CREA’s chair Jill Oudil said in remarks accompanying the release that robust figures for March were evidence that recent years’ intense market conditions haven’t vanished – “they’ve just been on pause. With buyers re-entering a market with historically low supply, homes are not only selling but selling faster,” she said.
— CREA | ACI (@CREA_ACI) April 14, 2023
The MLS home Price Index, which gauges home price levels and trends using statistical models, edged up by 0.2% on a monthly basis, although it remained 15.5% down from its position the same time last year.
CREA senior economist Shaun Cathcart said the March sales figures showed that “green shoots” were becoming apparent in the Canada housing market ahead of the spring.
“Sales are trending up, markets have tightened considerably, the Bank of Canada is on hold, and the MLS Home Price Index is stabilizing across the country,” he said.
The Bank of Canada opted to keep its trendsetting interest rate unchanged in its announcement on April 12, a decision viewed as a positive one for the national housing market because of the fact that borrowing costs will remain largely unchanged as a result.