The Toronto Regional Real Estate Board just released the housing numbers for March. A total of 5,011 homes were sold through the MLS system—down 23.1% compared to March of last year. Even though borrowing is becoming a bit more affordable and home prices are easing, many buyers are still hesitant due to economic uncertainty and the upcoming federal election.
There were 17,263 new homes listed for sale in March, which is nearly 29% more than last year. Active listings (homes available for sale) also went up by 9.5%, reaching 13,633. With more listings than sales, there's currently about 2.7 months' worth of housing supply on the market—giving buyers more options and keeping the market well-stocked.
As supply increased, prices dipped slightly. The average selling price in March was $1,093,254, which is 2.5% lower than a year ago. The MLS Home Price Index, which gives a more stable picture of price trends, showed a year-over-year drop of 3.77% across the board and 2.46% in Toronto specifically.
Homes are still selling relatively quickly—on average in 24 days—and most are selling for the full asking price. About 68% of all sales were between $600,000 and $1.5 million. Interestingly, sales of homes priced over $2 million were up by 6.4%. Detached homes made up 43% of total sales, while condos accounted for 28%.
Here’s a quick breakdown of average prices by property type compared to last year:
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Detached homes: $1,439,268 (down 1.8%)
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Semi-detached: $1,111,791 (down 0.9%)
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Townhomes: $908,169 (down 3.5%)
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Condos: $682,019 (down 2.6%)
Heading into April, things are becoming a little clearer. The Bank of Canada has slightly lowered interest rates, which should help buyers. The Liberal leadership race has ended, and the federal election is scheduled for April 28th. On a global scale, Canada has responded to U.S. trade tensions by placing tariffs on $60 billion worth of American goods.
In short: more listings, slightly lower prices, and better borrowing conditions are helping affordability—but the market will likely continue to shift based on how the broader economic and political picture unfolds.
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