Home sales in the Greater Toronto Area (GTA) fell 23% in March as more supply hit the market, pushing down prices.
The Toronto Regional Real Estate Board (TRREB) says 5,011 homes were sold across the GTA last month, compared with 6,519 in March 2024.
Sales in Toronto, Canada’s biggest housing market, were down 2.4% from February on a seasonally adjusted basis.
At the same time, the board says 17,263 new properties were listed for sale in Greater Toronto last month, up 29% compared with a year ago as total inventory in the region rose 10% to 13,633 units.
The real estate board said buyers are taking a “wait-and-see approach” given the economic implications of ongoing trade uncertainty and a federal election campaign that’s underway.
The average price of a home for sale in Toronto decreased 2.5% in March from a year ago to $1.09 million.
The real estate board said they expect sales activity to pick-up again once consumers feel more confident in the state of the economy.
Vancouver Sales Hit Pre-Pandemic Low
Across the country in Vancouver, the number of homes sold in March fell to their lowest level since March 2019, a year before the Covid-19 pandemic hit.
The city’s real estate board says home sales in the region totalled 2,091 in March, a 13% decrease from the 2,415 sales recorded in March 2024, and 37% below the 10-year seasonal average.
There were 6,455 newly listed properties on the Vancouver market, a 29% increase from March 2024, as total active listings rose 38% year-over-year to 14,546 units.
As with Toronto, home prices in Greater Vancouver are on the decline, with the average house for sale listed at $1.19 million, down about 1% from a year ago.
The Vancouver Realtors group also blamed economic uncertainty for the March drop in home sales in the West Coast city.