{"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
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 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 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<\/a> rose to 2.5 months at the end of March 2024, up from 1.9 months in March 2023.<\/p>\n <\/p>\nAverage Price<\/h3>\n
Listings<\/h3>\n
Inventory<\/h3>\n
Construction Starts<\/h3>\n