GTA Home Sales Decline in March as Trade Uncertainty Weighs on Market

Home sales in the Greater Toronto Area (GTA) saw a sharp decline in March, dropping 23.1% compared to the same time last year. According to the Toronto Regional Real Estate Board (TRREB), 5,011 homes were sold last month, down from 6,519 in March 2024. On a seasonally adjusted basis, sales also dipped 2.4% from February.

At the same time, the number of new listings surged, with 17,263 properties hitting the market—an increase of 28.6% compared to last year. The total housing inventory also grew 9.5% to 13,633 homes, giving buyers more options and easing competition.

This influx of supply contributed to a decline in home prices. The average selling price dropped 2.5% year-over-year to $1,093,254, while the composite benchmark price, which represents the typical home, fell 3.8%.

TRREB’s Chief Information Officer suggests that many buyers are taking a “wait-and-see” approach due to economic uncertainty and the upcoming federal election. However, TRREB President remains optimistic, noting that homeownership has become more affordable over the past year. Further interest rate cuts are expected this spring, which, along with increased housing supply, could give buyers greater negotiating power.

While market activity remains slow for now, TRREB anticipates a rebound once consumer confidence and job security improve.