By Sammy Hudes
The Toronto Regional Actual Property Board mentioned 5,011 houses had been offered final month, in contrast with 6,519 in March 2024. Gross sales had been down 2.4% from February on a seasonally adjusted foundation.
In the meantime, 17,263 new properties had been listed within the GTA final month, up 28.6% in contrast with final 12 months.
TRREB chief info officer Jason Mercer mentioned many households excited about shopping for a house are possible taking a “wait-and-see method” given the financial implications of ongoing commerce uncertainty and a federal election marketing campaign.
“If commerce points are solved or public coverage decisions assist mitigate the impression of tariffs, residence gross sales will possible enhance,” he mentioned in a press launch.
“Homebuyers have to really feel their employment state of affairs is strong earlier than committing to month-to-month mortgage funds over the long run.”
Whereas Canada dodged widespread U.S. tariffs on Wednesday, a few of Canada’s greatest industries nonetheless face existential threats from border taxes. U.S. President Donald Trump confirmed that imported autos can be topic to 25% tariffs, which incorporates autos produced in Canada regardless of an present free-trade deal.
Canada’s metal and aluminum industries are additionally nonetheless topic to 25% tariffs, as are items not compliant with the Canada-U.S.-Mexico Settlement.
TRREB president Elechia Barry-Sproule expressed optimism that residence gross sales exercise will rebound as soon as shoppers regain confidence within the economic system and their job safety. She mentioned the image has already improved over the previous 12 months for these trying to purchase a property.
“House possession has turn into extra reasonably priced over the previous 12 months, and we anticipate additional charge cuts this spring,” she mentioned in a press release.
“Patrons can even profit from elevated alternative, giving them higher negotiating energy.”
The typical promoting value in March decreased 2.5% in contrast with a 12 months earlier to $1,093,254, because the composite benchmark value, meant to symbolize the standard residence, was down 3.8% year-over-year.
Within the Metropolis of Toronto, there have been 1,908 gross sales final month, a 16.9% drop from March 2024. All through the remainder of the GTA, residence gross sales fell 26.5% to three,103.
All property sorts noticed fewer gross sales in March in contrast with a 12 months in the past all through the area.
Indifferent houses noticed the steepest decline with 24.9% fewer gross sales, adopted carefully by condos at 23.5% and townhouses at 23.2%. There have been 15.9% fewer gross sales of semi-detached houses.
This report by The Canadian Press was first printed April 3, 2025.
It is a corrected story. A earlier model included incorrect figures on lively listings that had been supplied to The Canadian Press by the board. That knowledge has been eliminated till the board supplies corrected info.
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Elechia Barry-Sproule home sales Jason Mercer Ontario real estate market Regional sammy hudes The Canadian Press toronto toronto home sales toronto house prices Toronto housing market toronto real estate market toronto regional real estate board TRREB
Final modified: April 3, 2025
