March Market Data & Eye on the Market

Watch incoming Chair Jeff Chadha’s first ‘Eye on the Market’

Home buyers have more choice heading into the spring market as inventory levels continue to build, helping REALTORS® to provide their buying clients with more options.

Active listings increased 11 per cent in March to 6,197, increasing inventory levels to the highest they’ve been for the month of March in the past five years. A 7 per cent increase in new listings also helped to boost supply.

A slower than anticipated March for sales is one of the reasons we are seeing inventory building. March sales increased 13 per cent over February to 1,395, but decreased 10 per cent compared to March of last year. Sales for March 2024 were 31 per cent below the 10-year average and accounts for the second slowest March in a decade.

The overall market remains in seller’s market territory, with a sales-to-active listings ratio of 23 percent, up from 22 per cent in February. The market is considered balanced when this ratio is between 12 and 20 per cent.

Detached: 21% (down 1% from February)
Townhouses: 44% (up 9% from February)
Apartments: 29% (down 4%from February)

For the second month in a row, prices edged up, with the composite Benchmark price for an FVREB home increasing 1.4 per cent to $1,008,300. Detached homes, townhomes and apartments all saw increases in Benchmark prices in March.

Detached: $1,517,100    2.1% (up)
Townhouse: $846,900   1.9% (up)
Apartment: $555,000   1.6% (up)

The average number of days homes are spending on the market continues to decrease, with single-family detached homes spending 27 days on the market, down from 35 days in February. Apartments spent 26 days on the market, down from 29 days in February, while townhomes moved more quickly at 20 days, down from 28 days on the market in February.

To learn more about the FVREB Market Data for March, watch Eye on the Market with Board Chair, Jeff Chadha.

For a more detailed look at our market, click here to view the Monthly Statistics Package.