March 2023 Market Update

Last month, there were 381 sales of single-family homes in the VIREB area, a 26 per cent decrease from one year ago (515) and a 73 per cent increase from February 2023 (220). Sales of condo apartments in March 2023 came in at 66, declining by 46 per cent year over year and increasing by three per cent from the previous month. In the row/townhouse category, 77 units changed hands in March, down 26 per cent from one year ago and up by 54 per cent from February.

Inventory is higher than in 2022 but is still below what’s needed to achieve a balanced market. Active listings of single-family homes were 963 in March, up from 552 one year ago and 937 in February. VIREB’s inventory of condo apartments hit 290 last month, up from 148 listings one year ago and 253 in February. There were 253 row/townhouses for sale last month compared to 99 one year ago and 251 the previous month.

Benchmark prices are down from one year ago but did increase slightly month over month in some areas.

Single-family – $731,400 (11 per cent y-o-y decrease)
Apartment – $405,400 (5 per cent y-o-y decrease)
Townhouse – $563,300 (4 per cent y-o-y decrease)

For the rest of our March statistics and supplementary information, please check out the following resources.