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The housing market for the Greater Toronto Area (GTA) tightened last month, according to new data from the Toronto Regional Real Estate Board (TRREB).

GTA realtors reported 6,896 sales through TRREB’s MLS System in March, down 36.5% from one year ago when there were 10,862 sales. On a month-over-month basis, however, March’s level was up from February’s 4,765 sales.

In March, the average selling price for the GTA was $1,108,606, down from the $1,298,666 price in March 2022 but up from February’s $1,096,519. The March average sale price was above the average list price for the first time since May 2022.

New listings for the GTA market totaled 11,184 in March, down from 20,061 from one year ago.

“As we moved through the first quarter, TRREB members were increasingly reporting that competition between buyers was heating up in many GTA neighborhoods. The most recent statistics bear this out,” said TRREB President Paul Baron. “Recent consumer polling also suggests that demand for ownership housing will continue to recover this year. Look for first-time buyers to lead this recovery, as high average rents move more closely in line with the cost of ownership.”

“As population growth continues at a record pace on the back of immigration, first-time buying intentions will remain strong,” added TRREB CEO John DiMichele. “Because the number of homes for sale is expected to remain low, it will also be important to have substantial rental supply available. Unfortunately, this is not something we have at the present time. We need to see a policy focus on bringing more purpose-built rental units on line over the next number of years.”