Home sales in the Greater Toronto Area fell 23.1 percent in March while more supply hit the market, helping bring down prices compared with a year ago.
The Toronto Regional Real Estate Board says 5,011 homes were sold last month, compared with 6,519 in March 2024. Sales were down 2.4 percent from February on a seasonally adjusted basis.
Meanwhile, the board says 17,263 new properties were listed in the GTA last month, up 28.6 percent compared with last year, as total inventory in the region rose 9.5 percent to 13,633.
TRREB chief information officer Jason Mercer says many households interested in buying a home are likely taking a “wait-and-see approach” given the economic implications of ongoing trade uncertainty and a federal election campaign.
The average selling price decreased 2.5 percent compared with a year earlier to $1,093,254, as the composite benchmark price, meant to represent the typical home, was down 3.8 percent year-over-year.
The board says it anticipates activity will improve once consumers feel confident in the economy and their job security.
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