Greater Toronto home sales drop in March amid trade concerns: TRREB | Globalnews.ca

Home sales in the Greater Toronto Area fell 23.1 per cent in March while more supply hit the market, helping bring down prices compared with a year ago.

The Toronto Regional Real Estate Board says 5,011 homes were sold last month, compared with 6,519 in March 2024. Sales were down 2.4 per cent from February on a seasonally adjusted basis.

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Meanwhile, the board says 17,263 new properties were listed in the GTA last month, up 28.6 per cent compared with last year, as total inventory in the region rose 9.5 per cent to 13,633.

TRREB chief information officer Jason Mercer says many households interested in buying a home are likely taking a “wait-and-see approach” given the economic implications of ongoing trade uncertainty and a federal election campaign.

The average selling price decreased 2.5 per cent compared with a year earlier to $1,093,254, as the composite benchmark price, meant to represent the typical home, was down 3.8 per cent year-over-year.

The board says it anticipates activity will improve once consumers feel confident in the economy and their job security.