By Sammy Hudes
The Toronto Regional Actual Property Board mentioned 5,011 properties have been bought final month, in contrast with 6,519 in March 2024. Gross sales have been down 2.4% from February on a seasonally adjusted foundation.
In the meantime, 17,263 new properties have been listed within the GTA final month, up 28.6% in contrast with final yr.
TRREB chief info officer Jason Mercer mentioned many households focused on shopping for a house are doubtless 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 influence of tariffs, house gross sales will doubtless improve,” he mentioned in a press launch.
“Homebuyers have to really feel their employment scenario 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 largest 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 current 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 house 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 yr for these trying to purchase a property.
“House possession has turn out to be extra reasonably priced over the previous 12 months, and we count on additional price cuts this spring,” she mentioned in a press release.
“Patrons will even profit from elevated alternative, giving them better negotiating energy.”
The typical promoting value in March decreased 2.5% in contrast with a yr earlier to $1,093,254, because the composite benchmark value, meant to symbolize the everyday house, 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, house gross sales fell 26.5% to three,103.
All property varieties noticed fewer gross sales in March in contrast with a yr in the past all through the area.
Indifferent properties noticed the steepest decline with 24.9% fewer gross sales, adopted intently by condos at 23.5% and townhouses at 23.2%. There have been 15.9% fewer gross sales of semi-detached properties.
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 have been supplied to The Canadian Press by the board. That information has been eliminated till the board supplies corrected info.
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Elechia Barry-Sproule house gross sales Jason Mercer Ontario actual property market Regional sammy hudes The Canadian Press toronto toronto house gross sales toronto home costs Toronto housing market toronto actual property market toronto regional actual property board TRREB
Final modified: April 3, 2025
