GTA Home Sales Drop 23% in March as Listings Surge, Prices Also dropping

5,011 homes were sold last month, a significant decrease from the 6,519 transactions recorded in March 2024

Toronto: Home sales in the Greater Toronto Area (GTA) saw a sharp decline in March, dropping 23.1% compared to the same period last year, as an influx of new listings helped ease market pressures.

According to the Toronto Regional Real Estate Board (TRREB), 5,011 homes were sold last month, a significant decrease from the 6,519 transactions recorded in March 2024. On a seasonally adjusted basis, sales also slipped 2.4% from February.

Meanwhile, sellers entered the market in greater numbers, with 17,263 new listings in March—marking a 28.6% increase from a year ago. The rise in supply contributed to a dip in home prices, with the average selling price falling 2.5% year-over-year to $1,093,254. The composite benchmark price, which reflects the value of a typical home, also dropped 3.8% annually.

TRREB’s Chief Market Analyst Jason Mercer noted that many prospective buyers are taking a cautious approach amid economic uncertainty, particularly with ongoing trade concerns and the upcoming federal election. “Households remain hesitant, opting to wait for greater economic stability before making major financial decisions,” Mercer explained.

Despite the slowdown, the real estate board remains optimistic that activity will pick up once consumer confidence strengthens and job security concerns ease. As economic conditions evolve, market watchers will be keeping a close eye on interest rates and policy changes that could impact housing demand in the coming months.