most to get that demand playing out more on the sales side of things and less on the price side. That said, it will take a lot more than one month of record new listings, but it looks like we may finally be rounding the corner on these extremely unbalanced housing market conditions"
