Home sales across Canada hit an all-time record last month as supply slowly returned to the red hot market.

Sales were up 76.2% in March from a year ago, and up 5.2% compared with February.

As sales rose, so did the number of Canadians willing to sell.

The market saw 105,001 new listings last month; an increase of 7.5% over February, but more than 50% from March 2020, when COVID-19 hit.

Since then Canadians have engaged in bidding wars.

That drove the average price of a home sold last month up 31.6% from a year ago, to $716,828. 

Canadian Real Estate Association Chair Cliff Stevenson calls the much needed supply to start the spring market ”the relief valve we need the most to get that demand playing out more on the sales side of things and less on the price side.”