The benchmark price came out to $1.36 million, a roughly 21 per cent increase from March last year.
“March of 2021 was the highest selling month in our history. This year’s activity, while still elevated, is happening at a calmer pace than we experienced 12 months ago,” said REBGV chair Daniel John in a press release. “Home buyers are keeping a close eye on rising interest rates, hoping to make a move before their locked-in rates expire.”Article content
The prospect of higher borrowing costs has stoked demand across Canada’s housing markets as buyers rush to get in before the low-rate window closes. Some hawkish comments from Bank of Canada deputy governor Sharon Kozicki in late March led to speculation of a more aggressive path for rate hikes, which may send buyers to the sidelines.
Many economists expect a 50-basis point hike on April 13 as the central bank combats inflation, adding further pressure to borrowing costs.
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