{"id":30801,"date":"2024-04-18T07:54:38","date_gmt":"2024-04-18T07:54:38","guid":{"rendered":"https:\/\/www.canadianrealestatemagazine.ca\/?p=30801"},"modified":"2024-04-17T08:01:47","modified_gmt":"2024-04-17T08:01:47","slug":"ontario-march-real-estate-market-update","status":"publish","type":"post","link":"https:\/\/www.canadianrealestatemagazine.ca\/news\/ontario-march-real-estate-market-update\/","title":{"rendered":"Ontario March Real Estate Market Update"},"content":{"rendered":"

The Ontario housing market in March 2024 showed some subtle shifts, with moderate declines in monthly home sales and a rise in new and active residential listings, resulting in a growing inventory. Meanwhile, the average price of resale homes continued to rise.<\/p>\n

Home Sales<\/h3>\n

In March 2024, residential sales activity<\/a> in Ontario, as reported through MLS\u00ae, totalled 15,167 units. This was a moderate decline of 4.4% compared to March 2023. However, on a year-to-date basis, home sales increased by 7.9% from the same period last year, totaling 37,571 units over the first three months of the year. Nationally, home sales activity rose by 1.7% from March 2023 levels. For historical context, home sales were 28.7% below the five-year average and 26.1% below the 10-year average for March.<\/p>\n

The total dollar value of home sales in Ontario for the month was $13.5 billion, slightly dropping by 3% compared to March 2023.<\/p>\n

Average Price<\/h3>\n

The average price<\/a> of Ontario resale residential homes in March was $889,033, up 1.4% from the previous year. The year-to-date average price had the same 1.4% increase, reaching $865,788. For reference, the Canada-wide average price rose by 2% year-over-year to $698,530.<\/p>\n

Listings<\/h3>\n

In March, the increase in new listings<\/a> surpassed MLS\u00ae home sales. New MLS\u00ae  listings increased 14.4% from March 2023, with a total of 30,610 new residential listings. However, this was still 11.5% below the five-year averages, and 9.9% below the ten-year averages for March.<\/p>\n

Active residential listings in Ontario stood at 37,735 units at the end of March, representing a notable increase of 25.8% from the same period last year. This was the highest number of active listings for the month of March for the past five years.<\/p>\n

Active listings for the month of March surpassed the five-year average by 34.3% and the 10-year average by 3.5%.<\/p>\n

Inventory<\/h3>\n

Inventory<\/a> rose to 2.5 months at the end of March 2024, up from 1.9 months in March 2023.<\/p>\n

\"Aerial<\/p>\n

Construction Starts<\/h3>\n

For Ontario\u2019s seasonally adjusted total housing starts<\/a>, the seasonally adjusted annual rates (SAAR) for January 2024 were 82,93; for February 2024, this number rose to 89,960. The trend numbers, or six-month moving average of SAARs are 84,151 for January and 85,426 for February 2024.<\/p>\n

Key Economy Indicators – Employment<\/h2>\n

The unemployment rate<\/a> was 6.5% in March 2024, showing a slight increase of 0.2% from February. Despite this, the unemployment rate remained below the June 2020 peak and the long-run average. There was a reduction of 3,900 full-time jobs in March 2024 from February; although an increase of 22,800 part-time positions resulted in a net gain of 18,900 total jobs. These numbers are seasonally adjusted, three-month moving averages to allow for normal seasonal fluctuations.<\/p>\n","protected":false},"excerpt":{"rendered":"

The Ontario housing market in March 2024 showed some subtle shifts, with moderate declines in monthly home sales and a rise in new and active residential listings, resulting in a growing inventory. Meanwhile, the average price of resale homes continued to rise. Home Sales In March 2024, residential sales activity in Ontario, as reported through […]<\/p>\n","protected":false},"author":32,"featured_media":30806,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[4],"tags":[],"acf":[],"_links":{"self":[{"href":"https:\/\/www.canadianrealestatemagazine.ca\/wp-json\/wp\/v2\/posts\/30801"}],"collection":[{"href":"https:\/\/www.canadianrealestatemagazine.ca\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.canadianrealestatemagazine.ca\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.canadianrealestatemagazine.ca\/wp-json\/wp\/v2\/users\/32"}],"replies":[{"embeddable":true,"href":"https:\/\/www.canadianrealestatemagazine.ca\/wp-json\/wp\/v2\/comments?post=30801"}],"version-history":[{"count":2,"href":"https:\/\/www.canadianrealestatemagazine.ca\/wp-json\/wp\/v2\/posts\/30801\/revisions"}],"predecessor-version":[{"id":30805,"href":"https:\/\/www.canadianrealestatemagazine.ca\/wp-json\/wp\/v2\/posts\/30801\/revisions\/30805"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.canadianrealestatemagazine.ca\/wp-json\/wp\/v2\/media\/30806"}],"wp:attachment":[{"href":"https:\/\/www.canadianrealestatemagazine.ca\/wp-json\/wp\/v2\/media?parent=30801"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.canadianrealestatemagazine.ca\/wp-json\/wp\/v2\/categories?post=30801"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.canadianrealestatemagazine.ca\/wp-json\/wp\/v2\/tags?post=30801"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}