The Canadian real estate market reignited in March, with the number of new listings skyrocketing even as the number of sales and average prices crept toward all-time highs.
February data from the Canadian Real Estate Association showed sales and prices moderating as supply began to creep back into the market, but March numbers suggest Canadians are feverishly jumping into the market to sidestep tougher mortgage requirements in effect Monday April 19 as well as to avoid new taxes being introduced in Ontario and British Columbia in June.
There were 97,663 homes put up for sale last month, a 20-per-cent jump from the previous high set in March 2008. A total of 233,402 listings have been booked since the beginning of the year, the most for any first quarter on record.
