The Toronto Regional Real Estate Board (TRREB) has released its housing data for March, reporting 5,011 transactions through the MLS system. This represents a 23.1% decline compared to the same period last year. Although lower borrowing costs and moderating home prices have improved affordability, many prospective buyers appear to be adopting a cautious approach in light of economic uncertainty and the forthcoming federal election.
With the rate of new listings continuing to outpace sales, the market remains well-supplied heading into March. The 17,263 new listings represent a year-over-year increase of 28.6%, with active listings rising 88.8% to 23,462. Housing inventory now sits at 4.7 months.
With the increase in inventory, average prices came down slightly. The average selling price of $1,093,254 represents a 2.5% decrease from March 2024. The MLS Home Price Index (HPI) Composite Benchmark was down 3.77% year-over-year (-2.46% in Toronto).
The average sale took place in 24 days on the market at 100% of the listing price, with 68.4% of transactions falling between $600,000 and $1,500,000. Sales of homes over $2,000,000 were up by 6.4%. Detached homes represented 43.0% of total sales, followed by condo apartments at 28.0%.
Looking at prices by housing type: Detached homes sold for an average of $1,439,268, representing a 1.8% decrease from a year earlier, and a month-over-month decrease of 0.5%. The average price for semi-detached homes was $1,111,791 (-0.9% /+2.9%), townhomes sold on average for $908,169 (-3.5% /-0.4%), and the average price of condos was $682,019 (-2.6% /-0.9%).
We begin April with more clarity than we had a month ago. The Bank of Canada has lowered its key lending rate by 0.25%. The Liberal leadership race has wrapped up, and a federal election is now set for April 28th. Meanwhile, the U.S. continues its pushback against free trade. In response, Canada has imposed retaliatory tariffs on $60 billion worth of U.S. imports. While increased housing supply, lower borrowing costs, and softer prices are improving affordability, market conditions will ultimately depend on how these broader economic and political shifts unfold.
If real estate is on your mind, speak with a member of the Harvey Kalles sales team. We’re here to provide clarity on the current market and answer your questions. With a legacy dating back to 1957, Harvey Kalles Real Estate brings substantial expertise to every transaction, across all market conditions.
