TORONTO — Home sales in the Greater Toronto Area fell 23.1 per cent in March while more supply hit the market, helping bring down prices compared with a year ago.
The Toronto Regional Real Estate Board said 5,011 homes were sold last month, compared with 6,519 in March 2024. Sales were down 2.4 per cent from February on a seasonally adjusted basis.
Meanwhile, 17,263 new properties were listed in the GTA last month, up 28.6 per cent compared with last year.
TRREB chief information officer Jason Mercer said 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.
"If trade issues are solved or public policy choices help mitigate the impact of tariffs, home sales will likely increase," he said in a press release.
"Homebuyers need to feel their employment situation is solid before committing to monthly mortgage payments over the long term."
While Canada dodged widespread U.S. tariffs on Wednesday, some of Canada's biggest industries still face existential threats from border taxes. U.S. President Donald Trump confirmed that imported vehicles would be subject to 25 per cent tariffs, which includes vehicles produced in Canada despite an existing free-trade deal.
Canada's steel and aluminum industries are also still subject to 25 per cent tariffs, as are goods not compliant with the Canada-U.S.-Mexico Agreement.
TRREB president Elechia Barry-Sproule expressed optimism that home sales activity will rebound once consumers regain confidence in the economy and their job security. She said the picture has already improved over the past year for those looking to buy a property.
“Home ownership has become more affordable over the past 12 months, and we expect further rate cuts this spring," she said in a statement.
"Buyers will also benefit from increased choice, giving them greater negotiating power."
The average selling price in March decreased 2.5 per cent compared with a year earlier to $1,093,254, as the composite benchmark price, meant to represent the typical home, was down 3.8 per cent year-over-year.
In the City of Toronto, there were 1,908 sales last month, a 16.9 per cent drop from March 2024. Throughout the rest of the GTA, home sales fell 26.5 per cent to 3,103.
All property types saw fewer sales in March compared with a year ago throughout the region.
Detached homes saw the steepest decline with 24.9 per cent fewer sales, followed closely by condos at 23.5 per cent and townhouses at 23.2 per cent. There were 15.9 per cent fewer sales of semi-detached homes.
This report by The Canadian Press was first published April 3, 2025.
Sammy Hudes, The Canadian Press
